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Too Big to Fail: The Transatlantic Debate

Morris Goldstein and Nicolas Veron

No WP11-2, Working Paper Series from Peterson Institute for International Economics

Abstract: Although the United States and the European Union were both seriously impacted by the financial crisis of 2007, resulting policy debates and regulatory responses have differed considerably on the two sides of the Atlantic. In this paper the authors examine the debates on the problem posed by “too big to fail” financial institutions. They identify variations in historical experiences, financial system structures, and political institutions that help one understand the differences of approaches between the United States, EU member states, and the EU institutions in addressing this problem. The authors then turn to possible remedies and how they may be differentially implemented in America and Europe. They conclude on which policy developments are likely in the near future.

Keywords: banks; comparative political economy; financial regulation; microprudential policy; too-big-to-fail (search for similar items in EconPapers)
JEL-codes: G01 G21 G38 F36 (search for similar items in EconPapers)
Date: 2011-01
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