[17] This is also underlined by a recent study, which is, incidentally, a collaboration between researchers from the DIW (Deutsches Institut für Wirtschaftsforschung) and the Bundesbank: one of the issues it explores is how reforms of insolvency regimes affect cross-border investment. Reforms increasing the similarity of the quality of insolvency regulations appear to be particularly beneficial.
[18] It therefore makes sense to consider improving harmonisation in the European Union. A directive proposed by the European Commission in December points in this direction. It envisages aligning major aspects of rules on corporate insolvencies.