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The Political Economy of the Single Supervisory Mechanism: Squaring the ‘Inconsistent Quartet’

Howarth, David and Quaglia, Lucia (2015) The Political Economy of the Single Supervisory Mechanism: Squaring the ‘Inconsistent Quartet’. [Conference Proceedings] (Submitted)

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    This paper sets out to explain national preferences on the Single Supervisory Mechanism (SSM) concerning: support for creating and participating in supranational banking supervision in the European Union; the division of competences between the European Central Bank and national banking supervisors; the nature of indirect supervision. It is argued that member states in the euro area faced a ‘financial inconsistent quartet’, whereby they could not secure at the same time: 1) financial stability, 2) financial integration, 3) national financial policies and 4) the single currency. The ‘financial inconsistent quartet’ reinforced the logic for euro area member states to create the SSM (and other elements of Banking Union) and those seeking to join the euro area to participate. However, the analytical usefulness of this concept to explain national preferences on the SSM relies upon its nuanced application to individual countries taking into account the distinct patterns in the internationalisation of national banking systems.

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    Item Type: Conference Proceedings
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > banks/financial markets
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Conference: European Union Studies Association (EUSA) > Biennial Conference > 2015 (14th), March 4-7, 2015
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 17 Dec 2018 13:29
    Number of Pages: 31
    Last Modified: 17 Dec 2018 13:29

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