The Political Economy of European Banking Union

Hardcover | October 22, 2016

byDavid Howarth, Lucia Quaglia

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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 towardsdifferentiated 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 onlyin 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 governments 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 and developing a comparative political economy analysis focused on the configuration of national banking systems and varying national concern for the moralhazard facing banks and sovereigns created by euro level support mechanisms.

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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 towardsdifferentiated integration in the EU, posing a major cha...

David Howarth is Professor of European political economy at the University of Luxembourg and a former Jean Monnet Chair at the University of Edinburgh. He is the author or co-author of three monographs, a textbook, and over seventy journal articles and book chapters on European political economy topics and specifically financial regula...

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Format:HardcoverDimensions:288 pagesPublished:October 22, 2016Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198727925

ISBN - 13:9780198727927

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Table of Contents

Preface1. Introduction2. Understanding EMU to understand Banking Union3. The financial trilemma and the vicious circle of banking and sovereign debt crises4. European banking systems in times of crises5. Supervision6. Resolution7. Deposit guarantee8. Lender of Last Resort and the 'Fiscal Backstop'9. Banking regulation and the single rule book10. Conclusion