TOWARDS A EUROPEAN BANKING UNION

Discussions are now well underway regarding the establishment of a banking union, and, as a first step, of a supervisory authority for the euro area. The prospect of creating such a union materialised in 2012. In June, the European Commission proposed to take steps in this direction, covering the su...

Full description

Saved in:
Bibliographic Details
Published inCESifo forum Vol. 13; no. 4; p. 10
Main Author Angeloni, Ignazio
Format Journal Article
LanguageEnglish
Published München Institut für Wirtschaftsforschung (Ifo) 2012
Subjects
Banking industry
Banks
Central banks
Economic crisis
Economic impact
Eurozone
Fixed exchange rates
Funding
International finance
Monetary policy
Monetary unions
Regulation of financial institutions
Securities markets
Supervision
Supervisors
Europe
Online AccessGet full text

Cover

More Information
Summary:Discussions are now well underway regarding the establishment of a banking union, and, as a first step, of a supervisory authority for the euro area. The prospect of creating such a union materialised in 2012. In June, the European Commission proposed to take steps in this direction, covering the supervision of cross-border banks and EU deposit guarantee and resolution schemes, and on June 29, 2012, the Euro Summit formally asked the Commission to prepare a proposal for creating a Single Supervisory Mechanism involving the ECB and without changing the Treaties. From that moment on, preparations accelerated. Strengthening bank supervisory and regulatory integration in Europe is the unavoidable consequence of recognising a fundamental inconsistency in European monetary and financial architecture: the singleness of money and financial markets on the one hand, and the fragmentation, along national lines, of banking supervision and banking safety nets on the other. [PUB ABSTRACT]
ISSN:1615-245X
2190-717X