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European Banking Union Within the System of European Banking and Monetary Law

  • Christos V. Gortsos
Chapter

Abstract

The (European) Banking Union (BU) has been in place since November 2014, even though its form is not yet complete. The legal acts adopted on its basis and those constituting the single rulebook underlying its three main pillars are concurrently the key sources of European Union (EU) banking law. Nevertheless, mainly due to the pivotal role of the European Central Bank (ECB) as a monetary and banking supervisory authority, the question arises whether these legal acts also constitute EU monetary law. This study, structured in six sections, seeks to substantiate that, even though the BU is considered to be a condition for the deepening of the Economic and Monetary Union (EMU), its legal sources are fully embedded into EU banking law, but not in EU monetary law.

Keywords

EU banking law Bank safety net EU monetary law European Central Bank (ECB) European System of Central Banks (ESCB) Eurosystem Banking Union (BU) Single Supervisory Mechanism (SSM) Single Resolution Mechanism (SRM) Single Resolution Fund (SRF) European Deposit Insurance Scheme (EDIS) Emergency Liquidity Assistance (ELA) mechanism Single rulebook Legislative 2016 ‘banking package’ Economic and Monetary Union (EMU) 

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Christos V. Gortsos
    • 1
  1. 1.Law School of National and Kapodistrian University of AthensAthensGreece

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