Anderson Schillig, Michael --- "Global solutions" [2019] ELECD 1623; in Haentjens, Matthias; Wessels, Bob (eds), "Research Handbook on Cross-Border Bank Resolution" (Edward Elgar Publishing, 2019) 2

Book Title: Research Handbook on Cross-Border Bank Resolution

Editor(s): Haentjens, Matthias; Wessels, Bob

Publisher: Edward Elgar Publishing

Section: Chapter 1

Section Title: Global solutions

Author(s): Anderson Schillig, Michael

Number of pages: 28

Abstract/Description:

Whereas many large financial firms operate on a global scale, resolution tools and powers as well as resolution financing mechanisms remain firmly in the hands of national or regional authorities. Consequently, the ensuing ‘financial trilemma’ may currently be solved only through advancing cross-border financial integration and national sovereignty at the expense of global financial stability. Within these parameters, the latter may be realized to a limited extent by some form of pragmatic territorialism, as embodied in the FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions. This chapter critically evaluates these international standards as the offered global solution for resolving the failure of cross-border financial firms.