L’Unione Bancaria Europea. Di nuovo un disegno istituzionale incompleto (The European banking union. An incomplete institutional design, again)

Mario Tonveronachi

Abstract


The proposal for a European banking union represents the more recent effort to drive the Eurozone countries towards the effective adoption of a single rulebook and a single supervisory handbook, at the same time endowing them with a centralised mechanism for the resolution of bank crises. The new institutional framework should help to disconnect banking operations from the vicissitudes of sovereign debts, to reverse the recent re-nationalisation of finance and to restore the effectiveness of ECB monetary policy. Although the new framework would mark a significant advancement with respect to the present situation, its predictable incomplete adoption, restricted to the single supervisory mechanism, coupled with the unwillingness to burden it with legacy problems, will most likely produce opposite results from its inception. Although the full implementation of the proposal would not constitute a departure from the political de-centralised design that has so far dominated the European construction, the potential fiscal implications of a centralised resolution mechanism have raised the same barriers that have so far impeded to complete the design initiated with the Maastricht Treaty.

 

 JEL Codes: E02, F33, G18

 


Keyword


European Union, banking union, financial regulation

Full Text

PDF

Riferimenti bibliografici


ASMUSSEN J. (2013), "Towards a Banking Union – The State of Play from the ECB's Perspective", intervento alla Handelsblatt Conference "Banken im Umbruch", Francoforte sul Meno, 4 settembre.

BERNANKE B. (2013), "Stress Testing Banks: What Have We Learned?", intervento alla conferenza Maintaining Financial Stability: Holding a Tiger by the Tail, Stone Mountain (Ge), 8 aprile.

BERNANKE B. (2013), "Monitoring the Financial System", intervento alla 49th Annual Conference Bank Structure and Competition, Chicago, 10 maggio.

COMMISSIONE EUROPEA (2013), Proposal for a Regulation Establishing Uniform Rules and Uniform Procedures for the Resolution of Credit Institutions and Certain Investment Firms in the Framework of a Single Resolution Mechanism and a Single Bank Resolution Fund, Brussels, 10 luglio.

CONSIGLIO DELL'UNIONE EUROPEA (2013), Proposal for a Council Regulation Conferring Specific Tasks on the European Central Bank concerning Policies relating to Prudential Supervision of Credit Institutions, Brussels, 25 marzo.

CONSIGLIO DELL'UNIONE EUROPEA (2013), Proposal for a Directive Establishing a Framework for the Recovery and Resolution of Credit Institutions and Investment Firms, Brussels, 28 giugno.

FINANCIAL STABILITY BOARD (2011), "Key Attributes of Effective Resolution Regimes for Financial Institutions", ottobre.

FINANCIAL STABILITY BOARD (2012), "Recovery and Resolution Planning: Making the Key Attributes Requirements Operational. Consultative Document", novembre.

ISSING O. (2013), "The Risk of European Centralizations", Project Syndacate, 2 luglio.

MERSCH Y. (2013), "The Single Market and Banking Union", intervento all'European Forum Alpbach, 29 agosto.

MONTANARO E. (2013), "Regole di Basilea e modelli di vigilanza: quale convergenza?", Moneta e Credito, vol. 66 n. 263, pp. 415-442.

MONTANARO E. e TONVERONACHI M. (2012), "Financial Re-Regulation at a Crossroads: How the European Experience Strengthens the Case for a Radical Reform Nuilt on Minsky's Approach", PSL Quarterly Review, vol. 65 n. 263, pp. 335-383.

PARLAMENTO EUROPEO (2013), "Inter-Institutional Agreement between European Parliament and ECB on the Cooperation on Procedures related to the Single Supervisory Mechanism", 12 settembre.

RONCAGLIA A. (2013), "Le politiche di austerità sono sbagliate", Moneta e Credito, vol. 66, n. 262, pp. 121-128.

SARCINELLI M. (2012), "Come difendere la globalizzazione e salvaguardare i sistemi bancari dal contagio?", Moneta e Credito, vol. 65 n. 257, pp. 9-47.

SARCINELLI M. (2013), "The European Banking Union: Will It Be a True Union without Risk Sharing?", PSL Quarterly Review, vol. 66 n. 265, pp. 137-167.

SARCINELLI M. (2013), "L'unione bancaria europea e la stabilizzazione dell'Eurozona", Moneta e Credito, vol. 66 n. 261, pp. 7-42.

TONVERONACHI M. (2012), "Propuesta para un pacto fiscal y de crecimiento", Ensayos Económicos, n. 65-66, settembre, pp. 77-106.

WEIDMANN J. (2013), "Banking Supervision and Regulation – What Action Does the Bundesbank Consider Necessary?", intervento al Club Hamburger Wirtschaftsjournalisten, Amburgo, 30 agosto.


Refback

  • Non ci sono refbacks, per ora.


Copyright (c) 2016 Mario Tonveronachi

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

 

Con il contributo di  

ISSN 2037-3651

Reg. Tribunale di Roma n.377/2009 del 19/11/2009