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European Banking Union A: The Single Supervisory Mechanism

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Abstract

At the peak of the Global Financial Crisis in fall 2008, each of the 27 member states in the European Union (EU) set many of its own banking rules and had its own bank regulators and supervisors. The crisis made the shortcomings of this decentralized approach obvious, and since its formation in January 2011, the European Banking Authority (EBA) has been developing a "Single Rulebook" that will harmonize banking rules across the EU countries. In June 2012, European leaders went even further, committing to a banking union that would better coordinate supervision of banks in the then 18-country Eurozone. A key component of the banking union was the Single Supervisory Mechanism (SSM), which brought banks in the Eurozone under supervision of the European Central Bank (ECB), with day-to-day assistance from existing national authorities. This case reviews the changes in Eurozone bank regulation and supervision resulting from the Single Supervisory Mechanism.

Suggested Citation

  • Metrick, Andrew, 2019. "European Banking Union A: The Single Supervisory Mechanism," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 1(3), pages 113-129, March.
    • Handle: RePEc:ysm:ypfsfc:1377
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    File URL: https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1028&context=journal-of-financial-crises
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    Cited by:

    1. Lukáš Fiala, 2021. "Resolving of failing financial institutions: from bail-out to bail-in [Řešení selhávajících finančních institucí aneb od bail-out k bail-in]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2021(3), pages 21-39.

    More about this item

    Keywords

    European Union; ECB; EC; Banking Union; Currency Area; Global Financial Crisis; EBA; SSM; BRRD; 2011;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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