Living Wills as a Catalyst for Action
Charles Goodhart and
Dirk Schoenmaker ()
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Emilios Avgouleas: ?
Charles Goodhart: ?
Working Papers from University of Pennsylvania, Wharton School, Weiss Center
Living Wills should help the resolution of a cross-border financial institution in difficulties by clarifying and simplifying the legal structure, and making that legal structure commensurate with the functional business parts of the wider institution. An innovation could be to incorporate a proposal for burden sharing between countries in Living Wills. This may enable burden sharing on an institution by institution basis. There remain, however, problems arising from the inconsistencies and incompatibility of the laws relating to the insolvency procedures in the various countries. Many countries are currently introducing special laws covering the process of resolution of systemically important financial institutions. This creates a window of opportunity to introduce a consistent legal basis for the resolution of systemically important financial institutions across the G20 countries.
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