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Title: Towards a full banking union in Europe: Waiting for the next crisis?
Authors: Brites Pereira, Luís
Rocha de Sousa, Miguel
Keywords: Bank-Sovereign Linkages
European Banking Union
Eurozone crisis
Issue Date: Sep-2018
Citation: Brites Pereira, Luís and Rocha de Sousa, M (2018)"Towards a full banking union in Europe: waiting for the next crisis?" in Caetano and M. Rocha de Sousa (2018) (eds.) Challenges and Opportunities for Eurozone Governance, NOVA Science, USA, NY. ISBN: 978-1-53613-474-2; chpt.5, pp.81-96
Abstract: This chapter assesses the need for a complete European Banking Union (EBU) given the perceived shortcomings of Europe’s Economic and Monetary Union (EMU), especially the negative banking-sovereign linkages highlighted by the Eurozone crisis. If properly implemented, a complete EBU severs these linkages and strengthens the resilience of Europe’s banking sector. The design of an optimal EBU comprises three components: European Deposit Insurance System (EDIS), Banking Recovery and Resolution Directive (BRRD) and European Stability Mechanism (ESM), which could evolve to a European Monetary Fund (EMF). While such a design encompasses both risk-reduction and risk-sharing features, the former has been favored due to mostly political considerations. Indeed, completing EBU will require significant political will to adopt additional risk-sharing measures, such as a common fiscal backstop and a truly supranational EDIS, amongst others.
ISBN: 978-1-53613-474-2
Type: bookPart
Appears in Collections:CICP - Publicações - Capítulos de Livros
CEFAGE - Publicações - Capítulos de Livros
ECN - Publicações - Capítulos de Livros

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