Véron, Nicolas. (2012) The challenges of Europe's fourfold union. Bruegel Policy Contribution 2012/13, 16 August 2012. [Policy Paper]
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Abstract
Five years after the first tremors in Europe’s banking system, what makes the crisis unique is the absence of a democratically accountable decision-making framework; there is an 'executive deficit' that compounds Europe’s democratic deficit. The author argues that the only way to resolve the crisis successfully is a sustained effort to achieve a 'fourfold union' agenda: banking union, fiscal union, competitiveness union and political union. Progress must be made in parallel on each of the four components. In particular, successful progress towards banking union requires a combination of short term action, including the establishment of a temporary resolution authority to identify undercapitalised banks and to restructure them, and longer-term measures, including the creation of permanent authorities for supervision, resolution and deposit insurance.
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Item Type: | Policy Paper |
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Uncontrolled Keywords: | Banking union. |
Subjects for non-EU documents: | EU policies and themes > Policies & related activities > economic and financial affairs > fiscal policy EU policies and themes > EU institutions & developments > institutional development/policy > decision making/policy-making EU policies and themes > Policies & related activities > political affairs > political union & integration/European Political Union |
Subjects for EU documents: | UNSPECIFIED |
EU Series and Periodicals: | UNSPECIFIED |
EU Annual Reports: | UNSPECIFIED |
Series: | Series > Bruegel (Brussels) > Policy Contributions |
Depositing User: | Phil Wilkin |
Official EU Document: | No |
Language: | English |
Date Deposited: | 19 Aug 2012 09:17 |
Number of Pages: | 14 |
Last Modified: | 19 Aug 2012 09:17 |
URI: | http://aei-dev.library.pitt.edu/id/eprint/36282 |
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