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Europe's Banking Union

In: The New International Financial System Analyzing the Cumulative Impact of Regulatory Reform

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  • Nicolas Véron

Abstract

Banking union, or the partly completed shift of authority for banking sector policy from the national to the European level, has been the most far-reaching and structural response to the financial crisis since 2007 in the European Union (EU). When first announced by European policymakers in mid-2012, banking union was met with a fair amount of skepticism from independent observers and market participants. It is now taken more seriously, since its first step, the transfer of bank supervisory authority from national prudential bodies in the euro area to the European Central Bank (ECB), was completed on November 4, 2014. However, banking union is still incompletely understood by most observers in Europe and internationally, in large part because of the inherent complexity of the EU institutional environment. This chapter starts with a brief exposition of the genesis and rationale of Europe's banking union. It then describes and assesses its current status, and outlines prospects for its future development.

Suggested Citation

  • Nicolas Véron, 2015. "Europe's Banking Union," World Scientific Book Chapters, in: Douglas D Evanoff & Andrew G Haldane & George G Kaufman (ed.), The New International Financial System Analyzing the Cumulative Impact of Regulatory Reform, chapter 6, pages 131-162, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814678339_0006
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    Cited by:

    1. Tziogkidis, Panagiotis & Philippas, Dionisis & Tsionas, Mike G., 2020. "Multidirectional conditional convergence in European banking," Journal of Economic Behavior & Organization, Elsevier, vol. 173(C), pages 88-106.
    2. Jesús Huerta de Soto & Antonio Sánchez-Bayón & Philipp Bagus, 2021. "Principles of Monetary & Financial Sustainability and Wellbeing in a Post-COVID-19 World: The Crisis and Its Management," Sustainability, MDPI, vol. 13(9), pages 1-11, April.
    3. David Cummins, J. & Rubio-Misas, María, 2021. "Country factor behavior for integration improvement of European life insurance markets," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 186-202.
    4. Agnieszka Smoleńska, 2022. "Multilevel cooperation in the EU resolution of cross-border bank groups: lessons from the non-euro area Member States joining the Single Resolution Mechanism (SRM)," Journal of Banking Regulation, Palgrave Macmillan, vol. 23(1), pages 42-53, March.

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