Banking Union in Historical Perspective: The Initiative of the European Commission in the 1960s–1970s

Mourlon‐Druol, Emmanuel

doi:10.1111/jcms.12348

Cited by 26 publications

(5 citation statements)

References 36 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The Committee of European Banking Supervisors (CEBS), the banking supervision committee that was the forerunner of the European Banking Authority (EBA), which is discussed later, enabled supervisors to share information and review best practices. A review of the debate and progress with harmonising banking regulation and supervision may be found in Mourlon-Druol (2016).…”

Section: Convergence Of Banking Supervision and Supervisory Frameworkmentioning

confidence: 99%

The ECB After the Crisis: Existing Synergies Among Monetary Policy, Macroprudential Policies and Banking Supervision

Cassola¹,

Kok²,

Mongelli³

2019

SSRN Journal

View full text Add to dashboard Cite

The prolonged crisis exposed the vulnerability of a monetary union without a banking union. The Single Supervisory Mechanism (SSM), which started operating in November 2014, is an essential step towards restoring banks to health and rebuilding trust in the banking system. The ECB is today responsible for setting a single monetary policy applicable throughout the euro area and for supervising all euro area banks in order to ensure their safety and soundness, some directly and some indirectly. Its role in the area of financial stability has also expanded through the conferral of macroprudential tasks and tools that include tightening national measures when necessary. It thus carries out these complementary functions, while its primary objective of pursuing price stability remains unchanged. What are the working arrangements of this enlarged ECB, and what are the similarities and existing synergies among these functions? In the following pages, focusing on the organisational implications of the "new" ECB, we show the relative degrees of centralisation and decentralisation that exist in discharging these functions, the cycles of policy preparation and the rules governing interaction between them.

show abstract

Section: Convergence Of Banking Supervision and Supervisory Frameworkmentioning

confidence: 99%

The ECB After the Crisis: Existing Synergies Among Monetary Policy, Macroprudential Policies and Banking Supervision

Cassola¹,

Kok²,

Mongelli³

2019

SSRN Journal

View full text Add to dashboard Cite

show abstract

“…However, the financial crisis in the banking system in 2008 and subsequent Eurozone crisis in 2010 did not immediately challenge the model of decentralized rule‐making and banking supervision and lead to the far‐reaching reforms deemed necessary (Braun, 2015; De Rynck, 2016). And while ideas for supranational financial regulation had been floating around in policy debates as far back as the 1960s, they never made it to the decision‐making table until mid‐2012 (Mourlon‐Druol, 2016). The fact that the EU faced a crisis alone does not provide an answer to the question of how the BU came about in the way it did.…”

Section: Introductionmentioning

confidence: 99%

Deciding upon the Banking Union: How a joint belief shift instigated deep institutional change in Eurozone governance

Swinkels

Esch

2022

European Policy Analysis

View full text Add to dashboard Cite

This paper explores how a joint belief shift among policy actors in the Eurozone crisis led to a deep institutional change in Eurozone governance: the banking union.Based on Rinscheid's framework of institutional change, we apply discourse network analysis (DNA) of actor statements in European newsmedia to show how banking union ideas emerged and gained ground between 2000 and 2012. We complement the DNA with analysis of secondary sources to provide explanations of how the rise and dissemination of banking union ideas came about. Our findings show that potential junctures in a crisis provide opportunities for policy actors to exploit and instigate a joint belief shift, but only if certain critical antecedents allow for this. Our study complements EU policy analysis studies by offering a fine-grained theory and methodology to assess and understand the role of (coalitions of) key policy actors and their ideas in processes of EU institutional change.

show abstract

“…The EBU was endorsed at the European Council Summit in June 2012 in order to restore financial stability. In this regard, it should be noted that the European Commission had advocated a banking union as early as in the 1960s, though the initial proposal at the time was much less ambitious and not crisis-driven (Mourlon-Druol 2016).…”

Section: Introductionmentioning

confidence: 99%

Differentiated Integration: The case of the European Banking Union

Hanada

2021

ANZJES

View full text Add to dashboard Cite

The European Banking Union (EBU), a system of unified financial supervision, regulation and resolution, arguably represents the biggest transfer of national sovereignty in Europe since the launch of the euro. Participation in the EBU is mandatory for the Eurozone states and voluntary for the non-Eurozone states, which makes it an example of differentiated integration (DI). This article analyses the implications of DI in the context of the EBU. The central question is whether the current EBU arrangements are going to result in uniform integration or continued differentiation. After outlining the main pillars of EBU, the article discusses whether we can envision more non-Eurozone states following the examples of Bulgaria and Croatia by opting into EBU before adoption of the euro, or whether there is a risk of more division between the EBU members and non-members. The focus is on the main economic and political considerations that affect the EBU in the medium term. The article shows that only the non-Eurozone states willing to relinquish their national sovereignty in financial supervision seek to join the EBU and that in the post-Brexit EU the differentiated EBU can potentially move towards more integration.

show abstract

Banking Union in Historical Perspective: The Initiative of the European Commission in the 1960s–1970s

Cited by 26 publications

References 36 publications

The ECB After the Crisis: Existing Synergies Among Monetary Policy, Macroprudential Policies and Banking Supervision

The ECB After the Crisis: Existing Synergies Among Monetary Policy, Macroprudential Policies and Banking Supervision

Deciding upon the Banking Union: How a joint belief shift instigated deep institutional change in Eurozone governance

Differentiated Integration: The case of the European Banking Union

Contact Info

Product

Resources

About