# kaal:claim:2061166-002

**Claim.** The authors contend that the European Commission's goal of maximum harmonization through a global single rule book may not be achievable, and that a legal framework for private ordering of contingent capital is the more realistic route to an adequate level of convergence.

**Type.** design  **Support.** argued

**Holds when.**

- European Union bank resolution and restructuring regimes

**Source quote.**

> The European Commission's objective of creating maximum harmonization through a global "single rule book"22 may not be feasible. However, setting up a legal framework for private ordering in the context of contingent capital23 could provide an adequate level of convergence

**From.** Christoph K. Henkel, Wulf A. Kaal, *Contingent Capital in European Union Bank Restructuring* (2012), I. INTRODUCTION, page 6

**Cite as.** Christoph K. Henkel, Wulf A. Kaal, Contingent Capital in European Union Bank Restructuring (2012). SSRN: https://ssrn.com/abstract=2061166

**Verify.** sha256 of source PDF `43625ea260d0fc045e86d3435df50c9d0ca4abf8542e6085a6165be6653b4a7b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Henkel%20and%20Kaal%20-%202012%20-%20Contingent%20Capital%20in%20European%20Union%20Bank%20Restructuring.pdf

**Topics.** risk-and-incentives, contingent-capital

**Keywords.** harmonization, private-ordering, contingent-capital, convergence, single-rule-book

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