GIAO, João. Bank recapitalization instruments under the european stability mechanism. []. , 3, 1, pp.13-28. ISSN 2183-184X.

In this article, we compare the two instruments of financial assistance made available by the European Stability Mechanism (ESM) targeting the recapitalisation of financial institutions: the indirect recapitalisation tool and the direct recapitalization tool. The former is a loan to a sovereign; the latter is, in principle, an investment in the capital of a financial institution. As a result, the legal and institutional setup of ESM's direct recapitalization instrument is more complex. The article highlights some fragilities of such setup.

: ESM; EFSF; Indirect bank recapitalisation; Direct bank recapitalisation; Banking Union.

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