BRUSSELS

The Centre for European Policy Studies (CEPS) is an independent policy research institute based in Brussels. Its mission is to produce sound analytical research leading to constructive solutions to the challenges facing Europe today. The views expressed in this report are those of the author writing in a personal capacity and do not necessarily reflect those of CEPS or any other institution with which the author is associated. Rym Ayadi is Head of the Financial Institutions and Prudential Policy Research Programme at CEPS. She gratefully acknowledges the comments of Claudia Girardone and Phil Molyneux at the Wolpertinger Conference o