The European Banking Union: A Critical Assessment by Angelo Baglioni (auth.)

By Angelo Baglioni (auth.)

Why did ecu policy-makers introduce the Banking Union? that are its major beneficial properties? How does it have an effect on banks and their consumers? This e-book attempts to reply to those questions, by means of delivering a transparent description of the development blocks of the banking union, and via discussing the problems that also stay unanswered.

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In addition, the third pillar of the banking union, namely the single deposit insurance at the euro area level, is still missing. 9 This fundamental flaw in the design of the banking union casts some doubts about its effectiveness in reaching one of its main goals, namely to break the vicious circle between banks and sovereigns; to the contrary, the link between banking and sovereign risks is likely to remain confined within the national borders to a large extent.  Cherubini. 2013a. Marking-to-market government guarantees to financial systems: Theory and evidence for Europe.

00 22-10-2008 22-10-2009 22-10-2010 22-10-2011 BANK CDS 22-10-2012 22-10-2013 22-10-2014 SOVEREIGN CDS Fig. 3 Bank and Sovereign CDS spreads: Italy The above evidence points to a high degree of correlation between the credit risks of the banking and government sectors, in particular, since September 2008. Of course, an analysis relying only on correlation is not able to explain the direction of causality: whether it is from banks to governments or the other way around. To such purpose, one must rely on more sophisticated statistical methods and/or to some historical information relative to each country.

Bodie. 2006. A new framework for analysing and managing macro-financial risks of an economy. NBER WP 12637. IMF. 2015. From banking to sovereign stress: Implications for public debt, March.  Goodhart. 2009. Banking stability measures. IMF Working Paper WP/09/4.  This historical transfer of sovereignty was decided by the EU governments in their summit of June 28–29, 2012, and it has been implemented in an unusually short time, relative to the standard pace of evolution of the European institutions.

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