The Banking Union: State of Art / Unia Bankowa - gdzie jesteœmy

The first aim of this paper is to describe the main developments in the Ukrainian economy since its independence in 1991, focusing on the evolution of output, and the path of economic reforms — that is, to simply show what happened. The bottom line on that is well known: Ukraine’s economy performed very poorly, and its reforms moved quite slowly, lagging behind most of Central Europe and the Baltic, and even behind some FSU (Former Soviet Union) countries. This first task is a relatively easy one, though some measurement issues do need discussion. In comparison, the second aim — explaining why it happened, identifying the explanatory, causal factors — is much more difficult and contentious. Indeed, causation here means two dynamics: the relationship between performance and reform pace, and the underlying determinants of the slow reforms. The paper’s main effort will be to argue and present evidence that the poor economic performance is primarily due to the late and slow start on economic reforms. However, it only begins to point to the explanations for slow reforms and suggest a modeling approach to analyze this econometrically in future work. It is widely believed that the creation of the banking union initiated the integration of the EU banking market. The process is traced back to June 2012 (EU Summit decided to create the banking union), 4 November 2013 (effective date of the Banking Union Regulation), or 4 November 2014 (operational launch of the Single Supervisory Mechanism, SSM). However, the integration of the EU banking market began much earlier and the creation of the banking union should be considered the final rather than the initial step in the process. In fact, the integration began as early as 1990s with the introduction of the single passport which allows a bank licensed in one member state to operate across the European Union through branches in other member states.The solution was devised mainly for banks licensed in one member state and operating in another member state on a small scale, rendering the establishment of a subsidiary bank uneconomical. This practical facilitation was creatively exploited by the largest European banks, which effectively transformed the EU banking market. Doœæ powszechnie uwa¿a siê, ¿e utworzenie unii bankowej zapocz¹tkowa³o integracjê unijnego rynku bankowego. Jako pocz¹tek tego procesu wskazuje siê czerwiec 2012 roku (Szczyt UE, podczas którego zapad?a decyzja na temat tworzenia unii bankowej), 4 listopada 2013 roku (wejœcie w ¿ycie rozporz¹dzenia w sprawie utworzenia unii bankowej), czy wreszcie 4 listopada 2014 roku (pocz¹tek dzia³alnoœci operacyjnej jednolitego mechanizmu nadzorczego (Single Supervisory Mechanism — SSM)). Jednak integracja unijnego rynku bankowego zaczê³a siê znacznie wczeœniej, a utworzenie unii bankowej nale¿y postrzegaæ jako koñcow¹ fazê tego procesu, a nie pocz¹tkow¹. Proces integracji rozpocz¹³ siê na pocz¹tku lat dziewiêædziesi¹tych ubieg³ego wieku, wraz z wprowadzeniem tak zwanej zasady jednolitego paszportu (single passport), zgodnie z któr¹ bank licencjonowany w jednym kraju cz³onkowskim, na podstawie tej¿e licencji, uzyska³ prawo prowadzenia dzia³alnoœci na terenie ca³ej Unii Europejskiej, poprzez oddzia³y, które móg³ otwieraæ w innych krajach cz³onkowskich. Takie rozwi¹zanie wprowadzone g³ównie z myœl¹ o banku licencjonowanym w jednym kraju cz³onkowskim, prowadz¹cym dzia³alnoœæ w innym kraju cz?onkowskim, ale w tak ma³ej skali, ¿e uruchamianie w tym celu banku zale¿nego nie by³oby uzasadnione ekonomicznie. To sensowne u³atwienie zosta³o twórczo rozwiniête przez najwiêksze banki europejskie, skutecznie przeobra¿aj¹c rynek bankowy w Unii Europejskiej.