The political economy of European banking union / Davis Howarth and Lucia Quaglia.

Format:

Book

Author/Creator:

Howarth, David J., 1967- author.

Quaglia, Lucia, 1973- author.

Language:

English

Subjects (All):

Banks and banking--State supervision--European Union countries.

Banks and banking.

Banking law--European Union countries.

Banking law.

Banks and banking--State supervision.

European Union countries.

European Union countries--Economic integration.

International economic integration.

Physical Description:

xvii, 266 pages : illustrations ; 24 cm

Edition:

First edition.

Place of Publication:

Oxford : Oxford Univ Press, 2016.

Oxford, United Kingdom : Oxford University Press, 2016.

Summary:

The establishment of Banking Union represents a major development in European economic governance and European integration history more generally. Banking Union is also significant because not all European Union (EU) member states have joined, which has increased the trend towards differentiated integration in the EU, posing a major challenge to the EU as a whole and to the opt-out countries. This book is informed by two main empirical questions. Why was Banking Union-presented by proponents as a crucial move to 'complete' Economic and Monetary Union (EMU) - proposed only in 2012, over twenty years after the adoption of the Maastricht Treaty? Why has a certain design for Banking Union been agreed and some elements of this design prioritized over others? A two-step explanation is articulated in this study. First, it explains why euro area member state states moved to consider Banking Union by building on the concept of the 'financial trilemma', and examining the implications of the single currency for euro area member state banking systems. Second, it explains the design of Banking Union by examining the preferences of member state governments on the core components of Banking Union. These preferences are explained through a comparative political economy analysis focused on the configuration of national banking systems and varying national concern for the moral hazard facing banks and sovereigns created by euro level support mechanisms. Book jacket.

Contents:

1 Introduction 1

2 Understanding Economic and Monetary Union to Understand Banking Union 3

3 The Financial Trilemma and the Vicious Circle of Banking and Sovereign Debt Crises 25

4 European Banking Systems in Times of Crisis 50

5 Supervision 89

6 Resolution 115

7 Deposit Guarantee 138

8 Lender of Last Resort and the 'Fiscal Backstop' in Banking Union 156

9 Banking Regulation and the Single Rulebook 180

10 Conclusion 206.

Notes:

Includes bibliographical references (pages 217-246) and index.

ISBN:

0198727925

9780198727927

OCLC:

938360511