Suchergebnisse

The volume brings together the work of sixteen scholars focused on the diverse debates surrounding the construction and operation of Banking Union (BU), and its necessary reform. BU represents one of the most important developments in European integration since the launch of Monetary Union. Furthermore, the design of the BU agreed between 2012 and 2014 was a messy compromise among EU member states. It is not surprising then that BU has sparked a lively academic debate and triggered an ever-growing number of publications from different disciplinary backgrounds. The first wave of academic work on BU focuses upon the economic rationale underpinning the supranationalisation of control over banking — regulation, supervision, support and resolution — and the political dynamics and legal issues that shaped the design of the Union agreed. This volume is located at the intersection of this first phase of academic research and a second stage which analyses the functioning of the different elements of BU. New research questions are triggered by the albeit limited empirical evidence on BU's implementation and operation. Contributions to this second wave of research attempt to identify potentially dangerous lacunae and contribute to on-going reform debates.

Despite the most recent period of calm on the financial markets, the long-term resilience of the European financial system is not yet assured, even several years after the financial crisis began. However, the stability of the financial system playsa crucial role for real economic development and consequently for growth and prosperity. The financial crisis has shown that stricter regulation is required to improve the stability and resilience of the banking system. Further, it has become evident in recent years that banking supervision requires better international coordination in this age of globalization. The present report first analyzes current developments with regard to the European banking system: what regulatory and institutional changes have been introduced since the crisis? How have market structures and the stability of the banking system developed? Second, the report proposes recommendations to further promote the stability of the banking system: the European banking sector has not been fully consolidated and this should be driven forward as a matter of urgency. The transparency of the new regulatory and institutional structure should be increased. The close ties between banks and governments must also be loosened further. Beyond the adjustments planned to date, policy makers should promote alternative financing sources for small and medium-size firms, e.g. the direct access to capital markets.

This book contains the proceedings of the Workshop "Political, fiscal and Banking Union in the Eurozone?" that was held at the European University Institute in Florence on 25 April 2013. ; The European University Institute (EUI) and the Wharton Financial Institutions Center (FIC, Wharton School, University of Pennsylvania) organised a conference entitled "Political, Fiscal and Banking Union in the Eurozone" at the EUI in Florence, Italy, on 25 April 2013. The event was financed by the Pierre Werner Chair Programme on Monetary Union and a Sloan Foundation grant to the FIC. The conference brought together leading economists, lawyers, political scientists and policy makers to assess the prospects and potential for, as well as obstacles to, the various forms and degrees of integration needed within the Eurozone in order to address the root causes of Europe's current malaise. The aim was for open discussion and debate on the relationships between these different levels of union. Was one type of union achievable without the other? Or would the intractable difficulties of achieving each level of union spill over to lessen the chances of the other ever being a likely practical possibility? ; -- The Contributors vii -- Acknowledgments xix -- PREFACE by Franklin Allen, Elena Carletti & Joanna Gray -- 1 In Spain, the Diabolic Loop is Alive and Well, Luis Garicano -- 2 The Danger of Building a Banking Union on a One-Legged Stool, Richard J. Herring -- 3 Banking Union in the Eurozone? A panel contribution, Jan Pieter Krahnen -- 4 European Banking Union: A Lawyer's Personal Perspective, Philip Wood -- 5 Establishing the Banking Union and repairing the Single Market, Andrea Enria -- 6 Banking Union instead of Fiscal Union? Daniel Gros -- 7 Managing Country Debts in the European Monetary Union: Stronger Rules or Stronger Union?, Robert P. Inman -- 8 No to a Transfer Union, yes to an Economic Justice Union, Mattias Kumm -- 9 Fiscal Union in the Eurozone?, Hélène Rey -- 10 The Evolution of Euro Area Sovereign Debt Contracts: A Preliminary Inquiry, Mitu Gulati -- 11 Political, Fiscal and Banking Union in the Eurozone, Edmond Alphandéry -- 12 The Eurozone Crisis, Institutional Change, and "Political Union", Peter L. Lindseth -- 13 The Crises in Which the Euro-Crisis Resides, Richard Parker -- 14 Speech to the European University Institute, Tony Barber -- POSTSCRIPT -- Monologic Thinking and the Eurozone Crisis, Patrick O'Callaghan -- Conference Program

The establishment of banking union represents a major development in European economic governance and European integration history more generally. This book is informed by two main empirical questions: 'Why banking union?' and 'Why this specific form of banking union?'

European Banking Union arguably represents the most important step in European economic integration since the launch of Monetary Union. Little wonder, then, that this major deepening of integration sparked a lively academic debate and triggered an ever-growing number of publications from different disciplinary backgrounds. The first wave of publications on European Banking Union (BU) provided us with overviews on the legal changes; they discussed at length the economic rationale underpinning BU; and they traced the political dynamics of establishing BU discussing key explanatory factors. This literature reflected BU's foundational phase between 2012 and 2014 when the major texts enshrining BU in law were negotiated and adopted. This special issue is located at the intersection of this first phase and a second stage of research covering different topics as regards to the functioning of BU. New research questions are triggered by the — so far still limited — experiences regarding BU's implementation and current operation. Based on this empirical evidence, contributions to this second wave of BU-related research try to identify potentially dangerous lacunae and design faults, contributing to the ongoing reform debates. Taken together, the contributions to this special issue provide us with a nuanced picture of Banking Union's construction problems, lacunae, and governance structure design faults. Banking Union resembles an unfinished cathedral. Given its problematic architecture, there remain important stability risks.

An anticipated benefit of the prospective European Banking Union is stronger supervision of European banks. Another benefit would be enhanced resolution of banks in distress. While national governments confine themselves to the domestic effects of a banking failure, a European Resolution Authority would follow a supranational approach, under which domestic and cross-border effects within Europe are incorporated. Using a model of recapitalising banks, this paper develops indicators to measure the efficiency improvement of resolution. Next, these efficiency indicators are applied to the hypothetical resolution of the top 25 European banks, which count for the vast majority of cross-border banking in Europe. Our cost-benefit analysis indicates that the UK, Spain, Sweden, and the Netherlands are the main beneficiaries and thus have the largest economic incentives to join Europe's Banking Union.

Purpose –The paper reviews the proposal for a regulation of the European Parliament and of the Council establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund, the influence of that file in the context of Banking Union and its main legal-operational-economical issues. One of the main purposes is to provide an overview and preliminary assessment of the Single resolution mechanism of the Commission proposal. Besides, to analyse, under the proposal in the context of Banking Union, areas where the most difficult legal, economical, policy debates are likely to arise in the course of further negotiations between Member States and the European Institutions.