Buch, C., Krause, T. and Tonzer, L. (2019). Drivers of systemic risk: Do national and European perspectives differ? Journal of International Money and Finance, 91:160--176.

{\textcopyright} 2018 Elsevier LtdWith the establishment of the Banking Union, the European Central Bank has been granted the power to impose stricter regulations than the national regulator if systemic risks are not adequately addressed at the national level. We ask whether there is a cross-border externality in the sense that a bank's systemic risk differs when applying a national versus a European perspective. On average, banks{\textquoteright} contribution to systemic risk is similar at the two regional levels, and so is the ranking of banks. Generally, larger banks and banks with a lower share of loans are more systemically important. The effects of these variables are qualitatively but not quantitatively similar at the national versus the European level.