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European Banking Union. The New Regime

Edited by Luis Hinojosa, Jose Beneyto


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International Banking and Financial Law Series Volume 27

L’Europe se fera par la monnaie ou ne se fera pas’ [Europe will be made by currency or it will not be made], warned economist Jacques Rueff as long ago as 1949 – a prophetic remark that has become highly salient since the financial meltdown of 2008 severely threatened the European integration project. The depredations of the crisis quickly led to the development of the European Banking Union, with the goal of recapitalizing or otherwise resolving troubled banks in ways that minimize taxpayer cost and systemic risk. The bulk of the new institution, which contemplates a single supervisory system and a single recovery and resolution mechanism for troubled banks, is now established under European legislation.From a perspective both constructive and critical, this book provides a legal, economic, and political analysis of the European legislation enacted so far to implement the Banking Union. The twenty-one distinguished contributors include lawyers and economists, scholars and practitioners, European civil servants, think tank specialists, and private operators. Among the topics and issues elucidated are the following:

  • capital requirements for credit institutions;
  • EU legislation on financial crime;
  • the new system of banking supervision – the Single Supervisory Mechanism;
  • the strengthened role of the European Banking Authority;
  • the Single Resolution Mechanism;
  • the European Stability Mechanism’s Direct Recapitalization Instrument;
  • the new regulation of deposit guarantee schemes;
  • the Maximum Harmonization Principle;
  • the new rules for credit rating agencies;
  • the position of Non-Euro Member States;
  • the role of national authorities;
  • specific rules for structured finance instruments;
  • shadow banking as an unpredictable source of systemic risk; and
  • the future economic and political implications of the Banking Union process.
The new and ongoing effects of all relevant EU legislation and international soft law are brought into consideration throughout. This ambitious and important book responds to crucial questions regarding what the Banking Union has achieved so far, what risks and challenges lie ahead, and which problems cannot be solved by the Banking Union in its current form. For these reasons it is sure to assist policymakers, practitioners, and academics to proceed confidently in matters involving finance in the Eurozone under the new regime.

Pages 288
Last Updated 07/16/2015
Update Frequency As Needed
Product Line Kluwer Law International
ISBN 9789041152633
SKU 10059085-0001
Table of Contents
Editors Contributors


PART I Introduction to the Banking Union

CHAPTER 1 The Banking Union: A General Perspective Steven L. Schwarcz

CHAPTER 2 Banking Union: Risks and Challenges Vasso Ioannidou

PART II Single Rulebook

CHAPTER 3 The EU Single Rulebook: Capital Requirements for Banks and the Maximum Harmonisation Principle

Kern Alexander

CHAPTER 4 The Fight against White-Collar Crime as European Financial Crisis Rescuer: Regulatory Challenges and the Tough on Crime Approach Ester Herlin-Karnell

PART III Common Supervision of European Banks

CHAPTER 5 The Role of the ECB in the Supervision of Credit Institutions Luis M. Hinojosa-Martínez

CHAPTER 6 Variable Geometry: The Role of the European Banking Authority under Banking Union Thomas F. Huertas

CHAPTER 7 Regulatory Coordination in the Banking Union: The Role of National Authorities María J. Nieto

PART IV Bank Recovery and Resolution Programmes

CHAPTER 8 The Establishment of a EU-Wide Framework for the Resolution of Banks and Financial Institutions Hannes Huhtaniemi, Mario Nava & Emiliano Tornese

Annex I: SRM Resolution Process

Annex II: Pace of Mutualization during the Transitional Period of 8 Years Assuming 55 Billion of Target Level

CHAPTER 9 Direct Recapitalization of Banks and Sovereign Debt: The ESM Direct Recapitalization Instrument and Its Impact on Sovereign Debt Justo Corti Varela

PART V Deposit Guarantee Schemes

CHAPTER 10 Deposit Insurance: How to Deal with the Missing Pillar of Banking Union Daniel Gros

Annex I: FDIC: Four-Score Years of Deposit Insurance in the US

PART VI Complementary Aspects

CHAPTER 11 New Rules for Credit Rating Agencies in the EU Nathalie Berger, Anke Delava, Philippe Caluwaerts, GalinGentchev & Vygandas Jankunas

CHAPTER 12 EU Banking Union and International Financial Law Manuel Lopez-Escudero

CHAPTER 13 The Future of the Banking Union Miguel Otero-Iglesias & Federico Steinberg