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A Monetary Union requires a Banking Union

Hans Geeroms and Pawel Karbownik
Additional contact information
Hans Geeroms: Professor at KULeuven and Visiting Professor at College of Europe (Bruges), Research Associate at CES
Pawel Karbownik: Deputy Director at the EU Economic Department of the Polish MFA

No 33, Bruges European Economic Policy Briefings from European Economic Studies Department, College of Europe

Abstract: This paper argues that a monetary union requires a banking union. While the USA developed both during a time span of two centuries, the EMU was created in the course of two decades and remains unfinished as the economic pillar is largely missing. The financial crisis and the Eurocrisis have shown that a genuine banking union is even more needed for the Eurozone than a budget or a fiscal union to let the euro survive.

Keywords: banking Union; ECB; EMU; monetary policy; eurozone (search for similar items in EconPapers)
JEL-codes: E10 E42 E44 E52 E58 E61 E63 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2014-06
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
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Persistent link: https://EconPapers.repec.org/RePEc:coe:wpbeep:33

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