文章基本信息

标题：Banking union for an unfinished EMU
本地全文：下载
作者：Hans Geeroms ; Hans Geeroms ; Pawel Karbownik 等
期刊名称：European View
印刷版ISSN：1781-6858
电子版ISSN：1865-5831
出版年度：2014
卷号：13
期号：1
页码：181-181
DOI：10.1007/s12290-014-0311-9
语种：English
出版社：Springer
摘要：This paper argues that a fully-fledged banking union is needed to stabilise theeuro and to prevent a decade of high unemployment and low growth in theVulnerable Euro Area Periphery Countries. What has been agreed by theEuropean Council and the European Parliament in March 2014 is a step forwardbut remains insufficient. A further transfer of responsibilities to Europeaninstitutions and sufficient risk sharing are essential to sever the doomed loop ofbanks and sovereigns because individual EU countries are too weak to addressthis challenge alone. Ideally, a treaty change is needed, but also the developmentof a second best solution that is based on the current treaty, while using itsinstitutional and legal capacity to the full. However, a banking union is notenough, given that banks’ assets exceed the EU’s GDP threefold. The bankingindustry needs restructuring so as to prevent systemic risks and the legislatorneeds to have the power to intervene efficiently when needed. Finally, theauthors stress that any banking union should be open to future eurozonemember states.