Reference : Theoretical Lessons from EMU and Banking Union: Plus ça change
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Theoretical Lessons from EMU and Banking Union: Plus ça change
Howarth, David mailto [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE) >]
Quaglia, Lucia mailto [University of Bologna]
The Difficult Construction of European Banking Union
Howarth, David mailto
Schild, Joachim mailto
United Kingdom
[en] European Integration Theory ; Economic and Monetary Union ; Banking Union ; Single Supervisory Mechanism ; Single Resolution Mechanism ; European Stability Mechanism
[en] Why did Euro Area member state governments decide to move to Banking Union (BU) — presented by proponents as a crucial move to ‘complete’ Economic and Monetary Union (EMU) — only in 2012, over twenty years after the adoption of the Maastricht Treaty? Why has a certain design for BU been chosen and some elements of this design prioritised over others? This paper interrogates previous academic accounts on the move to and the design of EMU — neofunctionalist, intergovernmentalist and constructivist — evaluating their explanatory power with reference to BU. It is argued that the asymmetrical design of EMU generated a variety of spill-overs and, hence, a neofunctionalist drive to supranationalise control over bank supervision and financial support for banks as part of the so-called ‘completion’ of EMU. However, intergovernmental negotiations informed by moral hazard and domestic political economy concerns explain the asymmetrical design of BU agreed by national governments.
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