The European Banking Union A Critical Assessment
Why did European policy-makers introduce the Banking Union? Which are its main features? How does it affect banks and their customers? This book tries to answer these questions, by providing a clear description of the building blocks of the Banking Union,
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THE EUROPEAN BANKING UNION A Critical Assessment
Angelo Baglioni
Palgrave Macmillan Studies in Banking and Financial Institutions Series Editor Philip Molyneux Bangor Business School Bangor University Bangor, United Kingdom
The Palgrave Macmillan Studies in Banking and Financial Institutions are international in orientation and include studies of banking within particular countries or regions, and studies of particular themes such as Corporate Banking, Risk Management, Mergers and Acquisition. The books’ focus is on research and practice, and they include up-to-date and innovative studies on contemporary topics in banking that will have global impact and influence.
More information about this series at http://www.springer.com/series/14678
Angelo Baglioni
The European Banking Union A Critical Assessment
Angelo Baglioni Milano, Dipart Economia e Finanza Università Cattolica Sacro Cuore Milano, Italy
Palgrave Macmillan Studies in Banking and Financial Institutions ISBN 978-1-137-56313-2 ISBN 978-1-137-56314-9 (eBook) DOI 10.1057/978-1-137-56314-9 Library of Congress Control Number: 2016936404 © The Editor(s) (if applicable) and The Author(s) 2016 The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Design and Patents Act 1988. 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. Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Macmillan Publishers Ltd. London
To Anna and Laura
CONTENTS
1 Introduction
1
2
Three Reasons for the European Banking Union
7
3
The Single Supervisory Mechanism
31
4
The Comprehensive Assessment
61
5
The Single Resolution Mechanism
81
6
The Missing Pillar: A European Deposit Insurance
111
7
Summary and Conclusions
125
Index
131
vii
LIST
ABS AQR BIS BRRD CDS CET1 CRD CRR DGS DRI EBA ECB EDGS EFSF EIOPA ESM ESMA ESRB EU FDIC GDP G-SIIs JST LCR LSI LTRO (T-)
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