Europe's Banking Union: Next Steps

Following a few technical problems I post very belatedly this interview by Pedro da Costa, in which I discuss the entry into force of important new bank crisis resolution legislation in the European Union and euro area on January 1, 2016. The EU has shifted to a model of "bail-in" (imposition of losses on creditors when a bank fails) from its earlier practices of systematic bail-out, but large uncertainties remain as to how this will work in practice.