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Merger and acquisition activity among financial firms worldwide has increased sharply. The implications of this activity for bank supervisors are the focus of this paper. Topics covered are the ‘success’ of mergers, risk management, financial system stability and market liquidity.

This paper assesses the Cruickshank report on competition in UK banking from the perspective of a major private sector German bank. The paper starts by describing the UK market for retail banking and then the major conclusions and recommendations of the Cruickshank report. The author expresses considerable doubt on the report's findings of high prices and poor quality of service and offers an alternative explanation for the UK banks' high profitability. The paper concludes by noting a number of important implications which the Cruickshank report has for regulators and banks internationally.

Despite a raft of important qualitative reservations and at best poor empirical evidence, the argument that, in case of business problems, large banks are more likely to be bailed out by government intervention than smaller banks (‘too big to fail’) cannot be dismissed entirely. The question, though, is whether or to what extent this has any implications for competition or the stability of the banking system. Under realistic assumptions, especially with respect to incentives for bank management and shareholders, too big to fail hardly leads to excessive risk taking by large banks. The impact of too big to fail on a bank's rating and, accordingly, its refinancing conditions is only marginal, as a breakdown of the various rating components clearly documents. This suggests that the effects on competition of too big to fail come nowhere close to the refinancing advantages enjoyed by public sector banks in Germany. The refinancing advantage of the Landesbanken afforded by state guarantees (Anstaltslast and Gewährtragerhäftung) comes to as much as 50 basis points. Given the continual narrowing of lending margins, an advantage on this scale plays a decisive role in competition. Too big to fail has substantial implications for the architecture of banking supervision. Suitable institutional arrangements need to be created in order to deal with large banks in case of a, potentially systemic, crisis. With banking becoming increasingly global and the number of cross‐border mergers on the rise, this requires solutions at an international, if not at a global, level. Implementing the concept of a European Liko‐Bank, as suggested by the Bundesbank, will require that the supervisory authorities and the European System of Central Banks (ESCB) first create appropriate public sector counterparts.

Euthanasia and assisted suicide is about changing the law to enable doctors, under certain circumstances, to intentionally kill patients. For proponents the issues have been determining what are “appropriate circumstances” for such activity and gathering up enough political support to win the day on numbers. The community and medical profession have been exposed to years of misinformation about euthanasia, and advocates have become so vocal that contrary positions are now barely heard. Nevertheless, there are enormous adverse implications for all healthcare professionals. Clinical management in the twenty-first century has moved well past scenarios painted to justify killing the patient. The inclusion of killing in the therapeutic armamentarium will cause an inexorable erosion of what is at present an absolute protection for the patient, the doctor, and other healthcare professionals.

Bank regulators across the world have recently lifted restrictions on where banks can operate and what type of activities they can perform. Following the deregulation of the sector, bank mergers and acquisitions have grown substantially. The purpose of this paper is to outline bank deregulation and acquisition activity, focusing on the USA, Italy and Germany.

The paper looks at how changes in the regulatory regime of the USA, Italy and Germany have spurred bank merger activities. For each country, future polices that bank supervisors may adopt in order to benefit from a more integrated financial sector are also critically discussed.

Over the last two decades, supervisors in the USA, Italy and Germany have begun to deregulate parts of their banking industries, thus, sparking a process of consolidation in their national banking sectors that still has not ended.

The paper presents a recent history of deregulation in the USA, Italy and Germany, offering recommendations as to what regulators should do next.