A Monetary Union requires a Banking Union
Hans Geeroms and
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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
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
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:coe:wpbeep:33
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