Bericht

The challenges of Europe's fourfold union

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.

Language
Englisch

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

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

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

Handle
Last update
10.03.2025, 11:46 AM CET

Data provider

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Object type

  • Bericht

Associated

  • Véron, Nicolas
  • Bruegel

Time of origin

  • 2012

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