Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/72117
Authors: 
Véron, Nicolas
Year of Publication: 
2012
Series/Report no.: 
Bruegel Policy Contribution 2012/13
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.
Document Type: 
Working Paper
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