Europe's New Fiscal Union
“This book contributes to our deeper understanding of the fiscal architecture that emerged during and in the wake of euro area crisis. It provides an important example of how economic and monetary union may lay the foundation a better understanding of ‘di
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EUROPE’S NEW FISCAL UNION
Europe’s New Fiscal Union
Pierre Schlosser
Europe’s New Fiscal Union
Pierre Schlosser European University Institute Florence, Italy
ISBN 978-3-319-98635-7 ISBN 978-3-319-98636-4 (eBook) https://doi.org/10.1007/978-3-319-98636-4 Library of Congress Control Number: 2018953998 © The Editor(s) (if applicable) and The Author(s) 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: Dejan Kolar / Getty Images Cover Design: Fatima Jamadar This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To my daughter Elena and my wife Maria.
Contents
1 Introduction 1 2 EMU’s Asymmetrical Institutional Design 21 3 Enhancing EMU’s Fiscal Arm: Towards Stronger Regulatory Surveillance 45 4 Building Central Financial Assistance Capacities 73 5 Developing an EMU Lending of Last Resort Capacity 103 6 Centralizing Banking Resolution 133 7 Findings and Interpretation 167 8 How to Reform EMU? 205 Index 247
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List of Figures
Fig. 1.1 Fig. 1.2 Fig. 1.3 Fig. 2.1 Fig. 4.1 Fig. 5.1 Fig. 6.1 Fig. 6.2 Fig. 8.1
Key euro crisis management measures (2010–2014) 6 Mapping of the European fiscal authority’s actors 7 Mapping of all executive actors formally active in EU fiscal governance8 The Eurogroup deals with an increasing amount of documentation37 Evolution of meetings attended by ECB staff over the period 1999–200892 Timeline of the ECB’s strategic interventions (2009–2012) 105 Consultation milestones on banking resolution in the run up to the June 2012 Euro Area Summit which founded the Banking Union137 Legal process leading up to the adoption of the SRM 146 EMU’s incompatibility triangle 240
ix
List of Tables
Table 1.1 Table 3.1 Table 3
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