Reference : One money, two markets? EMU at twenty and European financial market integration

	Document type :	Scientific journals : Article
	Discipline(s) :	Law, criminology & political science : Political science, public administration & international relations
	Focus Areas :	Finance
	To cite this reference:	http://hdl.handle.net/10993/42892

Title :	One money, two markets? EMU at twenty and European financial market integration
Language :	English
Author, co-author :	Howarth, David [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE) >]
	Quaglia, Lucia [University of Bologna]
Publication date :	Mar-2020
Journal title :	Journal of European Integration
Publisher :	Routledge
Volume :	42
Issue/season :	3
Special issue title :	Economic and Monetary Union at Twenty: A Stocktaking of a Tumultuous Second decade
Pages :	433-448
Peer reviewed :	Yes (verified by ORBilu)
Audience :	International
ISSN :	0703-6337
e-ISSN :	1477-2280
Country :	United Kingdom
Keywords :	[en] Economic and Monetary Union ; Single Market ; Banking Union ; financial regulation ; banking supervision ; European Central Bank ; Single Supervisory Mechanism
Abstract :	[en] This contribution combines neo-functionalism and historical institutionalism to understand the implications of differentiated integration in Economic and Monetary Union (EMU) and Banking Union (BU) for the single market in financial services in the European Union (EU). From the 1980s, the relaunch of the Single Market and monetary integration in the EU were presented by the supporters of EMU as mutually reinforcing, as in the logic of the Commission’s Report ‘One Market, One Money’. Initially, EMU appeared to reinforce financial integration, especially in the Euro Area banking sector, even though EMU was a case of differentiated integration in the EU. Subsequently, the incomplete EMU triggered the sovereign debt crisis, which undermined financial market integration and was addressed through the establishment of BU, which reinforced differentiated integration. Both EMU and BU have negative implications for the ‘singleness’ of the single market in financial services, potentially resulting in ‘One Money, Two Markets’.
Target :	Researchers ; Professionals ; Students ; General public
Permalink :	http://hdl.handle.net/10993/42892
DOI :	10.1080/07036337.2020.1730346
Other URL :	https://www.tandfonline.com/doi/abs/10.1080/07036337.2020.1730346?journalCode=geui20

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	Fulltext file(s): File Commentary Version Size Access Open access Howarth and Quaglia, One Money, Two Markets, Journal of European Integration 3.2020 authors' pre-print version.pdf Author preprint 269.62 kB View/Open

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