Banking Union as Holy Grail: Rebuilding the Single Market in Financial Services, Stabilizing Europe's Banks and 'Completing' Economic and Monetary Union

In 2012, the European Commission celebrated the 20th anniversary of the European Union 'single market'. In a climate of trepidation about the future of the European project, the Commission organized a series of events to remind Europeans of the great strides in market integration since the...

Full description

Saved in:
Bibliographic Details
Published in:Journal of common market studies 2013-09, Vol.51 (S1), p.103-123
Main Authors: Howarth, David, Quaglia, Lucia
Format: Article
Language:English
Subjects:
Banking
Banking system
Commissions
Debts
Economic and Monetary Union
Economic stability
Euro-currency markets
Europe
European integration
European Union
Financial services
Legislative Process
Markets
Regulation
Services
Strategic planning
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:In 2012, the European Commission celebrated the 20th anniversary of the European Union 'single market'. In a climate of trepidation about the future of the European project, the Commission organized a series of events to remind Europeans of the great strides in market integration since the late 1980s. However, the year itself was marked by little progress on internal market legislation. In the context of the ongoing sovereign debt crisis and instability in Europe's banking sector, the one exception to legislative inactivity was in the area of financial services. A series of major pieces of legislation have continued their slow progress through the EU's legislative process. Notably, the capital requirements directive and regulation were the topic of intense debate (European Commission, 2010; see Buckley et al., 2012) and the Member States failed to reach a final agreement on the package details. Adapted from the source document.
ISSN:0021-9886
1468-5965
DOI:10.1111/jcms.12054