Global Crisis, Globalization of Remedies. Comparative Remarks on the Approach to Banking and Financial Crises in the US and the EU

The article explores the legislative and regulatory responses to the global financial crisis, from a US-EU comparative perspective, focusing on the measures dealing with banks’ and financial intermediaries’ distress. A dual-stage approach in both legal systems is identified: the first, aiming to solve the immediate liquidity problems of intermediaries and often ending up with their bailout through State support; the second, meant to replace taxpayers-funded bailouts with the adoption of insolvency proceedings meant, respectively, to achieve the orderly liquidation (in the US) or the resolution (in the EU) of distressed intermediaries, and opting-out of the ordinary bankruptcy proceedings. The relevant provisions of Title II of the Dodd-Frank Act of 2010 and the SRM Regulation and the BRRD are examined, focusing on the several convergences of the two legal systems.