Research Handbooks in Financial Law series
Edited by Matthias Haentjens and Bob Wessels
In this final chapter we give some conclusions and thoughts on crisis management in the banking sector – an area which was, until a decade ago, for most policy makers and legislators a terra incognita. Nonetheless, in some jurisdictions, most notably the US but also Australia, bank insolvency law has been an area of law with longstanding specific rules that have been reviewed (rather than drafted from scratch) in light of the Global Financial Crisis. On the other side of the spectrum, jurisdictions such as China are drafting a brand new bank insolvency law and look at the developments in the EU for inspiration. It is these legislative developments in the EU that are central to the chapters of Part II. From these chapters, it can be taken that the EU has witnessed a dramatic integration in recent years as illustrated by the introduction of the Banking Union. While a common European deposit guarantee scheme (which initially was part of the Banking Union set-up) might still be a bridge too far for political reasons, this Banking Union has introduced harmonised bank insolvency rules for the entire EU and a unified application of those rules for the Eurozone. Our first conclusion, therefore, is that while the development of bank insolvency law has not followed an identical path across the globe, it has tremendously accelerated European integration in the area of, specifically, bank insolvency law, but also and more generally, of financial law.
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