scholarly journals Stillborn Banking Union: Explaining Ineffective European Union Bank Resolution Rules †

2021 ◽  
Author(s):  
Ioannis Asimakopoulos ◽  
David Howarth
Keyword(s):  
European Union ◽  
Banking Union ◽  
Bank Resolution

scholarly journals Guaranteeing the ECB’s democratic accountability in the post-Banking Union era: An ever more difficult task?

2019 ◽  
Vol 26 (1) ◽  
pp. 48-62
Author(s):  
Diane Fromage
Keyword(s):  
European Union ◽  
Central Bank ◽  
European Central Bank ◽  
Banking Union ◽  
Democratic Accountability ◽  
Unconventional Monetary Policy ◽  
The European Union ◽  
Banking Supervision ◽  
National Parliaments ◽  
European Central

Following the Great Financial Crisis, the European Central Bank’s functions have been significantly altered. It is now involved in the functioning of a variety of European Union bodies and agencies, new powers in the field of banking supervision have been attributed to it and it has resorted to unconventional monetary policy. Such a concentration of powers arguably gives rise to issues of accountability and institutional balance within the European Union: (i) the resulting institutional framework is particularly complex and difficult to understand; (ii) the numerous functions the European Central Bank assumes makes it increasingly difficult to identify in which arena(s) it should be held to account for which action; and (iii) its role in the different bodies or agencies may vary in theory and in practice, which, in turn, influences the degree to which the European Central Bank should be held to account. This article aims at showing to what extent the European Central Bank’s role has multiplied and diversified with a view to assess how it is held to account in those different instances, and what the consequences are for the European Central Bank’s democratic accountability, primarily towards the European Parliament, as well as towards the Council of the European Union and national parliaments where applicable.

scholarly journals COVID-19, the European Health Union and the CJEU: Lessons from the Case Law on the Banking Union

2020 ◽  
Vol 11 (4) ◽  
pp. 781-789
Author(s):  
Oliver BARTLETT
Keyword(s):  
European Union ◽  
Case Law ◽  
Legal Issues ◽  
Banking Union ◽  
The European Union ◽  
Health Issues ◽  
European Banking Union ◽  
European Banking ◽  
European Health ◽  
Health Field

This contribution will draw on the literature that has accumulated on how the Court of Justice of the European Union (CJEU) has responded to the European Banking Union, which was established in similar crisis circumstances that now face the European Union (EU) in the age of COVID-19, to illustrate the legal issues on which the CJEU’s input will be particularly important in the shaping of any future European Health Union. This contribution will highlight three legal issues in particular: the interpretation of EU Treaty provisions in the health field; the scope of EU competence; and the powers of EU institutions and agencies. This contribution will argue that the CJEU case law to date on health issues is encouraging with respect to competence and agencies, but more cautious with respect to the Treaty’s health provisions.

Deposit Protection and Bank Resolution

2015 ◽  
Author(s):  
Kleftouri Nikoletta
Keyword(s):  
Financial Stability ◽  
Deposit Insurance ◽  
Global Financial Crisis ◽  
International Standards ◽  
Banking Union ◽  
European Banking Union ◽  
Bank Resolution ◽  
Protection Systems ◽  
The Uk ◽  
The Impact

The 2007–08 global financial crisis proved that the interests of bank depositors are inadequately protected. Although a vast expansion in deposit protection systems around the world followed, our understanding of the impact of those systems and their interaction with bank resolution is still in its infancy. The focus of bank resolution studies has been on the largest systemically important banks, which have wholesale creditors who would be bailed in, leaving retail depositors untouched. However, many banks rely mostly on deposits for financing, and the number of banks of this form is expected to increase. This book aims to explain and provide current material analysis of deposit protection and bank resolution regimes. The analysis is based on an examination of the traditional rationales for creating deposit insurance and bank resolution, and a specific study of the UK, EU, and US legal frameworks. It aims to offer an analysis of this topic and to cover all relevant regulations, from its origins to its most recent developments, in a systematic and thorough way. It approaches the much-desired objective of financial stability from a different angle: that of depositor protection. This book comprises ten chapters, analysing: the rationales for creating a deposit protection system; the limitations of deposit protection systems; the European deposit insurance framework; the European banking union; recent cases on deposit guarantee schemes; international standards on deposit insurance; the UK deposit insurance framework; international and European regulatory developments on bank resolution; the UK Special Resolution Regime; and the US paradigm.

scholarly journals The energy union – a new step towards sustainability by promoting clean energy

2018 ◽  
Vol 12 (1) ◽  
pp. 896-906
Author(s):  
Ana-Maria Iulia Şanta
Keyword(s):  
European Union ◽  
European Commission ◽  
Fossil Fuels ◽  
Renewable Energy Sources ◽  
Clean Energy ◽  
Business Environment ◽  
Coal Industry ◽  
Banking Union ◽  
The European Union ◽  
Energy Union

Abstract The Energy Union is an important issue on the agenda of the European Commission, which is addressed in the package “Clean Energy for All Europeans”, adopted by the European Commission in November 2016. The present paper deals with the role of the Energy Union in ensuring an optimal framework for a common energy market at the level of the European Union, aimed for the benefit of the consumers in the European Union and of a modern and functional business environment. Which perspectives opens this possible win-win situation is a topic to be analyzed in the present article. The Energy Union is a stronger form of integration within the European Union, related to the internal market of the European Union, which brings more than harmonization of standards and mutual recognition: it brings a common policy and shared values. The goal of this project is to ensure consumer protection through common rules and harmonization, which is a trend at the level of the European Union occurring in various fields of activity and business sectors, such as the Energy Union, the Banking Union, data protection and the competition framework. The main focus on the consumer is new, compared to former attempts of harmonization in specific fields. The challenge rising from this project is to achieve a union in a strategic sector, such as energy. Possible aspects that could hamper the building of the union will be analyzed, for example the fact that some member states of the European Union still rely on fossil fuels, such as the coal industry. The switch to renewable energy sources is related to high costs, as well as to social turbulences on the labour market, that have to be taken into consideration. When drafting measures for the Energy Union, the effects on climate change as well as socio-economic parameters have to be weighed, in order to find the proper balance. It is therefore important to draft appropriate measures ensuring a smooth transition from fossil fuels to Clean Energy. The present paper focuses on these measures proposed by the European Commission. The key elements of the Energy Union will be analyzed in the measures drafted by the European Commission in the package “Clean Energy for All Europeans”. Case studies will illustrate the debated aspects and will provide best practice guidelines as a result. An interdisciplinary approach will be used in the present paper, combining economic and legal issues in a comparative manner.

Prudential supervisory tasks (Article 127(6) TFEU, monetary policy vs prudential supervision): ‘Kissing awake the Sleeping Beauty provision’

2020 ◽  
Author(s):  
Rosa M Lastra ◽  
Georgios Psaroudakis
Keyword(s):  
European Union ◽  
Monetary Policy ◽  
Financial Stability ◽  
Sleeping Beauty ◽  
Historical Background ◽  
Banking Union ◽  
The European Union ◽  
Prudential Supervision ◽  
Central Function ◽  
Enabling Clause

This chapter attempts to describe the interplay between Economic Monetary Union (EMU) and Banking Union and the central function of the European Central Bank (ECB) in both areas. It offers a historical background to the development of European Union (EU) level prudential supervision on the basis of the Treaty on the Functioning of the European Union (TFEU) and examines issues at the intersection between monetary policy and banking supervision. Relatedly, financial stability is discussed as a public good that informs both areas of ECB activity. The chapter further examines difficult organizational choices, arising from the development of a Banking Union not foreseen in the Maastricht Treaty (which only included an ‘enabling clause’): Should the same institution (ie, the ECB) have both monetary and prudential competence? If so, what governance arrangements are necessary for this institution, also given that final authority over all matters rests with the Governing Council according to the Treaty itself?

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