The project provides a careful, multi-layered and multi-locational analysis of the bank/sovereign reform agendas, focusing on three distinctive areas: (i) the historical and structural origins of the bank-sovereign nexus; (ii) the potential synergies and conflicts between sovereign markets integration and financial stability and (iii) the possible solutions and their impact: the Simple, Transparent and Standardised Securitisation (STS) agenda of the Capital Markets Union plans vs. the European sovereign bond-backed securities (ESBies) plans of the European Systemic Risk Board.