The challenges of Europe's fourfold union

Bericht

Five years after the first tremors in Europe's banking system, what makes the crisis unique is the absence of a democratically accountable decision-making framework; there is an 'executive deficit' that compounds Europe's democratic deficit. The author argues that the only way to resolve the crisis successfully is a sustained effort to achieve a 'fourfold union' agenda: banking union, fiscal union, competitiveness union and political union. Progress must be made in parallel on each of the four components. In particular, successful progress towards banking union requires a combination of short term action, including the establishment of a temporary resolution authority to identify undercapitalised banks and to restructure them, and longer-term measures, including the creation of permanent authorities for supervision, resolution and deposit insurance.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Bruegel Policy Contribution ; No. 2012/13

Classification and Topics

• Classification: Wirtschaft
• Subject: Europäische Wirtschafts- und Währungsunion ; Politische Entscheidung ; Finanzpolitik ; Internationaler Wettbewerb ; Bankenpolitik ; Bankenaufsicht ; EU-Staaten

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Véron, Nicolas
• Event: Veröffentlichung
• (who): Bruegel
• (where): Brussels
• (when): 2012

Further information

• Handle: http://hdl.handle.net/10419/72117
• Last update: 10.03.2025, 11:46 AM CET