E uropean Deposit Insurance and Resolution in the Banking Union

Daniel Gros · Dirk Schoenmaker

90 citations0/0 files storedJCMS Journal of Common Market Studies

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Global Financial Regulation and Crises Banking stability, regulation, efficiency European Monetary and Fiscal Policies

Abstract

Abstract Since the European Council of June 2012, ‘banking union’ is a key item for the EU's policy agenda. This contribution outlines the state of the policy debate – identifying the elements that are missing but important from a theoretical viewpoint. Concrete proposals are made as to how the missing elements could be added in the form of a new European Deposit Insurance and Resolution Authority, which would work alongside the ‘single supervisory mechanism’ under which the European Central Bank assumes supervisory powers for the largest eurozone banks. The paper also illustrates how a gradual transition could align incentives and mitigate the political resistance to a full banking union. Finally, new estimates are provided for how much would be needed for a European Deposit Insurance and Resolution Fund.

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References

1995Prudential Regulation for Banks 1999International Institutions for Reducing Global Financial Instability 2016Towards a Genuine Economic and Monetary Union 2012Credit spread interdependencies of European states and banks during the financial crisis 2011Cross-Border Banking in Europe: Implications for Financial Stability and Macroeconomic Policies 2013Governance of International Banking 2013Governance of International Banking: The Financial Trilemma 2000Who Should Act as Lender of Last Resort? An Incomplete Contracts Model

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