Advertisement

Finishing the Banking Union

  • Dieter PesendorferEmail author
Chapter

Abstract

The European Banking Union as the second key part in creating a Financial Union is a centerpiece for the Economic and Monetary Union. Following a general introduction, the Chapter explains the need for a banking union and orderly resolution for failing banks, before discussing the European Banking Union’s design, the progress in its creation and obstacles to its finalization. The Chapter concludes with a critique of Banking Union, what it fails to address, how it is linked to Capital Markets Union, shadow banking, and securitization, and how its flaws strengthen finance-led capitalism.

Keywords

European Banking Union Too-big-to-fail Relationship banking Banking structures Bad banks Bank bailouts 

References

  1. Alexander, K. 2015, ‘European Banking Union: A Legal and Institutional Analysis of the Single Supervisory Mechanism and the Single Resolution Mechanism’, European Law Review, vol. 40, no. 2, 154–187.Google Scholar
  2. Altvater, E. 2010, Der Große Krach oder die Jahrhundertkrise von Wirtschaft und Finanzen, von Politik und Natur, Westfälisches Dampfboot, Münster.Google Scholar
  3. Amato, M., Fantacci, L., Papadimitriou, D.B. & Zezza, G. 2016, ‘Going Forward from B to A? Proposals for the Eurozone Crisis’, Economies, vol. 4, https://www.mdpi.com/2227-7099/4/3/18/pdf.
  4. Armbruster, A. 2013, ‘Hans-Werner Sinn: Deutschland muss mehr Inflation akzeptieren’, Frankfurter Allgemeine, 8 November 2013.Google Scholar
  5. Barrett, G. 2019, ‘The European Banking Union and the Economic and Monetary Union: A re-telling of Cinderella with an uncertain happy ever after?’, in G. Lo Schiavo (ed.), The European Banking Union and the Role of Law, Edward Elgar, Cheltenham, 10–28.CrossRefGoogle Scholar
  6. Beck, T. (ed.) 2012, Banking Union for Europe: Risks and Challenges, Centre For Economic Policy Research, London.Google Scholar
  7. Beck, T., Demirgüç, A. & Levine, R. 2006, ‘Bank Concentration and Fragility: Impacts and Mechanics’, in M. Carey & R.M. Stulz (eds.), The Risks of Financial Institutions, University of Chicago Press, Chicago and London, 193–231.Google Scholar
  8. Bénassy-Quéré, A., Brunnermeier, M., Enderlein, H., Fahri, E., Fratzscher, M., Fuest, C., Gourinchas, P.-O., Martin, P., Pisani-Ferry, J., Rey, H., Schnabel, I., Véron, N., Weder di Mauro, B. & Zettelmeyer, J. (2018), ‘Reconciling risk sharing with market discipline: A constructive approach to euro area reform, Policy Insight no. 91, CEPR, January 2018.Google Scholar
  9. Berger, H., Dell’Ariccia, G. & Obstfeld, M. 2018, Revisiting the Economic Case for Fiscal Union in the Euro Area, IMF, Washington, DC.Google Scholar
  10. BIS 2001, ‘The Banking Industry in the Emerging Market Economies: Competition, Consolidation, and Systemic Stability’, BIS Paper no 4, BIS, Basel, https://www.bis.org/publ/bppdf/bispap04.pdf.
  11. BIS. 2012, ‘The Future of Financial Globalisation’, 11th BIS Annual Conference 21–22 June 2012, BIS Papers no. 69, BIS, Basel.Google Scholar
  12. Block, F. 2014, ‘Democratizing Finance’, Politics & Society, vol. 42, no. 1, 3–28.CrossRefGoogle Scholar
  13. Brescia Morra, C. 2019, ‘The Third Pillar of the Banking Union and Its Troubled Implementation’, in M.P. Chiti & V. Santoro (eds.), The Palgrave Handbook of European Banking Union Law, Palgrave Macmillan, Cham, 393–407.CrossRefGoogle Scholar
  14. Brunnermeier, M.K., James, H. & Landau, J.-P. 2016, The Euro and the Battle of Ideas, Princeton University Press, Princeton.CrossRefGoogle Scholar
  15. Brunnermeier, M.K., Langfield, S., Pagano, M., Reis, R., Van Niewerburgh, S. & Vayanos, D. 2017, ‘ESBies: Safety in the Tranches’, Economic Policy, vol. 32, no. 90, 175–219.CrossRefGoogle Scholar
  16. Bruno, B., Lusignani, G. & Onado, M. 2018, ‘A Securitization Scheme for Resolving Europe’s Problem Loans’, in C. Meyer et al. (eds.), Finance and Investment: The European Case, Oxford University Press, Oxford, 157–167.Google Scholar
  17. Busch, D. & Ferrarini, G. 2015, ‘A Banking Union for a Divided Europe: An Introduction’, in D. Busch & G. Ferrarini (eds), European Banking Union, Oxford University Press, Oxford, 3–32.Google Scholar
  18. Busch, D., Avgouleas, E. & Ferrarini, G. 2018, ‘Capital Markets Union After Brexit’, in D. Busch, E. Avgouleas & G. Ferrarini (eds.), Capital Markets Union in Europe, Oxford University Press, Oxford, 3–8.CrossRefGoogle Scholar
  19. Carmassi, J., Dobkowith, S., Evrard, J., Parisi, L., Silva, A. & Wedow, M. 2018, ‘Completing the Banking Union with a European Deposit Insurance System: Who is Afraid of Cross-subsidisation?’, Occasional Paper Series no. 208, ECB, Frankfurt a.M., https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op208.en.pdf.
  20. Castaňeda, J.E., Mayes, D.G. & Wood, G. (eds.) 2016, European Banking Union: Prospects and Challenges, Routledge, London and New York.Google Scholar
  21. Chang, M. 2017, ‘Brexit and the EU Economic & Monetary Union: From EMU Outsider to Instigator’, in F. Fabbrini (ed.), The Law & Politics of Brexit, Oxford University Press, Oxford, 163–182.Google Scholar
  22. Chiti, M.P. 2019, ‘The European Banking Union in the Case Law of the Court of Justice of the European Union’, in M.P. Chiti & V. Santoro (eds.), The Palgrave Handbook of European Banking Union Law, Palgrave Macmillan, Cham, 105–134.CrossRefGoogle Scholar
  23. Chiti, M.P. & V. Santoro 2019, ‘Preface’, in M.P. Chiti & V. Santoro (eds.), The Palgrave Handbook of European Banking Union Law, Palgrave Macmillan, Cham, v–ix.Google Scholar
  24. Claeys, G. 2018, ‘Are SBBS really the safe asset the euro area is looking for?’, Bruegel Blog Post, 28 May 2018, https://bruegel.org/2018/05/are-sbbs-really-the-safe-asset-the-euro-area-is-looking-for/.
  25. Claeys, G. 2019, ‘Make Euro Area Sovereign Bonds Safe Again’, in J. Pisani-Ferry & J. Zettelmeyer (eds.), Risk Sharing Plus Market Discipline: A New Paradigm for Euro Area Reform? A Debate, CEPR Press, London, 91–96.Google Scholar
  26. Curti, F., Mihov, A. & Frame, W.S. 2019, ‘Are the Largest Banking Organizations Operationally More Risky?’, May 15, 2019, https://ssrn.com/abstract=3210206.
  27. De Boissieu, C. 2017, ‘The Banking Union Revisited’, in R. Douady, C. Goulet & P.-C. Pradier (eds.), Financial Regulation in the EU: From Resilience to Growth, Palgrave Macmillan, Cham, 85–103.CrossRefGoogle Scholar
  28. De Guindos, L. 2019, ‘Building the EU’s Capital Markets: What Remains to be Done’, speech by Luis de Guindos, Association for Financial Markets Conference, Supervision and Integration Opportunities for European Banking and Capital Markets, Frankfurt a.M., 23 May 2019.Google Scholar
  29. Decressin, J., Faruqee, H. & Fonteyne, W. (eds) 2007, Integrating Europe’s Financial Markets, IMF, Washington, DC.Google Scholar
  30. Dombret, A. 2015, ‘The Role of National Supervisors in European Banking Supervision’, speech at Chatham House, London, https://www.bis.org/review/r150230d.pdf.
  31. Donnelly, S. 2018a, Power Politics, Banking Union and EMU, Routledge, Abingdon.Google Scholar
  32. Donnelly, S. 2018b, ‘Liberal Economic Nationalism, Financial Stability, and Commission Leniency in Banking Union’, Journal of Economic Policy Reform, vol. 21, no. 2, 159–173.CrossRefGoogle Scholar
  33. Draghi, M. 2018, Risk-reducing and Risk-sharing in our Monetary Union, speech at the European University Institute, Florence, https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp180511.en.html.
  34. EC 2006, Communication from the Commission to the European Parliament and the Council concerning the review of Directive 94/19/EC on Deposit Guarantee Schemes, Brussels, 27.11.2006, COM(2006) 729 final.Google Scholar
  35. EC 2017a, ‘Reflection Paper on the Deepening of the Economic and Monetary Union’, Brussels, 31 May 2017, https://ec.europa.eu/commission/sites/beta-political/files/reflection-paper-emu_en.pdf.
  36. EC 2017b, Commission Work Programme 2018: An Agenda for a More United, Stronger and More Democratic Europe, Annex to the Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, COM(2017) 650 final, Strasbourg, 24.10.2017, https://ec.europa.eu/info/sites/info/files/cwp_2018_annex_iv_en.pdf.
  37. EC 2018, ‘Frequently asked questions: Enabling framework for sovereign bond-backed securities’, Brussels, 24 May 2018.Google Scholar
  38. EC 2019a, Fourth Progress Report on the Reduction of Non-performing Loans and Further Risk Reduction in the Banking Union, Communication from the Commission to the European Parliament, the European Council, The Council and the European Central Bank, Brussels, 12.6.2019, COM(2019) 278 final.Google Scholar
  39. EC 2019b, Factsheet Deepening Europe’s Economic and Monetary Union: Taking stock four years after the Five Presidents’ Report: Banking Union: Further Reducing Risks in the Financial System, European Commission, 12 June 2019.Google Scholar
  40. EC 2019c, Deepening Europe’s Economic and Monetary Union: Taking stock four years after the Five Presidents’ Report: Communication from the Commission to the European Parliament, the European Council, the Council and the European Central Bank, European Commission’s contribution to the Euro Summit on 21 June 2019.Google Scholar
  41. EC 2019d, Report from the Commission to the European Parliament and the Council on the application and review of Directive 2014/59/EU (Bank Recovery and Resolution Directive) and Regulation 806/2014 (Single Resolution Mechanism Regulation), Brussels, 30.4.2019, COM(2019) 213 final.Google Scholar
  42. ECB. 2014, Guide to Banking Supervision, ECB Banking Supervision, ECB, Frankfurt am Main.Google Scholar
  43. EIOPA, EBA, ESMA, Joint Committee of the European Supervisory Authorities 2019, Joint Committee Report on Risks and Vulnerabilities in the EU Financial System: Spring 2019, JC 2019 15, 2 April 2019.Google Scholar
  44. Ejsing, J.W. & Lemke, W. 2009, ‘The Janus-headed Salvation: Sovereign and Bank Credit Risk Premia During 2008–09’, Working Paper Series no. 1127, ECB, Frankfurt a.M., https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1127.pdf.
  45. Enoch, C., Everaert, L., Tressel, T. & Zhou, J. 2014, ‘Securing a Safer Financial System for Europe’, in C. Enoch et al. (eds) 2014, From Fragmentation to Financial Integration in Europe, IMF, Washington, DC, 1–35.Google Scholar
  46. Enria, A. 2019, ‘Mutually Assured Cooperation – the Issues of Cross-border Banks’, speech by Andrea Enria, Chair of the Supervisory Board of the ECB, at a dinner of The Institute of International Finance, in Washington, D.C., 12 April 2019, https://www.bankingsupervision.europa.eu/press/speeches/date/2019/html/ssm.sp190412~40a85c6eab.en.html.
  47. Epstein, R.A. & Rhodes, M. 2016, ‘International in Life, National in Death? Banking Nationalism on the Road to Banking Union’, in The Political and Economic Dynamics of the Eurozone Crisis, eds. J.A. Caporaso & M. Rhodes, Oxford University Press, Oxford, 200–232.Google Scholar
  48. ESRB High-Level Task Force on Safe Assets 2018a: Sovereign Bond-Backed Securities: A Feasibility Study – Volume I: Main Findings, January 2018, ESRB.Google Scholar
  49. ESRB High-Level Task Force on Safe Assets 2018b: Sovereign Bond-Backed Securities: A Feasibility Study – Volume II: Technical Analysis, January 2018, ESRB.Google Scholar
  50. Euractiv 2014, ‘Michel Barnier: “We set up the banking union in record time”’, 11 April 2014, https://www.euractiv.com/section/euro-finance/interview/michel-barnier-we-set-up-the-banking-union-in-record-time/.
  51. European Banking Federation 2018, Banking in Europe: EBF Facts & Figures 2018, https://www.ebf.eu/wp-content/uploads/2018/09/Banking-in-Europe-2018-EBF-Facts-and-Figures.pdf.
  52. European Council 2012, Euro Area Summit Statement, Brussels, 29 June 2012, http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/131359.pdf.
  53. European Council 2017, Council Conclusions on Action Plan to tackle non-performing loans in Europe, Council of the EU, Press Release, 11/07/2017.Google Scholar
  54. Faruqee, H. 2007, ‘Key Concepts, Benefits, and Risks’, in J. Decressin, H. Faruqee & W. Fonteyne (eds), Integrating Europe’s Financial Markets, IMF, Washington, DC, 19–40.Google Scholar
  55. Ferran, E. 2014, “European Banking Union and the EU Single Financial Market: More Differentiated Integration, or Disintegration?”, (April 18, 2014), University of Cambridge Faculty of Law Research Paper No. 29/2014. Available at SSRN: http://ssrn.com/abstract=2426580 or  https://doi.org/10.2139/ssrn.2426580.
  56. Ferran, E. 2015, ‘European Banking Union: Imperfect, But It Can Work’, in D. Busch & G. Ferrarini (eds.), European Banking Union, Oxford University Press, Oxford, 56–90.Google Scholar
  57. Focus 2015, ‘Ifo-Präsident für internationale Schuldenkonferenz zu Griechenland’, 6 January 2015, Focus Online, https://www.focus.de/regional/muenchen/eu-ifo-praesident-fuer-internationale-schuldenkonferenz-zu-griechenland_id_438429.html.
  58. Folkerts-Landau, D. & Garber, P.M. 1992, ‘The ECB: A Bank or a Monetary Rule’, in M.B. Canzoneri, V. Grilli & P.R. Masson (eds.), Establishing a Central Bank: Issues in Europe and Lessons from the US, Cambridge University Press, New York, 86–110.CrossRefGoogle Scholar
  59. FSB 2018, ‘2018 list of global systemically important banks (G-SIBs)’, 16 November 2018, https://www.fsb.org/wp-content/uploads/P161118-1.pdf.
  60. Gabor, D. 2018, ‘The Single Safe Asset: A Progressive View for a ‘First Best EMU’, FEPS Policy Brief, May 2018, https://www.feps-europe.eu/Assets/Publications/PostFiles/621_1.pdf.
  61. Gabor, D. & Vestergaard, J. 2018, ‘Chasing Unicorns: The European Single Safe Asset Project’, Competition & Change, vol. 22, no. 2, 139–164.CrossRefGoogle Scholar
  62. Gandrud, C. & Hallerberg, M. 2014, ‘Bad Banks in the EU: The Impact of Eurostat Rules’, Bruegel Working Paper 2014/15, Bruegel.Google Scholar
  63. Gerding, E.F. 2014, Law, Bubbles, and Financial Regulation, Routledge, London.Google Scholar
  64. Goodhart, C. 2010, ‘How Should We Regulate the Financial Sector?’, in A. Turner et al., The Future of Finance: The LSE Report, LSE, London, 153–176.Google Scholar
  65. Goodhart, C. & Schoenmaker, D. 2014, ‘The ECB as Lender of Last Resort?’, https://voxeu.org/article/ecb-lender-last-resort.
  66. Goodhart, C. & Schoenmaker, D. 2016, ‘The United States Dominates Global Investment Banking: Does it Matter for Europe?’, Bruegel Policy Contribution, Issue 2016/06, March 2016, Bruegel, Brussels, bruegel.org/wp-content/uploads/2016/03/pc_2016_06-1.pdf.
  67. Gortsos, C.V. 2019, ‘European Banking Union Within the System of European Banking and Monetary Law’, in M.P. Chiti & V. Santoro (eds.), The Palgrave Handbook of European Banking Union Law, Palgrave Macmillan, Cham, 19–40.CrossRefGoogle Scholar
  68. Gregorio Merino, A. de 2019, ‘The Banking Union in EU Law: An EU Institutional Law Perspective’, in G. Lo Schiavo (ed.), The European Banking Union and the Role of Law, Edward Elgar, Cheltenham, 29–65.CrossRefGoogle Scholar
  69. Gren, J., Howarth, D. & Quaglia, L. 2015, ‘Supranational Banking Supervision in Europe: The Construction of a Credible Watchdog’, Journal of Common Market Studies, vol. 53, Annual Review, 181–199.Google Scholar
  70. Gros, D. & Schoenmaker, D. 2014, “European Deposit Insurance and Resolution in the Banking Union”, Journal of Common Market Studies, Vol. 52, No. 3, 529–546.CrossRefGoogle Scholar
  71. Group of Ten 2001, Report on Consolidation in the Financial Sector, BIS, IMF, OECD, https://www.imf.org/external/np/g10/2001/01/Eng/pdf/file1.pdf.
  72. Grundmann, S. & Micklitz, H.-W. 2019, ‘The European Banking Union and Constitution- The Overall Challenge’, in S. Grundmann & H.W. Micklitz (eds.), The European Banking Union and Constitution: Beacon for Advanced Integration or Death-Knell for Democracy?, Hart, Oxford, 1–21.CrossRefGoogle Scholar
  73. Guarascio, F. 2019a, ‘Italy’s scheme to bail out shareholders undercuts EU bank rules – lawmaker’, Reuters, 9 April 2019.Google Scholar
  74. Guarascio, F. 2019b, ‘Lawmakers urge EU’s Vestager to halt Italy scheme for bank shareholders bailout’, Reuters, 26 April 2019.Google Scholar
  75. Hess, A. 2012, ‘Proposals for a European Clearing Union: An Application of Keynes to Regional Monetary Systems’, http://www.wpsanet.org/papers/docs/7%2020%20%Hess%Proposals%20for%20an%20ECU.pdf.
  76. Hill, A. 2019, ‘The Search for a Euro Safe Asset’, Quarterly Reports, ICMA.Google Scholar
  77. Hirst, P. & Thompson, G. 1996, Globalization in Question, Polity, Cambridge.Google Scholar
  78. Howarth, D. & Quaglia, L 2016, The Political Economy of European Banking Union, Oxford University Press, Oxford.CrossRefGoogle Scholar
  79. Huffschmid, J. 2009, ‘Europäische Perspektiven im Kampf gegen die Wirtschafts- und Finanzkrise’, in E. Altvater et al., Krisen Analysen, VSA, Hamburg, 105–118.Google Scholar
  80. IMF 2001, Financial Sector Consolidation in Emerging Markets, Chapter 5, International Capital Market Report, IMF, Washington, D.C.Google Scholar
  81. IMF 2012, World Economic Outlook: Coping with High Dept and Sluggish Growth, October 2012, IMF, Washington, D.C.Google Scholar
  82. IMF 2019, ‘Euro Area – IMF Staff Concluding Statement of the 2019 Article IV Mission, 13 June 2019.Google Scholar
  83. Ioannidou, V. 2012, ‘A First Step Towards a Banking Union’, in T. Beck (ed.), Banking Union for Europe: Risks and Challenges, Centre for Economic Policy Research, London, 87–96.Google Scholar
  84. James, H. 2012, Making the European Monetary Union, Harvard University Press, Cambridge, M.A.CrossRefGoogle Scholar
  85. Juncker, J.-C., Tusk, D., Dijsselbloem, J., Draghi, M. & Schulz, M. 2015, Completing Europe’s Economic and Monetary Union, The Five Presidents’ Report, European Commission, Brussels, http://ec.europa.eu/priorities/economic-monetary-union/docs/5-presidents-report_en.pdf.
  86. Kress, J.C. 2019, ‘Solving Banking’s ‘Too Big to Manage’ Problem’, Minnesota Law Review, vol. 104.Google Scholar
  87. Lane, P. & Langfield, S. 2019, ‘The Feasibility of Sovereign Bond-Backed Securities for the Euro Area’, in J. Pisani-Ferry & J. Zettelmeyer (eds.), Risk Sharing Plus Market Discipline: A New Paradigm for Euro Area Reform? A Debate, CEPR Press, London, 51–61.Google Scholar
  88. Lastra, R.M. 2016, ‘Lender of Last Resort and Banking Union’, in J.E. Castañeda, D.G. Mayes & G. Wood (eds.), European Banking Union: Prospects and Challenges, Routledge, Abingdon, 109–128.Google Scholar
  89. Lautenschläger, S. 2018, ‘European Banking Union – The Place to Be?’, speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Biannual high-level networking seminar on economic and financial issues organised by Danmarks Nationalbank, Copenhagen, 14 May 2018, https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp180514_3.en.html.
  90. Lindo, D. & Hanula-Bobbitt, K. 2013, Europe’s Banking Trilemma: Why Banking Reform is Essential for a Successful Banking Union, Finance Watch, September 2013.Google Scholar
  91. Macchiarelli, C. & Koutroumpis, P. 2016, ‘The Current State of Financial (Dis)Integration in the Euro Area: In-dept Analysis’, IP/A/ECON/2016-03, PE 587.314, European Parliament, Policy Department A: Economic and Scientific Policy, Brussels, Belgium.Google Scholar
  92. Mersch, Y. 2018, ‘The limits of central bank financing in resolution’, speech by Yves Mersch, Member of the Executive Board of the ECB, IMFS Distinguished Lecture Series Goethe Universität Frankfurt, 20 January 2018, https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp180130.en.html.
  93. Micossi, S. 2019, ‘Testing the EU Framework for the Recovery and Resolution of Banks: the Italian Experience’, Policy Brief, LUISS School of European Political Economy.Google Scholar
  94. Montanaro, E. 2019, ‘Non-Performing Loans and the European Union Legal Framework’, in M.P. Chiti & V. Santoro (eds.), The Palgrave Handbook of European Banking Union Law, Palgrave Macmillan, Cham, 213–246.CrossRefGoogle Scholar
  95. Rodriguez, H. 2018, ‘Banking Union and the ECB’, in R. Marimon & T. Cooley (eds.), The EMU after the Crisis: Lessons and Possibilities, CEPR Press, London, 75–83.Google Scholar
  96. Samuels, S. 2019, ‘Europe Should be Wary of the Lure of Bigger Banks’, Financial Times, 30 January 2019.Google Scholar
  97. Schäuble, W. 2013, Banking Union must be built on firm foundations, Financial Times, 13 May 2013.Google Scholar
  98. Schnabel, I. & Véron, N. 2018, ‘Completing Europe’s Banking Union means breaking the bank-sovereign vicious circle’, 16 May 2018, https://voxeu.org/article/completing-europe-s-banking-union-means-breaking-bank-sovereign-vicious-circle.
  99. Schumpeter, J.A. 1942, Capitalism, Socialism and Democracy, Routledge, London [1992].Google Scholar
  100. Sciorilli Borrelli, S. 2019, ‘Vestager’s Italian banking fight plays into Euroskeptics’ hands’, Politico, 8 April 2019.Google Scholar
  101. Sorkin, A.R. 2009, Too Big to Fail: Inside the Battle to Save Wall Street, Allen Lane, London and New York.Google Scholar
  102. SRB. 2016, The Single Resolution Mechanism: Introduction to Resolution Planning, Publication Office of the EU, Luxembourg, https://srb.europa.eu/sites/srbsite/files/intro_resplanning.pdf.pdf.
  103. SRB 2019a, ‘SRF grows to €33 billion after latest round of transfers’, 17 July 2019, https://srb.europa.eu/en/node/804.
  104. SRB 2019b, ‘2019 ex-ante contributions’, https://srb.europa.eu/en/content/2019-ex-ante-contributions.
  105. Stern, G.H. & Feldman, R.J. 2004, Too Big To Fail: The Hazards of Bank Bailouts, Brookings Institution Press, Washington, DC.Google Scholar
  106. Stiglitz, J.E., Capaldo, J., Stetter, E., Dougherty, C., Griffith-Jones, S., Ortiz, I, Gabor, D. & Schratzenstaller-Altzinger, M. 2019, Rewriting the Rules of the European Economy, Foundation For European Progressive Studies, https://www.feps-europa.eu/attachments/publications/book_stiglitz-rewriting_rules.pdf.
  107. Streeck, W. 2015, ‘The Rise of the European Consolidation State’, MPIfG Discussion Paper 15/1, Max Planck Institute for the Study of Societies, Cologne.Google Scholar
  108. Tröger, T.H. 2018, ‘Too Complex to Work: A Critical Assessment of the Bail-in Tool under the European Bank Recovery and Resolution Regime’, Journal of Financial Regulation, vol. 4, no. 1, 35–72.CrossRefGoogle Scholar
  109. Van Riet, A. 2017, ‘Addressing the Safety Trilemma: A Safe Sovereign Asset for the Eurozone’, Working Paper Series no. 35, ESRB, https://www.esrb.europa.eu/pub/pdf/wp/esrbwp35.en.pdf.
  110. Van Rompuy, H., Barroso, J.M., Juncker, J.C. & Draghi, M. 2012 ‘Towards a Genuine Economic and Monetary Union’, Brussels, 5 December 2012, http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/ec/134069.pdf.
  111. Ventoruzzo, M. & Sandrelli, G. 2019, ‘O Tell Me the Truth About Bail-In: Theory and Practice’, Law Working Paper no. 442, European Corporate Governance Institute.Google Scholar
  112. Véron, N. 2018, ‘EU Financial Services Policy Since 2007: Crisis, Responses and Prospects’, Working Paper issue 06, 21 June 2018, Bruegel, https://bruegel.org/wp-content/uploads/2018/06/WP06_2018_Final2.pdf.
  113. Weidmann, J. 2013, ‘Banking Union, Properly Structured’, The International Economy, Winter 2013, 42–78.Google Scholar
  114. Whyman, P.B. 2015, ‘Keynes and the International Clearing Union: A Possible Model for Eurozone Reform?’, Journal of Common Market Studies, vol. 53, no. 2, 399–415.CrossRefGoogle Scholar
  115. Wyplosz, C. 2012, “Banking Union as a Crisis-management Tool” in T. Beck (ed.), Banking Union for Europe: Risks and Challenges, Centre for Economic Policy Research, London, 19–23.Google Scholar

Copyright information

© The Author(s) 2020

Authors and Affiliations

  1. 1.School of LawQueen’s University BelfastBelfastUK

Personalised recommendations