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Centralizing Banking Resolution

  • Pierre Schlosser
Chapter

Abstract

During the crisis a Single Resolution Mechanism (SRM) – composed both of a Single Resolution Board (SRB) and of a Single Resolution Fund (SRF) of € 55 bn – came into being. The chapter shows how EMU’s executive institutions converged on the need for a centralized regime but also documents how Northern Member States’ concerns over any further agency drift by the Commission, produced a fragmented decision-making. The chapter’s emphasis lies on the institutional design contests that surfaced when the detailed features of this additional fiscal capacity began to be discussed. Lastly, it describes how the Commission’s powers were tamed down while additional prerogatives were given to a new agency and veto powers mushroomed.

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Pierre Schlosser
    • 1
  1. 1.European University InstituteFlorenceItaly

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