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Europe's Single Supervisory Mechanism and the Long Journey Towards Banking Union

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  • Nicolas Véron

    (Peterson Institute for International Economics)

Abstract

The establishment of the Single Supervisory Mechanism is only one step on a longer path towards European banking union, which itself cannot be considered in isolation from the challenges of fiscal union and political union. Losing the current momentum for the completion of this early step would be unfortunate, not only in itself but because it would reinforce the current doubts of the European public and global investors about the very ability of European leaders to make effective decisions. Recent statements issued by the 17 euro area countries contain a promise of supervisory integration and centralized bank crisis management. Europe’s leaders now need to deliver on this promise if they are to maintain, or regain, the trust of their constituents.

Suggested Citation

  • Nicolas Véron, 2012. "Europe's Single Supervisory Mechanism and the Long Journey Towards Banking Union," Policy Briefs PB12-24, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb12-24
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    References listed on IDEAS

    as
    1. Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-560, October.
    2. Adam Posen & Nicolas Véron, 2009. "A solution for Europe's banking problem," Policy Briefs 310, Bruegel.
    3. Jean Pisani-Ferry & André Sapir & Nicolas Véron & Guntram B. Wolff, 2012. "What kind of European banking union?," Policy Contributions 731, Bruegel.
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    Cited by:

    1. Zsolt Darvas & Guntram B. Wolff, 2013. "Should Non-Euro Area Countries Join the Single Supervisory Mechanism?," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 2, pages 141-163, June.
    2. Elliott, Douglas J., 2014. "Lessons for Asia from Europe’s History with Banking Integration," ADBI Working Papers 462, Asian Development Bank Institute.
    3. Angel Ubide, 2013. "Reengineering EMU for an Uncertain World," Policy Briefs PB13-4, Peterson Institute for International Economics.

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