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Europe's Single Supervisory Mechanism and the Long Journey Towards Banking Union


  • Nicolas Véron

    () (Peterson Institute for International Economics)


The establishment of the Single Supervisory Mechanism is only one step on a longer path towards European banking union, which itself cannot be considered in isolation from the challenges of fiscal union and political union. Losing the current momentum for the completion of this early step would be unfortunate, not only in itself but because it would reinforce the current doubts of the European public and global investors about the very ability of European leaders to make effective decisions. Recent statements issued by the 17 euro area countries contain a promise of supervisory integration and centralized bank crisis management. Europe’s leaders now need to deliver on this promise if they are to maintain, or regain, the trust of their constituents.

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  • Nicolas Véron, 2012. "Europe's Single Supervisory Mechanism and the Long Journey Towards Banking Union," Policy Briefs PB12-24, Peterson Institute for International Economics.
  • Handle: RePEc:iie:pbrief:pb12-24

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    1. Adam S. Posen & Nicolas Veron, 2009. "A Solution for Europe's Banking Problem," Policy Briefs PB09-13, Peterson Institute for International Economics.
    2. Jean Pisani-Ferry & André Sapir & Nicolas Véron & Guntram B. Wolff, 2012. "What kind of European banking union?," Policy Contributions 731, Bruegel.
    3. Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-560, October.
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    Cited by:

    1. Angel Ubide, 2013. "Reengineering EMU for an Uncertain World," Policy Briefs PB13-4, Peterson Institute for International Economics.

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