This paper distils three lessons for bank regulation from the experience of the 2009-12 euro-area financial crisis … fiscal distress, and inquires how the regulation of banks' sovereign exposures in the euro area should be changed to mitigate … new regulatory framework of the euro-area "banking union" can be expected to mitigate excessive forbearance and facilitate …

the Euro area monetary and fiscal systems by focusing markets and public attention on the core cause of the overall Euro … crisis, the insolvency of the Euro area member-states model of debt financing of public and private expenditure and … investment. Hence, any repair of the system will require addressing the twin malaises of the Euro area model of economic …