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Evaluating the EU Concept of a Banking Union

Author

Listed:
  • Sabine Lautenschläger
  • Thomas Gstädtner
  • Sascha Steffen

Abstract

With its European regulatory decisions in December 2012, the EU has taken a step towards a banking union. According to Sabine Lautenschläger, Deutsche Bundesbank, Europe needs time to build a solid legal foundation and strong institutions for European banking supervision and resolution. In her view, a banking union does not represent a quick-fix solution to the current crisis, and is absolutely no substitute for a sustained recovery in state finances. Lautenschläger highlights the importance of keeping a long-term time frame in mind. For Thomas Gstädtner, it is critical to further harmonise laws in the area of bank restructuring prior to establishing a common supervisory authority in order to enable direct intervention and the resolution of non-viable banks by the ECB and/or a European/national restructuring authority. Sascha Steffen, European School of Management and Technology (ESMT), Berlin, sees the EU’s decision on European regulation as a step towards a banking union, which will take a long time to set up and expand. In Steffen’s view, a banking union is not to be seen as a model for combating the crisis, but as a further development and a form of long-term stabilisation.

Suggested Citation

  • Sabine Lautenschläger & Thomas Gstädtner & Sascha Steffen, 2013. "Evaluating the EU Concept of a Banking Union," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 66(01), pages 03-13, January.
    • Handle: RePEc:ces:ifosdt:v:66:y:2013:i:01:p:03-13
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    References listed on IDEAS

    as
    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    2. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
    3. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
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    More about this item

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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