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The challenges of Europe's fourfold union. Bruegel Policy Contribution 2012/13, 16 August 2012

Véron, Nicolas. (2012) The challenges of Europe's fourfold union. Bruegel Policy Contribution 2012/13, 16 August 2012. [Policy Paper]

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    Abstract

    Five years after the first tremors in Europe’s banking system, what makes the crisis unique is the absence of a democratically accountable decision-making framework; there is an 'executive deficit' that compounds Europe’s democratic deficit. The author argues that the only way to resolve the crisis successfully is a sustained effort to achieve a 'fourfold union' agenda: banking union, fiscal union, competitiveness union and political union. Progress must be made in parallel on each of the four components. In particular, successful progress towards banking union requires a combination of short term action, including the establishment of a temporary resolution authority to identify undercapitalised banks and to restructure them, and longer-term measures, including the creation of permanent authorities for supervision, resolution and deposit insurance.

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    Item Type: Policy Paper
    Uncontrolled Keywords: Banking union.
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > fiscal policy
    EU policies and themes > EU institutions & developments > institutional development/policy > decision making/policy-making
    EU policies and themes > Policies & related activities > political affairs > political union & integration/European Political Union
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Bruegel (Brussels) > Policy Contributions
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 19 Aug 2012 09:17
    Number of Pages: 14
    Last Modified: 19 Aug 2012 09:17
    URI: http://aei.pitt.edu/id/eprint/36282

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