The European Banking Union: Will it be Sufficient to Avert another Debt Crisis in Europe?

Ross Alexander Spence ()
Additional contact information
Ross Alexander Spence: The University of Edinburgh.

International Journal of Business and Social Research, 2016, vol. 6, issue 11, 15-33

Abstract: The European Banking Union came into existence to help address crucial problems caused by the global financial crisis and subsequent European sovereign debt crisis. In order to reinstate stability and credibility back into the European banking system, a stronger and more centralized set of criteria was required, to avert another debt crisis in Europe. Whether the EBU is sufficient, however, remains to be seen. Nonetheless, The EBU is a significant step towards a genuine Economic and Monetary Union. It enables the application of consistent banking rules, with new tools and procedures designed to result in a more unified, transparent and safer marketplace for banks. The EBU currently has two functioning pillars consisting of the SSM and SRM respectively. A third pillar, although not yet operational, is in the pipeline in the form of the European Deposit Insurance Scheme. These pillars are underpinned by the Single Rulebook, which provides administrative and legal standards to ensure the efficient distribution of supervision, regulation and governance procedures.

Keywords: Debt crisis; European Banking Union (EBU); regulation of international finance. (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://thejournalofbusiness.org/index.php/site/article/view/1011/637 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:lrc:larijb:v:6:y:2016:i:11:p:15-33

Access Statistics for this article

More articles in International Journal of Business and Social Research from LAR Center Press
Bibliographic data for series maintained by Al Hossain ().