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Full Description
Financial crises are recurring events that expose weaknesses in risk management, regulation, and supervision. The 2008 financial crisis demonstrated the systemic nature of banking crises and the high cost of taxpayer-funded bailouts, leading policymakers to reform crisis-management frameworks. In the European Union (EU), these reforms included the Banking Union and the Bank Recovery and Resolution Directive (BRRD), which aimed to reduce reliance on public funds and address the "Too Big to Fail" (TBTF) problem. However, the framework has proven less effective for small and medium-sized banks, and recent stress episodes have revealed some inefficiencies, prompting further reforms through the Crisis Management and Deposit Insurance (CMDI) directive.
This book examines lessons from past bank failures and evaluates the effectiveness of the EU's post-2008 resolution regime. It combines conceptual analyses with empirical case studies from Europe and the United States, exploring systemic risk, the TBTF dilemma, and the practical challenges of resolution. The cases highlight successes, controversies, and persistent weaknesses, such as liquidity provision, deposit-insurance fragmentation, and the treatment of smaller banks. Overall, the volume argues that although significant progress has been made, bank resolution remains a complex political and institutional challenge, and further reforms are needed to ensure a credible and effective framework for both large and smaller banks.
The book is aimed at scholars, researchers and advanced students in the banking, finance and regulatory economics community, as well as regulators, policy makers and professionals working in central banks, supervision authorities, resolution agencies and deposit guarantee schemes.
Contents
Introduction by the Editors, Sebastián Royo, Ewa Miklaszewska, Giovanni Ferri; 1: Lessons from the Global Financial Crisis and the Euro Sovereign Crisis, Sebastián Royo; 2: The "Too Big to Fail" Dilemma and the United States Experience in Bank Resolution by FDIC in the 2023 Systemic Crisis Episode, Sebastián Royo; 3: The Rationale for Reforming Crisis Management and Deposit Insurance (CMDI) Framework in the EU, Ewa Miklaszewska; 4: Will the CMDI Reform Solve the TBTF Problem and be Effective for Small(er) Banks too?, Marco Bodellini, Giovanni Ferri; 5: Bank Resolution before BRRD: Banco Espírito Santo, Mário Coutinho dos Santos, Nuno Garoupa; 6: Moving from Planning to Practice in Bank Resolution: Portuguese Experience with the Resolution of Banco Espírito Santo and BANIF Group, Pedro Machado, Joana Margarido; 7: Resolution of Banco Popular Español, Ricardo Correia, Cristina Ortega, Nuria Suárez; 8: The Controversy with Restructuring of Monte Dei Paschi di Siena, Giovanni Ferri; 9: Towards Recognizing Deposit Guarantee Schemes as Market Economy Operators: The Case of Getin Noble, Mateusz Krauze; 10: Resolution of MKB Bank in Hungary - One of the First Application of the Harmonized European Union Resolution Toolkit, Krisztina Földényiné Láhm, Krisztina Mohácsi Márta Róbertné, Antal Stréda, Róbert Szegedi; 11: Bank Resolutions of Polish Cooperative Banks PBS Sanok and BS Przemków, Andrzej Walitza; 12: Social Perceptions and Depositors' Trust in the Polish Four Resolution Cases: Results of Bank Customers' Survey, Marcin Idzik, Krzysztof Kil, Ewa Miklaszewska; 13: Bank Resolution Cases by SRB and by National Resolution Authorities: Challenges and Lessons Learned, Magdalena Kozińska
