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… in interbank lending, because many banks were anxious of increased counterparty risk. 4 In 2008, after the collapse of US bank Lehman Brothers, the global financial sector experienced an almost lethal cocktail of ‘write-downs on their assets, dried up liquidation in wholesale funding, and loss of consumer confidence.’ 5 2: Government Responses to the Emerging Crisis. Many governments in the European Union (EU), fearing the consequences of a financial meltdown, responded to the imminent vulnerability … Seabright, ‘Bailing out the Banks: Reconciling Stability and Competition – An Analysis of State- Supported Schemes for Financial Institutions’, Centre for Economic Policy Research (2010), http://www.cepr.org/pubs/other/bailing_out_the_banks.htm (last visited on 3 June 2012), pp. 10-12; B Lyons, ‘Competition Policy, Bailouts, and the Economic Crisis’, Vol. 5 No. 2 Competition Policy International (2009), p. 25. 4 T Clarke, ‘Corporate Governance Causes of the Financial Crisis’, in W Sun, J Stewart … Role of State Aid Control in Improving Bank Resolution in Europe’, Bruegel Policy Contribution (2010), http://www.bruegel.org/publications/publication-detail/publication/404-the-role-of-state-aid-control-in- improving-bank-resolution-in-europe/ (last visited on 3 June 2012). 3 3: State Aid. Some of these measures, especially in those cases where governments supported individual financial institutions, could be considered ‘state aid’ under EU law. State aid is a term used to define those cases where …