However, all this has to be weighed against the offsetting considerations that I just described. Indeed, econometric results undertaken at the ECB for a sample of European banks suggest that the announcement of the Directive had so far limited impact on the cost of senior unsecured debt.
But for the financial sector, there are still two sources of uncertainty with  7  See M. Dewatripont and X. Freixas (2012), “Bank Resolution: Lessons from the crisis” in M. Dewatripont and X. Freixas (eds. ), The Crisis Aftermath: New Regulatory Paradigms, eReport, Centre for Economic Policy Research.