In light of empirical research5 and the current stage of product market reforms in the new Member States, some of them could gain significantly thanks to further regulatory reforms that include a  5  N. Giuseppe and S. Scarpetta (2003), “Regulation, productivity and growth: OECD evidence”, OECD Working Paper, No 347, January  4  BIS Review 24/2005  sustained reduction in state aid, and more generally state involvement in the economy – particularly if it constitutes economically questionable ad hoc and sector-specific measures.
The Too-big-to-fail (TBTF) evaluation will address three main questions: 1. Were the reforms effective in reducing the perceived probability of the impact of failure of systemically important institutions? This question can be addressed by assessing changes in estimates of implicit funding subsidies and analysing progress in the resolvability of systemically important banks. 2.