From May 2011 to July 2012 the crisis of the European Economic and Monetary Union was fuelled by the vicious circle between the sovereign debt crisis in the peripheral Member States and the crisis in an important part of the European banking system. The Banking Union is an important strategy to address these problems.
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Astrid Foundation has reflected upon the effectiveness of the Banking Union through a collective critical analysis of its main features, pointing out the main challenges connected to its implementation. The Banking Union, centred on the ECB, was inserted in the regulatory and supervisory framework already in force: the European System of Financial Supervision. As a consequence, the dual system is exposed to potential conflicts among the ESRB, EBA, ECB and national authorities. The practice of strong cooperation is mandatory: indeed, there are rules to address the conflicts but they are likely to lead to inefficient outcomes.
Several chapters of the book are devoted to the analysis of the Single Supervisory Mechanism and its complex decision making process, including the potential conflict with the monetary policy conduct and non-EMU EU Member States. The final chapters analyse the Single Resolution Mechanism (SRM). The introduction of the SRM and the related bail-in process are set to radically change the European markets of banks’ liabilities. De facto banks have to meet the requirements of a new authority (the Single Resolution Board) whose decisions may be influenced by public interests and political arguments. The bail-in procedure may also significantly affect the ability of banks to issue bonds. The Single Resolution Fund should facilitate the resolution of a crisis but it does not represent a full back-stop in the event of a systemic crisis.
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