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The banking union and the financial and banking system reform in EU

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  • Alina Ligia Dumitrescu

Abstract

Coordination among supervisors in financial and banking system is vital, but the financial crisis has shown that is not enough, and especially in the context of a single currency would require more common actions in EU. Therefore, the European Commission proposed “the creation of a banking union†, in order to place the banking sector on a more solid base and to restore confidence in the single currency, as part of a longer-term vision for the promotion of the economic and fiscal integration. Therefore, the new direction of the reform of the financial sector is "the creation of a banking union", that will help: to strengthen banks supervision, to ensure better deposits security, to recapitalize banks and last but not least to achieve the centralized management of the banking crises.

Suggested Citation

  • Alina Ligia Dumitrescu, 2013. "The banking union and the financial and banking system reform in EU," Revista de Economie Mondiala / The Journal of Global Economics, Institute for World Economy, Romanian Academy, vol. 5(2), June.
    • Handle: RePEc:iem:journl:v:5:y:2013:i:2:id:2822000008747051
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    File URL: http://www.iem.ro/rem/index.php/REM/article/view/114/101
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    More about this item

    Keywords

    reform; financial regulations; banking system; banking union;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G - Financial Economics
    • G2 - Financial Economics - - Financial Institutions and Services

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