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A Copernican turn in Banking Union urgently needed

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  • Mayer, Thomas

Abstract

Despite broad agreement among central bankers, policy-makers and economists that creation of a ‘Banking Union’ is essential for the survival of the euro, progress in building this union has been painfully slow. This is largely due to the protracted fights over which government will be the payer of last resort when banks fail because of bad loans made in the past. Taking a cue from Copernicus, Thomas Mayer suggests in this new CEPS Policy Brief that the impasse may be broken by turning the whole process on its head. So, instead of trying to move from common bank supervision, over to bank resolution and then on to deposit insurance, he proposes reversing the process by starting with deposit insurance, moving from there to resolution and ending with supervision.

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  • Mayer, Thomas, 2013. "A Copernican turn in Banking Union urgently needed," CEPS Papers 8263, Centre for European Policy Studies.
  • Handle: RePEc:eps:cepswp:8263
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    File URL: http://www.ceps.eu/system/files/PB%20297%20TM%20Copernican%20turn%20for%20Banking%20Union%20updated.pdf
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    Cited by:

    1. Fritz Breuss, 2013. "European Banking Union," WIFO Working Papers 454, WIFO.
    2. Mullineux, Andy, 2014. "Banking for the public good," International Review of Financial Analysis, Elsevier, vol. 36(C), pages 87-94.

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