IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

The challenges of Europe's fourfold union

  • Nicolas Véron
Registered author(s):

    Five years after the first tremors in Europeâ??s banking system, what makes the crisis unique is the absence of a democratically accountable decision-making framework; there is an 'executive deficit' that compounds Europeâ??s democratic deficit. The author argues that the only way to resolve the crisis successfully is a sustained effort to achieve a 'fourfold union' agenda: banking union, fiscal union, competitiveness union and political union. Progress must be made in parallel on each of the four components. In particular, successful progress towards banking union requires a combination of short term action, including the establishment of a temporary resolution authority to identify undercapitalised banks and to restructure them, and longer-term measures, including the creation of permanent authorities for supervision, resolution and deposit insurance. This Policy Contribution reproduces Nicolas Véronâ??s statement delivered at the hearing on 'The Future of the Eurozone: Outlook and Lessons' at the Subcommittee on European Affairs of the US Senate Committee on Foreign Relations, in Washington DC on 1 August 2012.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://www.bruegel.org/download/parent/741-the-challenges-of-europes-fourfold-union/file/1604-the-challenges-of-europes-fourfold-union/
    Download Restriction: no

    Paper provided by Bruegel in its series Policy Contributions with number 741.

    as
    in new window

    Length:
    Date of creation: Aug 2012
    Date of revision:
    Handle: RePEc:bre:polcon:741
    Contact details of provider: Postal: Rue de la Charité, B-1210 Brussels
    Phone: +32 2 227 4210
    Web page: http://www.bruegel.org
    Email:


    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:bre:polcon:741. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bruegel)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.