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European Banking Union : challenges and opportunities arising from its inception, architecture and environment
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Gulija, Bozena and Singh, Dalvinder (2020) European Banking Union : challenges and opportunities arising from its inception, architecture and environment. In: Jean Monnet Module International Scientific Conference on “EU Financial Regulation and Markets: Beyond Fragmentation and Differentiation” (the EUFRM conference), Zagreb, Croatia ; Online, 26-27 Nov 2020. Published in: EU Financial Regulation and Markets : Beyond Fragmentation and Differentiation : Conference Proceedings ISBN 9789532701401.
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Abstract
The European Banking Union (EBU) has had a complex strategic, political, economic and legal formation, and throughout the current turmoil there has been a special emphasis on preserving its stability and further development. The EBU formally consists of three interconnected pillars applicable to the euro area: (1) the Single Supervisory Mechanism (SSM) that encompasses European Central Bank’s (ECB) direct and indirect prudential supervision; (2) the Single Resolution Mechanism (SRM) that provides for a harmonized resolution framework; and (3) an envisaged safety net in the form of the European Deposit Insurance Scheme (EDIS). A strong incentive for the EBU’s creation originated both from the repercussions of the global financial crisis and the European sovereign debt crisis. The EBU has experienced constant challenges from its very beginning, including the opposition to any indication of a transfer union, and criticism related to its design. Although progress is recommended on all elements, the most compelling is timely completion of the EDIS. From its inception, the EBU’s main goal has been to break the “vicious circle” between sovereigns and their banks – and that is in the focus of this article. Furthermore, this article explores the structure, achievements and inadequacies of the EBU pillars, and analyses potential threats and opportunities related to this segment of European integration.
Item Type: | Conference Item (Paper) | ||||||
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Divisions: | Faculty of Social Sciences > School of Law | ||||||
Journal or Publication Title: | EU Financial Regulation and Markets : Beyond Fragmentation and Differentiation : Conference Proceedings | ||||||
Publisher: | Faculty of Law, University of Zagreb | ||||||
ISBN: | 9789532701401 | ||||||
Official Date: | 2020 | ||||||
Dates: |
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Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
Conference Paper Type: | Paper | ||||||
Title of Event: | Jean Monnet Module International Scientific Conference on “EU Financial Regulation and Markets: Beyond Fragmentation and Differentiation” (the EUFRM conference) | ||||||
Type of Event: | Conference | ||||||
Location of Event: | Zagreb, Croatia ; Online | ||||||
Date(s) of Event: | 26-27 Nov 2020 | ||||||
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