Banking Union: A federal model for the European Union with prompt corrective action

Jacopo Carmassi, Carmine Di Noia and Stefano Micossi

CEPS Papers from Centre for European Policy Studies

Abstract: The European Commission has published its proposals for the transfer of supervisory responsibilities to the European Central Bank, under Article 127(6) of the TFEU, providing a comprehensive and courageous ‘first step’ towards a European banking union, the other steps being European deposit insurance and resolution procedures. The Policy Brief proposes a strengthening of the Commission package through the establishment of a truly federal system and the enlargement of its scope of application to the entire Union. The European Banking Authority (EBA) should remain in charge of all secondary rule-making in the domain of banking and supervisory standards should be broadened to include all crisis-management powers under a prompt corrective action system à-la-FDIC in the US.

Pages: 8 pages
Date: 2012-09
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Citations: View citations in EconPapers (7)

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