calseijde.pdf
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… Press, Cambridge, 2009) pp. 206 et seq.; E Adler, J Kavanagh and A Ugryumov, ‘State Aid to Banks in the Financial Crisis: The Past and the Future’, Vol. 1 No. 1. Journal of European Competition Law & Practice (2010), p. 66; T Beck, D Coyle, M Dewatripont, X Freixas and P 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 … lending process by banks that is so vital to the real economy. 22 The total amount of the state aid granted to financial institutions in the EU since the beginning of the crisis until the fall of 2011 amounts to one third of the EU-27 GDP, in total a mindboggling sum of €4506.5 Billion. 23 The Commission supported the Member States’ governments by adopting in record time a large number of positive Decisions, ensuring the swiftness and effectiveness of the process, while at the same time avoiding …