Skip to main content Accessibility help
×
Hostname: page-component-78c5997874-8bhkd Total loading time: 0 Render date: 2024-11-05T16:32:17.895Z Has data issue: false hasContentIssue false

Part IV - Financial Integration

Published online by Cambridge University Press:  28 September 2023

Dariusz Adamski
Affiliation:
University of Wroclaw
Fabian Amtenbrink
Affiliation:
Erasmus Universiteit Rotterdam
Jakob de Haan
Affiliation:
University of Groningen
Get access

Summary

Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Chapter
Information
Publisher: Cambridge University Press
Print publication year: 2023

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

References

Addo, K. A., Hussain, N., and Iqbal, J. (2021). Corporate governance and banking systemic risk: A test of the bundling hypothesis. Journal of International Money and Finance 115, 102327.Google Scholar
Admati, A., and Hellwig, M. (2014). The Bankers’ New Clothes: What’s Wrong with Banking and What to Do about It. Princeton, NJ: Princeton University Press.Google Scholar
Adrian, T. (2021). BigTech in financial services. Speech for the European Parliament FinTech Working Group. www.imf.org/en/News/Articles/2021/06/16/sp061721-bigtech-in-financial-servicesGoogle Scholar
Alexander, K., and Fisher, P. (2018). Banking Regulation and Sustainability. http://dx.doi.org/10.2139/ssrn.3299351Google Scholar
Anginer, D. and Demirgüç-Kunt, A. (2018). Bank runs and moral hazard: A review of deposit insurance. World Bank Policy Research Working Paper No. 8589.CrossRefGoogle Scholar
Anson, M., Bholat, D., Kang, M., and Thomas, R. (2017). The Bank of England as lender of last resort: New historical evidence from daily transactional data. Bank of England Staff Working Paper No. 691.CrossRefGoogle Scholar
Armour, J., Awrey, D., Davies, P., Enriques, L., Gordon, J., Mayer, C., and Payne, J. (2016). The Principles of Financial Regulation. Oxford: Oxford University Press.CrossRefGoogle Scholar
Arnold, M. (2022). ECB accuses eurozone banks of ‘white noise’ on climate risks. Financial Times, 14 March.Google Scholar
Bagehot, W. ([1873] 1897). Lombard Street: A Description of the Money Market. New York: Charles Scribner’s Sons.Google Scholar
Barr, M. S., Jackson, H. E., and Tahyar, M. E. (2018). Financial Regulation: Law and Policy. St. Paul: West Academic Foundation Press.Google Scholar
BCBS (2006). International convergence of capital measurement and capital standards. www.bis.org/publ/bcbs128.htmGoogle Scholar
BCBS (2011). Global Systemically Important Banks: Assessment methodology and the additional loss absorbency requirement. www.bis.org/publ/bcbs207.pdfGoogle Scholar
BCBS (2012a). A framework for dealing with domestic Systemically Important Banks. www.bis.org/publ/bcbs233.htmGoogle Scholar
BCBS (2012b). Core principles for effective banking supervision. www.bis.org/publ/bcbs230.htmGoogle Scholar
BCBS (2013a). Basel III: The liquidity coverage ratio and liquidity risk monitoring tools. www.bis.org/publ/bcbs238.pdfGoogle Scholar
BCBS (2013b). Global Systemically Important Banks: Updated assessment methodology and the higher loss absorbency requirement. www.bis.org/publ/bcbs255.htmGoogle Scholar
BCBS (2014a). Basel III: Leverage ratio framework and disclosure requirements. www.bis.org/publ/bcbs270.htmGoogle Scholar
BCBS (2014b). Basel III: The net stable funding ratio. www.bis.org/bcbs/publ/d295.pdfGoogle Scholar
BCBS (2017a). Finalising Basel III: In brief. www.bis.org/bcbs/publ/d424_inbrief.pdfGoogle Scholar
BCBS (2017b). Leverage ratio requirements for Global Systemically Important Banks. www.bis.org/basel_framework/chapter/LEV/40.htm?inforce=20220101&published=20191215Google Scholar
BCBS (2018). Global Systemically Important Banks: Revised assessment methodology and the higher loss absorbency requirement. www.bis.org/bcbs/publ/d445.htmGoogle Scholar
Behn, M., Mangiante, G., Parisi, L., and Wedow, M. (2018). Does the G-SIB framework incentivise window-dressing behaviour? Evidence of G-SIBs and reporting banks. ECB Macroprudential Bulletin, 2 October.Google Scholar
Bernanke, B. (2009). Financial reform to address systemic risk. Speech at the Council on Foreign Relations, Washington, DC.Google Scholar
Bernanke, B., Geithner, T., and Paulson, H. (2019). Firefighting: The Financial Crisis and Its Lessons. New York: Penguin Books.Google Scholar
Berry, J., Khan, A., and Rezende, M. (2020). How do US global systemically important banks lower their capital surcharges? FEDS Notes. Washington: Board of Governors of the Federal Reserve System, 31 January.Google Scholar
Bowman, M. (2010). The role of the banking industry in facilitating climate change mitigation and the transition to a low-carbon global economy. Environment and Planning Law Journal 27, 448468.Google Scholar
Brown, M., Trautmann, S., and Vlahu, R. (2017). Understanding bank-run contagion. Management Science 63(7), 22722282.Google Scholar
Butkiewicz, J. L. (1999). The Reconstruction Finance Corporation, the gold standard, and the banking panic of 1933. Southern Economic Journal 66(2), 271293.Google Scholar
Calomiris, C., and Gorton, G. (1991). The origins of banking panics: Models, facts, and bank regulation. In Glenn Hubbard, R. (ed.), Financial Markets and Financial Crises. Chicago: University of Chicago Press.Google Scholar
Calomiris, C., and Mason, J. (2003). Fundamentals panics, and bank distress during the Depression, American Economic Review 93, 16151647.Google Scholar
Cetorelli, N. (2015). Banking and real economic activity. In Moloney, N., Ferran, E., and Payne, J. (eds.), The Oxford Handbook of Financial Regulation. Oxford: Oxford University Press.Google Scholar
Chiu, I. H.-Y., and Wilson, J. (2019). Banking Law and Regulation. Oxford: Oxford University Press.Google Scholar
Cohen, J. (2021). 4 companies control 67% of the world’s cloud infrastructure. PCMag. www.pcmag.com/news/four-companies-control-67-of-the-worlds-cloud-infrastructureGoogle Scholar
Council Directive 89/299/EEC of 17 April 1989 on the own funds of credit institutions, OJ L 124, 5.5.1989.Google Scholar
Council Directive 89/647/EEC of 18 December 1989 on a solvency ratio for credit institutions, OJ L 386, 30.12.1989.Google Scholar
Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, OJ L 287, 29.10.2013.Google Scholar
Crafts, N., and Fearon, P. (2010). Lessons from the 1930s Great Depression. Oxford Review of Economic Policy 26(3), 285317.CrossRefGoogle Scholar
Ҫolak, G., and Öztekin, Ö. (2021). The impact of COVID-19 pandemic on bank lending around the world. Journal of Banking & Finance 133, 106207.Google Scholar
De Arriba-Sellier, N. (2021). Turning gold into green: Green finance in the mandate of European financial supervision. Common Market Law Review 58, 10971140.Google Scholar
De Arriba-Sellier, N. (2022). Banking on green: Sustainability in the Commission’s banking reform. EU Law Live 86, 22 January.Google Scholar
Demirgüç-Kunt, A., Karacaovali, B., and Laeven, L. (2005). Deposit insurance around the world: A comprehensive database. Policy Research Working Paper No. 3628. World Bank, Washington, DC.Google Scholar
Detzer, D. (2015). Financial market regulation in Germany – Capital requirements of financial institutions. PSL Quarterly Review 68(272), 5787.Google Scholar
Dijk, O. (2017). Bank run psychology. Journal of Economic Behavior & Organization 144, 8796.Google Scholar
Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 amending Directive 2014/59/EU as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC.Google Scholar
Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions, OJ L 177, 30.6.2006.Google Scholar
Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC.Google Scholar
Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes, OJ L 173, 12.6.2014.Google Scholar
Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council, OJ L 173/190, 12.6.2014.Google Scholar
Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes, OJ L 135, 31.5.1994.Google Scholar
EBA (2016). EBA clarifies use of 2016 EU-wide stress test results in the SREP process. Press Release, 1 July. https://eba.europa.eu/eba-clarifies-use-of-2016-eu-wide-stress-test-results-in-the-srep-processGoogle Scholar
EBA (2019). EBA Guidelines on outsourcing arrangements. 25 February. EBA/GL/2019/02.Google Scholar
EBA (2020). EBA statement on actions to mitigate the impact of COVID-19 on the EU banking sector. Press release, 12 March. www.eba.europa.eu/eba-statement-actions-mitigate-impact-covid-19-eu-banking-sectorGoogle Scholar
EC (2021a). Banking Package 2021: new EU rules to strengthen banks’ resilience and better prepare for the future. 27 October. https://ec.europa.eu/commission/presscorner/detail/en/IP_21_5401Google Scholar
EC (2021b). Report from the Commission to the European Parliament and the Council on a possible extension of the leverage ratio buffer framework to O-SIIs and on the definition and calculation of the total exposure measure, including the treatment of central bank reserves. COM(2021) 62 final, 16.2.2021.Google Scholar
ECB (2020a). ECB asks banks not to pay dividends until at least October 2020. Press Release, 27 March. www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200327~d4d8f81a53.en.htmlGoogle Scholar
ECB (2020b). ECB banking supervision provides further flexibility to banks in reaction to coronavirus. 20 March.Google Scholar
ECB (2020c). ECB banking supervision provides temporary capital and operational relief in reaction to coronavirus. Press release, 12 March. www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200312~43351ac3ac.en.htmlGoogle Scholar
ECB (2020d). ECB banking supervision provides temporary relief for capital requirements for market risk. Press release, 16 April. www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200416~ecf270bca8.en.htmlGoogle Scholar
ECB (2020e). Guide on climate-related and environmental risks. Supervisory expectations relating to risk management and disclosure. November. www.bankingsupervision.europa.eu/legalframework/publiccons/pdf/climate-related_risks/ssm.202005_draft_guide_on_climate-related_and_environmental_risks.en.pdfGoogle Scholar
ECB (2021a). Banks must accelerate efforts to tackle climate risks, ECB supervisory assessment shows. Press release, 22 November. www.bankingsupervision.europa.eu/press/pr/date/2021/html/ssm.pr211122~6984de0ae5.en.htmlGoogle Scholar
ECB (2021b). Supervisory priorities and risk assessment for 2022–2024. December. www.bankingsupervision.europa.eu/banking/priorities/html/ssm.supervisory_priorities2022~0f890c6b70.en.htmlGoogle Scholar
ECB (2021c). The state of climate and environmental risk management in the banking sector. Report on the supervisory review of banks’ approaches to manage climate and environmental risks. November. www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.202111guideonclimate-relatedandenvironmentalrisks~4b25454055.en.pdfGoogle Scholar
ECB (2022a). Banks must get better at disclosing climate risks, ECB assessment shows. Press release, 14 March. www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220314~37303fd463.en.htmlGoogle Scholar
ECB (2022b). ECB banking supervision launches 2022 climate risk stress test. Press release, 27 January. www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220127~bd20df4d3a.en.htmlGoogle Scholar
ECB (2022c). ECB will not extend capital and leverage relief for banks. Press release, 10 February. www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220210_1~ea3dd0cd51.en.htmlGoogle Scholar
ESRB (2022). Systemic risk buffer as of 24th of June 2022. Retrieved from www.esrb.europa.eu/national_policy/systemic/html/index.en.htmlGoogle Scholar
Ferran, E. and Alexander, K. (2011). Can soft law bodies be effective? The special case of the European systemic risk board. European Law Review 37(6), 751777.Google Scholar
Ferran, E. and Babis, V. (2013). The European Single Supervisory Mechanism. University of Cambridge Faculty of Law Research Paper, No. 10/2013.Google Scholar
Financial Crisis Inquiry Commission (FCIC) (2011). Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States. January. www.govinfo.gov/app/details/GPO-FCICGoogle Scholar
Fratianni, M. (1995). Bank deposit insurance in the European Union. In Eichengreen, B., Frieden, J., and von Hagen, J. (eds.) Politics and Institutions in an Integrated Europe. Berlin: Springer, pp. 144170.CrossRefGoogle Scholar
Freixas, X., Laeven, L., and Peydró, J,-L. (2015). A primer on systemic risk. In Freixas, X., Peydró, J.-L., and Laeven, L. (eds.), Systemic Risk, Crises, and Macroprudential Regulation. Cambridge, MA: MIT Press.Google Scholar
Friedman, M., and Schwartz, A. (1971). A Monetary History of the United States, 1867–1960. Princeton, NJ: Princeton University Press.Google Scholar
FSB (2010). Intensity and effectiveness of SIFI supervision: Recommendations for enhanced supervision. 2 November. www.imf.org/external/np/mcm/financialstability/papers/sifisup.pdfGoogle Scholar
FSB (2014). Key attributes of effective resolution regimes for financial institutions. www.fsb.org/wp-content/uploads/r_111104cc.pdfGoogle Scholar
FSB (2015). Principles on loss-absorbing and recapitalisation capacity of G-SIBs in resolution. Total Loss-Absorbing Capacity (TLAC) term sheet. www.fsb.org/2015/11/total-loss-absorbing-capacity-tlac-principles-and-term-sheet/Google Scholar
FSB (2021). Evaluation of the effects of too-big-to-fail reforms. Final Report, 31 March. www.fsb.org/2021/03/evaluation-of-the-effects-of-too-big-to-fail-reforms-final-report/Google Scholar
Galati, G., and Moessner, R. (2013). Macroprudential policy – A literature review. Journal of Economic Surveys 27, 846878.Google Scholar
Gleeson, S. (2018). Gleeson on the International Regulation of Banking. Oxford: Oxford University Press.Google Scholar
Grossman, R. (1994). The shoe that didn’t drop: Explaining banking stability during the Great Depression. Journal of Economic History 54(3), 654682.Google Scholar
Hetzel, R. (2012). Monetary policy and bank runs in the Great Depression. In The Great Recession: Market Failure or Policy Failure? Studies in Macroeconomic History. Cambridge: Cambridge University Press, pp. 4664.Google Scholar
Hon, W., and Millard, C. (2018). Banking in the cloud: Part 3 – contractual issues. Computer Law and Security Review 34, 595614.Google Scholar
Iqbal, J., Strobl, S., and Vähämaa, S. (2015). Corporate governance and the systemic risk of financial institutions. Journal of Economics and Business 82, 4261.CrossRefGoogle Scholar
King, M. (2017). The End of Alchemy: Money, Banking, and the Future of the Global Economy. London: Abacus.Google Scholar
Kleinnijenhuis, A., Kodres, L., and Wetzer, T. (2020). Usable bank capital. VoxEU. 30 June.Google Scholar
Knell, M., and Stix, H. (2015). Trust in banks during normal and crisis times – Evidence from survey data. Economica 82, 9951020.Google Scholar
Lastra, R. (2015). Systemic risk and macroprudential supervision. In Moloney, N., Ferran, E., and Payne, J. (eds.), The Oxford Handbook of Financial Regulation. Oxford: Oxford University Press.Google Scholar
Lin, B., Wehkamp, R., and Kanniainen, J. (2017). Practitioner’s guide on the use of cloud computing in finance. In Dempster, M. A. H., Kanniainen, J, Keane, J, and Vynckie, E. (eds.), High-Performance Computing in Finance: Problems, Methods, and Solutions. New York: Chapman and Hall/CRC.Google Scholar
Liu, Z., Sun, H., and Tang, S. (2021). Assessing the impacts of climate change to financial stability: Evidence from China. International Journal of Climate Change Strategies and Management 13(3), 375393.CrossRefGoogle Scholar
Lybeck, J. (2011). A Global History of the Financial Crash of 2007–2010. Cambridge: Cambridge University Press.Google Scholar
Lybeck, J. (2016). The Future of Financial Regulation: Who Should Pay for the Failure of American and European Banks? Cambridge: Cambridge University Press.Google Scholar
Majnoni, G., and Powell, A. (2011). On endogenous risk, the amplification effects of financial systems and macro prudential policies. IDB Working Paper No. WP-276.Google Scholar
Mariathasan, M., and Merrouche, O. (2014). The manipulation of Basel risk-weights. Journal of Financial Intermediation 23(3), 300321.Google Scholar
Martino, E., and Parchimowicz, K. (2021). Go preventive or go home – The double nature of MREL. European Company and Financial Law Review 18(4), 608639.Google Scholar
Moessner, R., and Allen, W. (2011). Banking crises and the international monetary system in the Great Depression and now. Financial History Review 18(1), 120.Google Scholar
Moloney, N. (2015). Regulating the retail markets. In Moloney, N., Ferran, E., and Payne, J. (eds.), The Oxford Handbook of Financial Regulation. Oxford: Oxford University Press.Google Scholar
Mourlon-Druol, E. (2015). Trust is good, control is better: The 1974 Herstatt Bank crisis and its implications for international regulatory reform. Business History 57(2), 311334.Google Scholar
Ozili, P., and Arun, T. (2020). Spillover of COVID-19: Impact on the global economy. MPRA Paper No. 99850.Google Scholar
Özlem Dursun-de Neef, H., and Schandlbauer, A. (2021). COVID-19 and lending responses of European banks. Journal of Banking & Finance 133, 106236.Google Scholar
Proposal for a Directive of the European Parliament and of the Council amending Directive 2013/36/EU as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks, and amending Directive 2014/59/EU, COM/2021/663 final.Google Scholar
Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor COM/2021/664 final.Google Scholar
Rainforest Action Network. (2021). Banking on Climate Chaos. Fossil Fuel Finance Report 2021. www.ran.org/wp-content/uploads/2021/03/Banking-on-Climate-Chaos-2021.pdfGoogle Scholar
Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector, OJ L 317, 9.12.2019.Google Scholar
Regulation (EU) 2019/2175 of the European Parliament and of the Council of 18 December 2019 amending Regulation (EU) No. 1093/2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) No. 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), Regulation (EU) No. 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority), Regulation (EU) No. 600/2014 on markets in financial instruments, Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds, and Regulation (EU) 2015/847 on information accompanying transfers of funds, OJ L 334, 27.12.2019.Google Scholar
Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No. 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No. 648/2012, OJ L 150, 7.6.2019.Google Scholar
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088, OJ L 198, 22.6.2020.Google Scholar
Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in response to the COVID-19 pandemic, OJ L 204/4, 26.6.2020.Google Scholar
Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011, OJ L 333, 27.12.2022Google Scholar
Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No. 648/2012, OJ L 176, 27.6.2013.Google Scholar
Ringe, W.-G. (2020). COVID-19 and European banks: No time for lawyers. In C. Gorstos and W.-G. Ringe (eds.), Pandemic Crisis and Financial Stability. European Banking Institute Working Paper Series, 43–62. https://ebi-europa.eu/wp-content/uploads/2022/07/Gortsos-Ringe-eds-Pandemic-Crisis-and-Financial-Stability-2020-2.pdfGoogle Scholar
Schillig, M. (2016). Resolution and Insolvency of Banks and Financial Institutions. Oxford: Oxford University Press.Google Scholar
Schularick, M., Steffen, S., and Tröger, T. (2020). Bank capital and the European recovery from the COVID-19 crisis. SAFE White Paper, June, p. 69.Google Scholar
Solimano, A. (2020). A History of Big Recessions in the Long Twentieth Century. Cambridge: Cambridge University Press.Google Scholar
Staff of the International Monetary Fund and the Bank for International Settlements, and the Secretariat of the Financial Stability Board (2009). Report to G20 Finance Ministers and Governors, Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments: Initial Consideration, 28 October. www.bis.org/publ/othp07.pdfGoogle Scholar
Tooze, A. (2018). Crashed: How a Decade of Financial Crises Changed the World. New York: Viking.Google Scholar
Tröger, T. (2018). Too complex to work: A critical assessment of the bail-in tool under the European Bank Recovery and Resolution regime. Journal of Financial Regulation 4(1), 3572.Google Scholar
Zhou, J., Rutledge, V., Bossu, W., Dobler, M., Jassaud, N., and Moore, M. (2012). From bail-out to bail-in: Mandatory debt restructuring of systemic financial institutions. IMF Staff Discussion Note 12/03, 24 April.Google Scholar

References

Allen & Overy (2012). The German bank restructuring and bad bank regime: Its impact on investors. German capital markets at a crossroads. www.allenovery.com/Google Scholar
Beck, T., Gros, D., and Schoenmaker, D. (2013). On the design of a Single Resolution Mechanism. DG for Internal Policies, Policy department A: Economic and Scientific Policy, European Parliament. www.europarl.europa.eu/document/activities/cont/201302/20130214ATT61103/20130214ATT61103EN.pdfGoogle Scholar
Chang, M. (2015). The rising power of the ECB: The case of the Single Supervisory Mechanism. Paper presented at the European Union Studies Association, Boston.Google Scholar
Council of the European Union (2013). Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions.Google Scholar
Council of the European Union (2016). Establishment of an ad hoc working party on the strengthening of the banking union. Interinstitutional File 2015/0270 (COD). https://data.consilium.europa.eu/doc/document/CM-1380-2016-INIT/en/pdfGoogle Scholar
Council of the European Union (2020a). Statement of the Eurogroup in inclusive format on the ESM reform and the early introduction of the backstop to the Single Resolution Fund. Press release. www.consilium.europa.eu/en/Google Scholar
Council of the European Union (2020b). Croatian Presidency progress report on the strengthening of the Banking Union. 29 May. https://data.consilium.europa.eu/doc/document/ST-8335-2020-ADD-1/en/pdfGoogle Scholar
Council of the European Union and the European Parliament (2014). Regulation of the European Parliament and of the Council establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism. http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32014R0806&from=enGoogle Scholar
Darvas, Z., and Martins, C. (2022). Close cooperation for bank supervision: The cases of Bulgaria and Croatia. In-depth analysis requested by the ECON Committee, European Parliament. March 2022. www.europarl.europa.eu/RegData/etudes/IDAN/2022/699523/IPOL_IDA(2022)699523_EN.pdfGoogle Scholar
De Gregorio Merino, A. (2016). Institutional and constitutional aspects of banking union. In Bándi, G et al. (eds.), European Banking Union. Congress Proceedings, Vol. 1. The XXVII FIDE (Fédération Internationale pour le Droit Européen) Congress in Budapest, 2016. Alphen aan der Rijn: Wolters Kluwer, 185186.Google Scholar
Donnelly, S. (2013). Power politics and the undersupply of financial stability in Europe. Review of International Political Economy 21(4), 9801005.Google Scholar
Donnelly, S. (2018a). Advocacy coalitions and the lack of deposit insurance in Banking Union. Journal of Economic Policy Reform 21(3), 210223.Google Scholar
Donnelly, S. (2018b). Liberal economic nationalism, financial stability, and Commission leniency in Banking Union. Journal of Economic Policy Reform 21(2), 159173.Google Scholar
Donnelly, S., and Asimakopoulos, I. G. (2020). Bending and breaking the Single Resolution Mechanism: The case of Italy. Journal of Common Market Studies 58(4), 856–-871.Google Scholar
Dutch government (2012). Translation of parliamentary letter of 1 October 2012, ‘Europees toezichtmechanisme voor banken en directe herkapitalisatie door het ESM’, in which the Netherlands’ position is outlined with regard to the European Commission’s proposals for a single supervisory mechanism as well as with regard to direct recapitalization of banks by the ESM and possible further steps towards a full banking union. www.rijksoverheid.nl/Google Scholar
El Confidencial. (2019). Bruselas y la banca estudian concesiones a Alemania para culminar la unión bancaria. El Confidencial, 7 November.Google Scholar
Emmanouilidis, J. A. (2012). The prospects of ambitious muddling through – The results of an EU Summit in deep crisis mode. European Policy Centre. www.emmanouilidis.eu/download/Emmanouilidis_Prospects-of-ambitious-muddling-through-6-2012.pdfGoogle Scholar
Epstein, R. (2014). Choosing the lesser of two evils: Explaining multinational banking groups’ push for supranational oversight in the EU. Cahiers Working Paper, European Union Series, Université de Montréal, 2.Google Scholar
Euractiv (2020). Commission eyes new proposal to unblock deposit insurance scheme. Euractiv, 7 December.Google Scholar
Euro area (2012). Euro area summit statement. 29 June.Google Scholar
European Central Bank (2020). ECB establishes close cooperation with Bulgaria’s and Croatia’s central banks. Press release. 10 July. www.bankingsupervision.europa.eu/press/pr/date/2020/html/ssm.pr200710~ae2abe1f23.en.htmlGoogle Scholar
European Commission (2012). The Financial Sector Adjustment Programme for Spain. Occasional Papers 118. https://ec.europa.eu/economy_finance/publications/occasional_paper/2012/pdf/ocp118_en.pdfGoogle Scholar
European Commission (2015a). Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) 806/2014 in order to establish a European Deposit Insurance Scheme. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52015PC0586&from=ENGoogle Scholar
European Commission (2015b). Communication from the Commission. ‘Towards the Completion of the Banking Union’. 24 November. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52015DC0587&from=enGoogle Scholar
European Commission (2017). Proposal for a Council regulation on the establishment of the European Monetary Fund. https://eur-lex.europa.eu/resource.html?uri=cellar:050797ec-db5b-11e7-a506-01aa75ed71a1.0002.02/DOC_1&format=PDFGoogle Scholar
European Council (2014). Banking union. Relevant European Council conclusions. www.consilium.europa.eu/Google Scholar
European Stability Mechanism (2021). ESM Treaty Amending Agreement. www.esm.europa.eu/about-esm/esm-reform-documents/esm-treaty-amending-agreementGoogle Scholar
European Stability Mechanism (2014). Press release. 8 December. www.esm.europa.eu/Google Scholar
Financial Times (2019). Germany’s Scholz gives ground on eurozone banking union plan. Financial Times, 6 November.Google Scholar
Financial Times (2020a). A chance to press on with EU banking union. Financial Times, 2 December.Google Scholar
Financial Times (2020b). Eurozone finance ministers strike deal over bailout fund reform. Financial Times, 30 November.Google Scholar
Handelsblatt (2012). EU verschiebt Reformen. Handelsblatt, 29 May.Google Scholar
High-Level Working Group on EDIS (2019). Letter by the High-Level Working Group on a EDIS Chair to the President of the Eurogroup: Further strengthening the Banking Union, including EDIS: A roadmap for political negotiations. www.consilium.europa.eu/media/41644/2019-12-03-letter-from-the-hlwg-chair-to-the-peg.pdfGoogle Scholar
Howarth, D., and Quaglia, L. (2016). The Political Economy of European Banking Union. Oxford: Oxford University Press.Google Scholar
Howarth, D., and Quaglia, L. (2017). The difficult construction of a European Deposit Insurance Scheme: A step too far in banking union? Journal of Economic Policy Reform 21(3), 120.Google Scholar
Howarth, D., and Schild, J. (2020). The Difficult Construction of European Banking Union. London: Routledge.Google Scholar
International Monetary Fund (2012). Financial Sector Assessment Program Update. Spain. Safety Net, Bank Resolution, and Crisis Management Framework. Technical Note. www.imf.org/external/pubs/ft/scr/2012/cr12145.pdfGoogle Scholar
Markgraf, J., and Véron, N. (2018). Germany’s savings banks: Uniquely intertwined with local politics. Blog post. www.bruegel.org/2018/07/germanys-savings-banks-uniquely-intertwined-with-local-politics/Google Scholar
Mero, K., and Piroska, D. (2016). The persistence of national banking systems: Banking union and financial nationalism. Policy and Society 35(3), 215226.Google Scholar
Micossi, S. (2017). A blueprint for completing the banking union. CEPS Policy Insights. www.ceps.eu/ceps-publications/blueprint-completing-banking-union/Google Scholar
Moravcsik, A. (1993). Preferences and power in the European Community: A liberal intergovernmentalist approach. Journal of Common Market Studies 31(4), 473524.Google Scholar
Moravcsik, A. (1998). The Choice for Europe. Social Purpose and State Power from Messina to Maastricht. Ithaca, NY: Cornell University Press.Google Scholar
Moravcsik, A. (2018). Preferences, power and institutions in 21st-century Europe. Journal of Common Market Studies 56(7), 16481674.Google Scholar
Moravcsik, A., and Schimmelfennig, F. (2019). Liberal intergovernmentalism. In Wiener, A., Börzel, T. A., and Risse, T. (eds.), European Integration Theory. Oxford: Oxford University Press, 6484.Google Scholar
Niemann, A., and Ioannou, D. (2015). European economic integration in times of crisis: a case of neofunctionalism? Journal of European Public Policy 22(2), 196218.CrossRefGoogle Scholar
Niemann, A., Lefkofridi, Z., and Schmitter, P. C. (2019). Neofunctionalism. In Wiener, A., Börzel, T., and Risse, T. (eds.), European Integration Theory. Oxford: Oxford University Press, pp. 4364.Google Scholar
Otero-Iglesias, M., Royo, S., and Steinberg, F. (2016). The Spanish financial crisis: Lessons for the European Banking Union. Elcano Royal Institute. https://media.realinstitutoelcano.org/wp-content/uploads/2021/10/informe-elcano-20-spanish-financial-crisis-lessons-european-banking-union.pdfGoogle Scholar
Pierson, P. (1996). The path to European integration: A historical institutionalist analysis. Comparative Political Studies 29(2), 123163.Google Scholar
Politico (2021). Germany says nein to eurozone banking safeguards. Politico, 15 June.Google Scholar
Pollack, M. (2019). Rational choice and historical institutionalism. In Wiener, A., Börzel, T, and Risse, T (eds.), European Integration Theory. Oxford: Oxford University Press, pp. 108127.Google Scholar
Reinder de Carpentier, J. (2020). The common backstop – A welcome step forward. The SRB blog. www.srb.europa.eu/en/content/common-backstop-welcome-step-forwardGoogle Scholar
Ríos Camacho, E. (2021). The Choice for Banking Union: Power, Politics and the Trap of Credible Commitments. New York: Routledge.Google Scholar
Schäfer, D. (2016). A banking union of ideas? The impact of ordoliberalism and the vicious circle on the EU banking union. Journal of Common Market Studies 54(4), 961980.Google Scholar
Schäuble, W. (2013). Banking Union must be built on firm foundations. Financial Times, 12 May.Google Scholar
Schimmelfennig, F. (2014). European integration in the euro crisis: The limits of postfunctionalism. Journal of European Integration 36(3), 321337.Google Scholar
Schnabel, I., and Véron, N. (2018a). Completing Europe’s banking union means breaking the bank–sovereign vicious circle. Bruegel, 17 May. www.bruegel.org/2018/05/completing-europes-banking-union-means-breaking-the-bank-sovereign-vicious-circle/Google Scholar
Schnabel, I., and Véron, N. (2018b). Breaking the stalemate on European Deposit Insurance. Blog post. www.bruegel.org/2018/03/breaking-the-stalemate-on-european-deposit-insurance/Google Scholar
Scholz, O. (2019). Position paper on the goals of the banking union. BMF – non-paper. Bundesministerium der Finanzen, November. http://prod-upp-image-read.ft.com/b750c7e4-ffba-11e9-b7bc-f3fa4e77dd47Google Scholar
Single Resolution Board (2021). Minimum Requirement for Own Funds and Eligible Liabilities (MREL). SRB Policy under the Banking Package. May. www.srb.europa.eu/system/files/media/document/mrel_policy_may_2021_final_web_0.pdfGoogle Scholar
The Economist. (2019). What next for Europe’s banking union? The Economist, 23 November.Google Scholar
Tümmler, M. (2022). Completing banking union? The role of national deposit guarantee schemes in shifting Member States’ preferences on the European Deposit Insurance Scheme. Journal of Common Market Studies 60(6), 15561572.Google Scholar
Van Rompuy, H. (2012). Towards a genuine Economic and Monetary Union. Four Presidents’ report. 5 December. www.consilium.europa.eu/media/23818/134069.pdfGoogle Scholar
Zeitlin, J. (2016). EU experimentalist governance in times of crisis. West European Politics 39(5), 10731094.Google Scholar

References

Aerz, J., and Bizarro, P. (2020). The reform of the European Stability Mechanism. Capital Markets Law Journal 15, 159174.Google Scholar
BCBS (Basel Committee on Banking Supervision) (2010). Report and Recommendations of the Cross-border Bank Resolution Group. March 2010. www.bis.org/publ/bcbs169.pdfGoogle Scholar
Binder, J.-H. (2015a). The European Banking Union – Rationale and key policy issues. In Binder, J.-H. and Gortsos, C. (eds.), Banking Union: A Compendium. Baden-Baden: Nomos, pp. 116.Google Scholar
Binder, J.-H. (2015b). The Banking Union and the governance of credit institutions. European Business Organization Law Review 16, 469490.Google Scholar
Binder, J.-H. (2016a). Resolution planning and structural bank reform within the Banking Union. In Castaňeda, J. E., Mayes, D. G., and Wood, G. (eds.), European Banking Union: Prospects and Challenges. London: Routledge, pp. 129155.Google Scholar
Binder, J.-H. (2016b). Resolution: Concepts, requirements, and tools. In Binder, J.-H. and Singh, D. (eds.), Bank Resolution: The European Regime. Oxford: Oxford University Press, pp. 2559.Google Scholar
Binder, J.-H. (2016c). The position of creditors under the BRRD. In Bank of Greece (ed.), Commemorative Volume for Leonidas Georgakopoulos, Vol. 1. Athens: Bank of Greece, pp. 3761.Google Scholar
Binder, J.-H. (2019). The relevance of the resolution tools within the single resolution mechanism. In Chiti, M. P. and Santoro, V. (eds.), The Palgrave Handbook of European Banking Union Law. Cham: Palgrave Macmillan, pp. 299320.Google Scholar
Binder, J.-H. (2020). Proportionality at the resolution stage: Calibration of resolution measures and the public interest test. European Business Organization Law Review 21, 453474.Google Scholar
Binder, J.-H. (2021). Towards harmonised frameworks for the liquidation of non-systemically relevant credit institutions in the EU? A discussion of policy choices and potential impediments. European Company and Financial Law Review 18, 555587.Google Scholar
Binder, J.-H. (2022). Art. 26 SRMR. In Binder, J. H., Gortsos, C., Lackhoff, K., and Ohler, C. (eds.), Brussels Commentary European Banking Union. Baden-Baden: Nomos, pp. 759762.Google Scholar
Binder, J.-H., Krimminger, M., Nieto, M., and Singh, D. (2019). The choice between judicial and administrative sanctioned procedures to manage liquidation of banks: a transatlantic perspective. Capital Markets Law Journal 14, 178216.Google Scholar
Brescia Morra, C. (2019). The third pillar of the banking union and its troubled implementation. In Chiti, M. P. and Santoro, V. (eds.), The Palgrave Handbook of European Banking Union Law. Cham: Palgrave Macmillan, pp. 393407.Google Scholar
Brescia Morra, C., et al. (2021). Non-performing loans – New risks and policies? What factors drive the performance of national asset management companies? Study requested by the ECON Committee of the European Parliament. www.europarl.europa.eu/RegData/etudes/STUD/2021/651390/IPOL_STU(2021)651390_EN.pdfGoogle Scholar
Buch, C. and Weigert, B. (2012). Legacy problems in transition to a banking union. In Beck, T. (ed.), Banking Union for Europe: Risks and Challenges. Brussels: Centre for Economic Policy Research, pp. 2535.Google Scholar
Busch, D. (2020). Governance of the single resolution scheme. In Busch, D. and Ferrarini, G. (eds.), European Banking Union, 2nd ed. Oxford: Oxford University Press, pp. 343401.Google Scholar
Colaert, V. and Bens, G. (2020). European Deposit Insurance System (EDIS) – Cornerstone of the banking union or dead end? In Busch, D. and Ferrarini, G. (eds.), European Banking Union, 2nd ed. Oxford: Oxford University Press, pp. 541575.Google Scholar
De Aldisio, A., et al. (2019). Towards a framework for orderly liquidation of banks in the EU. Banca d’Italia Notes on Financial Stability and Supervision No. 15. www.bancaditalia.it/pubblicazioni/note-stabilita/2019-0015/Note-stabilita-finanziaria-n15.pdf?language_id=1Google Scholar
Di Goia-Callabrese, P. (2021). Bail-in: Do Italians do it better (or worse, or not at all)? European Business Law Review 32, 93116.Google Scholar
Deloitte (2017). Hippocrates Provisional Report (Sale of Business Scenario). [i.e. provisional valuation report in relation to Banco Popular], 6 June . www.srb.europa.eu/system/files/media/document/Valuation%202%20report%20-%20Hippocrates%20Provisional%20Valuation%20Report.pdfGoogle Scholar
Demirgüç-Kunt, A., and Detragiache, E. (2002). Does deposit insurance increase banking system stability? An empirical investigation. Journal of Monetary Economics 49, 13731406.Google Scholar
Donnelly, S., and Asimakopoulos, I. G. (2019). Bending and breaking the single resolution mechanism: The case of Italy. Journal of Common Market Studies 57 116.Google Scholar
ECA (European Court of Auditors) (2017). Special Report – Single Resolution Board: Work on a challenging Banking Union task started, but still a long way to go. www.eca.europa.eu/lists/ecadocuments/sr17_23/sr_srb-bu_en.pdfGoogle Scholar
ECA (2021). Special Report – Resolution planning in the Single Resolution Mechanism. www.eca.europa.eu/lists/ecadocuments/sr21_01/sr_single_resolution_mechanism_en.pdfGoogle Scholar
European Commission (2015). Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) 806/2014 in order to establish a European Deposit Insurance Scheme, COM(2015) 586 final, 24 November.Google Scholar
European Commission (2017). European Commission, Decision: State Aid SA. 45664 (2017/N) – Italy – Orderly liquidation of Banca Popolare di Vicenza and Veneto Banca – Liquidation aid (25 June 2017), C(2017) 4501 final.Google Scholar
European Commission (2018a). Proposal for a Directive of the European Parliament and of the Council on credit servicers, credit purchasers and the recovery of collateral, COM(2018) 135 final.Google Scholar
European Commission (2018b). Commission Staff Working Document: ‘AMC Blueprint’ of 14 March 2018 (SWD(2018) 72 final.Google Scholar
European Parliament (2019). In-depth analysis: Liquidation of banks: Towards an ‘FDIC’ for the Banking Union? February. www.europarl.europa.eu/RegData/etudes/IDAN/2019/634385/IPOL_IDA(2019)634385_EN.pdfGoogle Scholar
Ferrarini, G., and Piantelli, A. M. (2020). Bank resolution in practice – Analysis of early European cases. In Busch, D. and Ferrarini, G. (eds.), European Banking Union, 2nd ed. Oxford: Oxford University Press, pp. 475511.Google Scholar
Fonteyne, W., et al. (2010). Crisis management and resolution for a European banking system. IMF Working Paper WP/10/70. www.imf.org/external/pubs/ft/wp/2010/wp1070.pdfGoogle Scholar
FSB (Financial Stability Board) (2011/2014). Key attributes of effective resolution regimes for financial institutions. October. www.financialstabilityboard.org/publications/r_111104cc.pdf; updated October 2014 www.financialstabilityboard.org/wp-content/uploads/r_141015.pdfGoogle Scholar
Gardella, A. (2020). Bail-in: Preparedness and execution. In Busch, D. and Ferrarini, G. (eds.), European Banking Union, 2nd ed. Oxford: Oxford University Press, pp. 451474.Google Scholar
Gelpern, A., and Véron, N. (2019). An effective regime for non-viable banks: US experience and considerations for EU reform – Banking union scrutiny. Study requested by the ECON Committee of the European Parliament. www.europarl.europa.eu/RegData/etudes/STUD/2019/624432/IPOL_STU(2019)624432_EN.pdfGoogle Scholar
Gortsos, C. (2022a). Introduction to Arts. 67–74 SRMR. In Binder, J. H., Gortsos, C., Lackhoff, K., and Ohler, C. (eds.), Brussels Commentary European Banking Union. Baden-Baden: Nomos, pp. 10751084.Google Scholar
Gortsos, C. (2022b). Art. 74 SRMR. In Binder, J. H., Gortsos, C., Lackhoff, K., and Ohler, C. (eds.), Brussels Commentary European Banking Union. Baden-Baden: Nomos, pp. 11121119.Google Scholar
Gros, D., and Schoenmaker, D. (2014). European deposit insurance and resolution in the banking union. Journal of Common Market Studies 52, 529546.Google Scholar
Grünewald, S., and Louisse, M. (2022). How asset management companies can help tackle the NPL crisis – A state aid perspective within the resolution framework. EBI Working Paper No. 109. https://ssrn.com/abstract=3999059Google Scholar
Hadjiemmanuil, C. (2017). Limits on state-funded bailouts in the EU bank resolution regime (2017). European Banking Institute Working Paper Series 2017 No. 2. https://ssrn.com/abstract=2912165Google Scholar
Haentjens, M. (2022). Arts. 12–12k SRMR. In Binder, J. H., Gortsos, C., Lackhoff, K., and Ohler, C. (eds.), Brussels Commentary European Banking Union. Baden-Baden: Nomos, pp. 570604.Google Scholar
Huertas, T. (2021). Reset required: The euro area crisis management and deposit insurance framework. SAFE White Paper No. 85. https://safe-frankfurt.de/fileadmin/user_upload/editor_common/Policy_Center/SAFE_White_Paper_85.pdfGoogle Scholar
Kleftouri, N. (2015). Deposit Protection and Bank Resolution. Oxford: Oxford University Press.Google Scholar
Lamandini, M., and Ramos Muňoz, D. (2019). Minimum requirement for own capital and eligible liabilities. In Chiti, M. P. and Santoro, V. (eds.), The Palgrave Handbook of European Banking Union Law. Cham: Palgrave Macmillan, pp. 321348.Google Scholar
Lamandini, M., Lusignani, G., and Muňoz, D. R. (2018). Does Europe have what it takes to finish the banking union? Columbia Journal of European Law 24, 233289.Google Scholar
Laviola, S. (2021). System-wide events in the Public Interest Assessment. The SRB blog, 31 May. www.srb.europa.eu/en/content/system-wide-events-public-interest-assessmentGoogle Scholar
Laviola, S. (2022). The public interest assessment and bank-insurance contagion. The SRB blog, 26 January. www.srb.europa.eu/en/content/public-interest-assessment-and-bank-insurance-contagionGoogle Scholar
Miglionico, A. (2018). Rescuing failing banks for financial stability: The unintended outcomes of bail-in rules. International Company and Commercial Law Review 29(10), 608617.Google Scholar
Morais, L. S. (2019). Lessons from the first resolution experiences in the context of banking recovery and resolution directive. In Chiti, M. P. and Santoro, V. (eds.), The Palgrave Handbook of European Banking Union Law. Cham: Palgrave Macmillan, pp. 371391.Google Scholar
Restoy, F., Vrbaski, R., and Walters, R. (2020). Bank failure management in the European banking union: What’s wrong and how to fix it. Financial Stability Institute Occasional Paper No. 15. www.bis.org/fsi/publ/insights10.pdfGoogle Scholar
Santoro, V., and Mecatti, I. (2019). Write-down and conversion of capital instruments. In Chiti, M. P. and Santoro, V. (eds.), The Palgrave Handbook of European Banking Union Law. Cham: Palgrave Macmillan, pp. 349370.Google Scholar
Schillig, M. (2016). Resolution and Insolvency of Banks and Financial Institutions. Oxford: Oxford University Press.Google Scholar
Schillig, M. (2020). EU bank insolvency law harmonisation: What next? International Insolvency Review 30( 2), 128.Google Scholar
Sciascia, G. (2020). Expanding the scope of the EU BRR framework: An administrative receivership for the banking union. https://ssrn.com/abstract=3748525Google Scholar
SRB (2016). The single resolution mechanism: Introduction to resolution planning. September. www.srb.europa.eu/system/files/media/document/intro_resplanning.pdf.pdfGoogle Scholar
SRB (2017a). Single Resolution Board, Decision of the Single Resolution Board in its executive session of 7 June 2017 concerning the adoption of a resolution scheme in respect of Banco Popular Español, S.A., … Addressed to FROB (SRB/EES/2017/08) (non-confidential version). https://srb.europa.eu/sites/srbsite/files/resolution_decision.pdfGoogle Scholar
SRB (2017b). Decision of the Single Resolution Board in its executive session of 23 June 2017 concerning the assessment of the conditions for resolution in respect of Veneto Banca S.p.A. … addressed to Banca d’Italia in its capacity as National Resolution Authority (SRB/EES/2017/11) (non-confidential version). https://srb.europa.eu/sites/srbsite/files/srb-ees-2017-11_non-confidential.pdfGoogle Scholar
SRB (2017c). Decision of the Single Resolution Board in its executive session of 23 June 2017 concerning the assessment of the conditions for resolution in respect of Banca Popolare di Vicenza S.p.A. … addressed to Banca d’Italia in its capacity as National Resolution Authority (SRB/EES/2017/12) (non-confidential version). https://srb.europa.eu/sites/srbsite/files/srb-ees-2017-12_non-confidential.pdfGoogle Scholar
SRB (2018a). Single Resolution Board, Notice summarising the decision taken in respect of ABLV Bank, AS. https://srb.europa.eu/sites/srbsite/files/20180223-summary_decision_-_latvia.pdfGoogle Scholar
SRB (2018b). Single Resolution Board, Notice summarising the decision taken in respect of ABLV Bank Luxembourg S.A. https://srb.europa.eu/sites/srbsite/files/20180223_summary-decision_-_luxembourg.pdfGoogle Scholar
SRB (2019). Decision of the Single Resolution Board of 15 August 2019 concerning the assessment of the conditions for resolution in respect of AS PNB (SRB/EES/2019/131). www.srb.europa.eu/system/files/media/document/non-confidential_version_of_the_resolution_decision_in_relation_to_as_pnb_banka.pdfGoogle Scholar
SRB (2021a). 2021 resolution planning cycle (RPC) booklet. www.srb.europa.eu/system/files/media/document/srb_rpc_booklet_2021.pdfGoogle Scholar
Stanghellini, L. (2016). The implementation of the BRRD in Italy and its first test: Policy implications. Journal of Financial Regulation 2, 154161.Google Scholar
Teixeira, P. G. (2020). The Legal History of the European Banking Union. Oxford: Hart Publishing.Google Scholar
Tröger, T., and Kotovskaia, A. (2022): National interests and supranational resolution in the European Banking Union. SAFE Working Paper No. 340 / EBI Working Paper No. 114. https://ssrn.com/abstract=4024343Google Scholar
VVA, Grimaldi and Bruegel (2019). Study on the differences between bank insolvency laws and on their potential harmonisation – Final report (commissioned by the European Commission). https://finance.ec.europa.eu/document/download/dd2e21c2-f56a-4126-8b4f-4aa8f1fe5e9a_en?filename=191106-study-bank-insolvency_en.pdfGoogle Scholar

References

BCBS (2013). Basel III: The liquidity coverage ratio and liquidity risk monitoring tools (January). www.bis.org/publ/bcbs238.htmGoogle Scholar
BCBS (2014). Basel III: the net stable funding ratio. Bank for International Settlements, Basel (October). www.bis.org/bcbs/publ/d295.htm.Google Scholar
Carmassi, J., Dobkowitz, S., Evrard, J., Parisi, L., and Silva, A. (2018). Completing the Banking Union with a European Deposit Insurance Scheme: who is afraid of cross-subsidisation? Occasional Paper Series, 208.Google Scholar
De Aldisio, A., Aloia, G., Bentivegna, A., Gagliano, A., Giorgiantonio, E., Lanfranchi, C., and Maltese, M. (2019). Notes on financial stability and supervision. Notes on Financial Stability and Supervision, 15, 16. www.bancaditalia.it/pubblicazioni/note-stabilita/2019-0015/index.html?com.dotmarketing.htmlpage.language=1Google Scholar
De Groen, W. P. (2018). Financing bank resolution: An alternative solution for arranging the liquidity required (November). www.europarl.europa.eu/RegData/etudes/IDAN/2018/624423/IPOL_IDA(2018)624423_EN.pdfGoogle Scholar
De Groen, W. P., and Alcidi, C. (2019). Options and national discretions under the Deposit Guarantee Scheme Directive and their treatment in the context of a European Deposit Insurance Scheme (November). European Commission. https://doi.org/10.2874/648805Google Scholar
De Groen, W. P., and Gros, D. (2015). Estimating the bridge financing needs of the Single Resolution Fund: How expensive is it to resolve a bank? www.ceps.eu/ceps-publications/estimating-bridge-financing-needs-single-resolution-fund-how-expensive-it-resolve-bank/Google Scholar
DG Competition (2016). State aid used. European Commission.Google Scholar
De Haan, L., and van den End, J. W. (2013). Bank liquidity, the maturity ladder, and regulation. Journal of Banking and Finance 37(10), 39303950.Google Scholar
ECA (2016). Single Supervisory Mechanism – Good start but further improvements needed (Issue 29). https://doi.org/10.2865/233213Google Scholar
ECA (2017). Single Resolution Board: Work on a challenging Banking Union task started, but still a long way to go. Special Report (Vol. 287, No. 23). www.eca.europa.eu/Lists/ECADocuments/SR17_23/SR_SRB-BU_EN.pdfGoogle Scholar
ECA (2021). Resolution planning in the Single Resolution Mechanism. Special Report. www.eca.europa.eu/Lists/ECADocuments/SR21_01/SR_Single_resolution_mechanism_EN.pdfGoogle Scholar
ECB (2014b). Decision of the European Central Bank of 31 January 2014 on the close cooperation with the national competent authorities of participating Member States whose currency is not the euro (ECB/2014/5). www.ecb.europa.eu/pub/pdf/other/en_dec_2014_05_fen.pdf?5105e4c768e886be0f5844b03a868418Google Scholar
ECB (2015). Statistical Data Warehouse: Total assets/liabilities reported by MFI excluding ESCB in the euro area (stock). https://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=117.BSI.M.U2.N.A.T00.A.1.Z5.0000.Z01.EGoogle Scholar
European Commission (2012). A roadmap towards a banking union. In Communication from the Commission to the European Parliament and the Council. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52012DC0510&from=ENGoogle Scholar
European Commission (2015a). Proposal for a Regulation of the European parliament and of the Council amending Regulation (EU) 806/2014 in order to establish a European Deposit Insurance Scheme. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52015PC0586&from=ENGoogle Scholar
European Commission (2015b). State Aid Scoreboard 2014: Aid in the context of the financial and economic crisis. https://ec.europa.eu/competition-policy/state-aid/scoreboard_enGoogle Scholar
European Commission (2017). Communication on completing the Banking Union. https://ec.europa.eu/commission/state-union-2017_enGoogle Scholar
IMF (2018). Euro area policies: Financial sector assessment program–technical note–bank resolution and crisis management. IMF Staff Country Reports, 18(232), 1. https://doi.org/10.5089/9781484369661.002Google Scholar
König, E. (2018). Gaps in the Banking Union regarding funding in resolution and how to close them. Eurofi Magazine (September). https://srb.europa.eu/en/content/eurofi-article-elke-konig-gaps-banking-union-regarding-funding-resolution-and-how-closeGoogle Scholar
Lannoo, K. (2019). Stock take of the SRB’s activities over the past years: What to improve and focus on? (March). www.europarl.europa.eu/RegData/etudes/IDAN/2019/634394/IPOL_IDA(2019)634394_EN.pdfGoogle Scholar
Löyttyniemi, T. (2018). The common backstop: How it will strengthen the Single Resolution Fund. SRB Article (October). https://srb.europa.eu/en/node/664Google Scholar
Restoy, F. (2019). How to improve crisis management in the banking union: A European FDIC? CIRSF Annual International Conference 2019 on ‘Financial Supervision and Financial Stability 10 Years after the Crisis: Achievements and next steps’ (July), 1–8. www.bis.org/speeches/sp190715.pdfGoogle Scholar
SRB (2021). Single Resolution Fund (SRF) – Fact Sheet 2021. 1(806), 2020–2021. www.srb.europa.eu/en/content/single-resolution-fundGoogle Scholar
Van Rompuy, H. (2012). Towards a genuine economic and monetary union. Report by President of the European Council. https://doi.org/10.1007/978-3-319-30707-7_6Google Scholar

References

Acharya, V. V., and Steffen, S. (2016). Capital markets union in Europe: Why other unions must lead the way. Swiss Journal of Economics and Statistics 152(4), 319329.Google Scholar
Ahlström, H., and Monciardini, D. (2022). The regulatory dynamics of sustainable finance: Paradoxical success and limitations of EU reforms. Journal of Business Ethics 177(1), 193201.Google Scholar
Aldasoro, I., and Unger, R. (2017). External financing and economic activity in the euro area: Why are bank loans special? BIS Working Papers No. 622. www.bis.org/publ/work622.pdfGoogle Scholar
Amtenbrink, F. (2015). The metamorphosis of European economic and monetary union. In Chalmers, D. and Arnull, A (eds.), The Oxford Handbook of European Union Law. Oxford: Oxford University Press, pp. 719756.Google Scholar
Avgouleas, A., and Ferrarini, G. (2018). The future of ESMA and a single listing authority and securities regulator for the CMU: Costs, benefits and legal impediments. In Avgouleas, A. (ed.), Capital Markets Union in Europe. Oxford: Oxford University Press, pp. 5577.Google Scholar
Bavoso, V. (2017). High quality securitisation and EU capital markets union – Is it possible? Accounting, Economics and Law: A Convivium 7(3), 129.Google Scholar
Braun, B. (2020). Central banking and the infrastructural power of finance: The case of ECB support for repo and securitization markets. Socio-Economic Review 18(2), 395418.Google Scholar
Braun, B., and Hübner, M. (2018). Fiscal fault, financial fix? Capital Markets Union and the quest for macroeconomic stabilization in the euro area. Competition & Change 22(2), 117-138.Google Scholar
Braun, B., Gabor, D., and Hübner, M. (2018). Governing through financial markets: Towards a critical political economy of Capital Markets Union. Competition and Change 22(2), 101116.Google Scholar
Camacho, E. R. (2021). The Choice for Banking Union: Power, Politics and the Trap of Credible Commitments. London: Routledge.Google Scholar
Cameron, D. (2013). David Cameron’s EU speech – full text. The Guardian, 23 January. www.theguardian.com/politics/2013/jan/23/david-cameron-eu-speech-referendumGoogle Scholar
Cimadomo, J., Furtuna, O., and Giuliodori, M. (2018). Private and public risk sharing in the euro area. ECB Working Paper Series. www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2148.en.pdf?7eb7d8a2582e8da2d6d4f25d8ac0c582Google Scholar
Demertzis, M., Merler, S., and Wolff, G. B. (2017). Capital Markets Union and the Fintech opportunity. Bruegel Policy Contribution, No. 22, Brussels. www.bruegel.org/policy-brief/capital-markets-union-and-fintech-opportunityGoogle Scholar
Donnelly, S. (2018). Power Politics, Banking Union and EMU: Adjusting Europe to Germany. New York: Routledge.Google Scholar
Dorn, N. (2016). Capital cohabitation: EU Capital Markets Union as public and private co-regulation. Capital Markets Law Journal 11(1), 84102.Google Scholar
ECB (2016). Capital Markets Union and the European monetary and financial framework. Keynote speech by Vítor Constâncio, Vice-President of the ECB, at Chatham House, London, 21 March. www.ecb.europa.eu/press/key/date/2016/html/sp160321_1.en.htmlGoogle Scholar
EIOPA (2014). Towards an EU single market for personal pensions. An EIOPA Preliminary Report to COM, EIOPA-BoS/14/029. www.eiopa.europa.eu/system/files/2020-02/eiopa-bos-14-029_towards_an_eu_single_market_for_personal_pensions-_an_eiopa_preliminary_report_to_com_1.pdfGoogle Scholar
Engelen, E., and Glasmacher, A. (2016). The Trojan Horse of Europe’s Capital Markets Union. Part III. Follow the money. www.ftm.nl/artikelen/the-trojan-horse-of-europes-capital-markets-union-part-iiiGoogle Scholar
Engelen, E., and Glasmacher, A. (2018). The waiting game: How securitization became the solution for the growth problem of the eurozone. Competition & Change 22(2), 165183.Google Scholar
Epstein, R., and Rhodes, M. (2018). From governance to government: Banking union, capital markets union and the new EU. Competition & Change 22(2), 205224.Google Scholar
EU (2015). Public consultation on the review of the European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) regulations. https://ec.europa.eu/eusurvey/publication/venture-capital-funds-2015?language=enGoogle Scholar
EU (2017a). Capital Markets Union: EU agrees to more support for venture capital and social enterprises. Brussels. https://ec.europa.eu/commission/presscorner/detail/en/IP_17_1477Google Scholar
EU (2017b). Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the Prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC. Brussels. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32017R1129Google Scholar
European Commission (1998). Communication from the European Commission. Risk capital: A key to job creation in the European Union. SEC(1998)552 final. Brussels. http://aei.pitt.edu/6987/1/003657_1.pdfGoogle Scholar
European Commission. (2014). Communication from the Commission to the European Parliament and the Council on Long-Term Financing of the European Economy. COM(2014) 168 final, Brussels, 27.3. https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2014:0168:FIN:EN:PDFGoogle Scholar
European Commission (2015a). Building a capital markets union. Green paper. COM(2015) 63 final. Brussels. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52015DC0063&from=ENGoogle Scholar
European Commission (2015b). Action Plan on building a Capital Markets Union. COM(2015) 468 final. Brussels. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52015DC0468&from=HUGoogle Scholar
European Commission (2015c). The investment plan for Europe: Questions and answers. Brussels. https://ec.europa.eu/commission/presscorner/detail/en/MEMO_15_5419Google Scholar
European Commission (2016). Commission delegated Regulation (EU) 2016/467 of 30 September 2015 amending Commission Delegated Regulation (EU) 2015/35 […]. Brussels. https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0467&from=DAGoogle Scholar
European Commission (2017a). Communication from the Commission […] on the Mid-Term Review of the Capital Markets Union Action Plan. COM(2017) 292 final. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52017DC0292Google Scholar
European Commission (2017b). Consultation document. FinTech: A more competitive and Innovative European Financial Sector. https://ec.europa.eu/info/sites/default/files/2017-fintech-consultation-document_en_0.pdfGoogle Scholar
European Commission (2018). VentureEU: €2.1 billion to boost venture capital investment in Europe’s innovative start-ups. Press Release, 10 April, Brussels. https://ec.europa.eu/commission/presscorner/detail/en/IP_18_2763Google Scholar
European Commission, E. (2019). Delivering on the Capital Markets Union. Progress Report. Brussels. https://ec.europa.eu/finance/docs/policy/190315-cmu-factsheet_en.pdfGoogle Scholar
European Commission (2020). A Capital Markets Union for people and businesses – New action plan. COM(2020) 590 final. https://ec.europa.eu/info/business-economy-euro/growth-and-investment/capital-markets-union/capital-markets-union-2020-action-plan_enGoogle Scholar
Farhi, E., and Werning, I. (2017). Fiscal unions. American Economic Review 107(12), 37883834.Google Scholar
Fernandez, R., and Aalbers, M. B. (2017). Capital Markets Union and residential capitalism in Europe: Rescaling the housing-centred model of financialization. Finance and Society 3(1), 3250.Google Scholar
Finance Watch (2015). Who will benefit from the Capital Markets Union? Brussels. www.finance-watch.org/who-will-benefit-from-the-capital-markets-union/Google Scholar
Fitoussi, J. P., and Saraceno, F. (2013). European economic governance: the Berlin–Washington consensus. Cambridge Journal of Economics 37(3), 479496.Google Scholar
Garrido, J., DeLong, C., Rasekh, A., and Rosha, A. (2021). Restructuring and insolvency in Europe: Policy options in the implementation of the EU Directive. IMF Working Paper. www.imf.org/en/Publications/WP/Issues/2021/05/27/Restructuring-and-Insolvency-in-Europe-Policy-Options-in-the-Implementation-of-the-EU-50235Google Scholar
Gonzalez, F. (2014). Transparency in the European loan markets: From words to facts. Zeitschrift Fur Das Gesamte Kreditwesen 19, 3234.Google Scholar
Guardian (2014). David Cameron: In–out referendum on EU by 2017 is cast-iron pledge. 11 May. www.theguardian.com/world/2014/may/11/david-cameron-european-union-referendum-pledgeGoogle Scholar
Hardie, I., and Howarth, D. (2013). Framing market-based banking and the financial crisis. In Hardie, I and Howarth, D (eds.), Market-Based Banking and the International Financial Crisis. Oxford: Oxford University Press, pp. 2255.Google Scholar
Hentze, T. (2019). The challenge of moving to a Common Consolidated Corporate Tax Base in the EU. IW-Report, No. 2, Köln. www.iwkoeln.de/en/studies/tobias-hentze-the-challenge-of-moving-to-a-common-consolidated-corporate-tax-base-in-the-eu.htmlGoogle Scholar
High Level Forum (2020). A new vision for Europe’s capital markets. Final Report of the High-Level Forum on the Capital Markets Union. Brussels, June. https://finance.ec.europa.eu/system/files/2020-06/200610-cmu-high-level-forum-final-report_en.pdfGoogle Scholar
Hill, J. (2014). Commissioner Hill on Capital Markets Union: Finance serving the economy. Brussels. https://ec.europa.eu/commission/presscorner/detail/en/AC_16_1535Google Scholar
Hill, J. (2015). Q&A session. European Financial Regulation and Transatlantic Collaboration. Brookings Institution, Washington, DC. www.brookings.edu/events/european-financial-regulation-and-transatlantic-collaboration/Google Scholar
Howarth, D., and Quaglia, L. (2016). The Political Economy of European Banking Union. Oxford: Oxford University Press.Google Scholar
Howarth, D., and Quaglia, L. (2017). Brexit and the single European financial market. Journal of Common Market Studies 55(149), 149164.Google Scholar
Howarth, D., and Quaglia, L. (2018). Brexit and the battle for financial services. Journal of European Public Policy 25(8), 11181136.Google Scholar
Hübner, M. (2019). Wenn der Markt regiert: die politische Ökonomie der Europäischen Kapitalmarktunion, Vol. 92. Frankfurt: Campus Verlag.Google Scholar
Ioannou, D., and Schäfer, D. (2017). Risk sharing in EMU: Key insights from a literature review. SUERF Policy Note Issue, No. 21, November: www.suerf.org/policynotes/1771/risk-sharing-in-emu-key-insights-from-a-literature-reviewGoogle Scholar
IPO Task Force (2015). EU IPO Report: Rebuilding IPOs in Europe; Creating jobs and growth in European capital markets. www.fese.eu/blog/eu-ipo-report-rebuilding-ipos-in-europe-creating-jobs-and-growth-in-european-capital-markets/Google Scholar
Jabko, N. (2006). Playing the Market: A Political Strategy for Uniting Europe, 1985–2005. Ithaca, NY: Cornell University Press.Google Scholar
James, S., and Quaglia, L. (2020). The UK and Multi-Level Financial Regulation: From Post-Crisis Reform to Brexit. Oxford: Oxford University Press.Google Scholar
James, S. and Quaglia, L. (2022). Rule maker or rule taker? Brexit, finance and UK regulatory autonomy. International Political Science Review 43(3), 390403.Google Scholar
Juncker, J.-C. (2014). A new start for Europe. Opening statement in the European Parliament plenary session. Strasbourg, 15 July 2014. https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_14_567Google Scholar
Juncker, J.-C., Tusk, D., Dijsselbloem, J., Draghi, M., and Schulz, M. (2015). The Five Presidents’ Report: Completing Europe’s Economic and Monetary Union. Brussels, 22 June. https://ec.europa.eu/commission/sites/beta-political/files/5-presidents-report_en.pdfGoogle Scholar
Kastner, L. (2017). Civil Society and Financial Regulation: Consumer Finance Protection and Taxation after the Financial Crisis. London: Routledge.Google Scholar
Katainen, J. (2015). An investment plan for Europe. The speech by Jyrki Katainen’s, Vice President of the Commission, at the Bruegel event ‘An investment plan for Europe’. Bruegel, 14 January. www.bruegel.org/2015/01/an-investment-plan-for-europe/Google Scholar
Kemmish, R., Wilkinson, C., and Andruszkiewicz, O. (2017). Covered bonds in the European Union: Harmonisation of legal frameworks and market behaviours. Final Report. Brussels: European Commission. https://publications.europa.eu/resource/cellar/8df6d9cd-8c65-11e7-b5c6-01aa75ed71a1.0001.01/DOC_1Google Scholar
Laffan, B., and Schlosser, P. (2016). Public finances in Europe: Fortifying EU economic governance in the shadow of the crisis. Journal of European Integration 38(3), 237249.Google Scholar
Lagaria, K. (2018). Towards a single capital markets supervisor in the EU: The proposed extension of ESMA’s supervisory powers. Competition and Regulation Journal 33–34, 3962.Google Scholar
Lannoo, K. (2019). The Final PEPP or how to kill an important EU Commission proposal. In Costa Cabral, N. and Cunha Rodrigues, N. (eds.), The Future of Pension Plans in the EU Internal Market. Cham: Springer, pp. 193197.Google Scholar
Lannoo, K., and Thomadakis, A. (2019). Rebranding Capital Markets Union: A market finance action plan. Brussels: CEPS-ECMI Task Force. www.ecmi.eu/publications/books/rebranding-capital-markets-union-market-finance-action-planGoogle Scholar
Moloney, N. (2018). The Age of ESMA: Governing EU Financial Markets. Oxford: Hart Publishing.Google Scholar
Montalbano, G. (2020). Policy entrepreneurship and the influence of the transnational financial industry in the EU reform of securitization. Business and Politics 22(1), 85112.Google Scholar
Montalbano, G. (2021). Competing Interest Groups and Lobbying in the Construction of the European Banking Union. Houndmills: Palgrave Macmillan.Google Scholar
Montalbano, G. (2022). Public–private co-regulation in the making of the capital markets union. Journal of Economic Policy Reform 1, 117.Google Scholar
Moravcsik, A. (1998). The Choice for Europe: Social Purpose and State Power from Messina to Maastricht. Ithaca, NY: Cornell University Press.Google Scholar
Navaretti, G. B., Calzolari, G., Mansilla-Fernandez, J. M., and Pozzolo, A. F. (2018). Fintech and banking. Friends or foes? European Economy – Banks, Regulation, and the Real Sector 2, 930.Google Scholar
Oberndorfer, L. (2015). From new constitutionalism to authoritarian constitutionalism: New economic governance and the state of European democracy. In Jäger, J. and Springler, E. (eds.), Asymmetric Crisis in Europe and Possible Futures: Critical Political Economy and Post-Keynesian Perspectives. London: Routledge, pp. 206227.Google Scholar
Pesendorfer, D. (2015). Capital Markets Union and ending short-termism: Lessons from the European Commission’s public consultation. Law and Financial Markets Review 9(3), 202209.Google Scholar
Pesendorfer, D. (2020). Financial Markets (Dis)Integration in a Post-Brexit EU: Towards a More Resilient Financial System in Europe. Cham: Palgrave.Google Scholar
Posner, E. (2009). The Origins of Europe’s New Stock Markets. Cambridge, MA: Harvard University Press.Google Scholar
Quaglia, L., and Howarth, D. (2018). The policy narratives of European capital markets union. Journal of European Public Policy 25(7), 9901009.Google Scholar
Quaglia, L., Howarth, D., and Liebe, M.(2016). The political economy of European capital markets union. Journal of Common Market Studies 54, 185203.Google Scholar
Ringe, W.-G. (2015). Capital Markets Union for Europe: A commitment to the Single Market of 28. Law and Financial Markets Review 9(1), 57.Google Scholar
Sahay, R., Čihák, M., N’diaye, P., Barajas, A., Bi, R., Ayala, D., Gao, Y., Kyobe, A., Nguyen, L., Saborowski, C., and Svirydzenka, K. (2015). Rethinking financial deepening: Stability and growth in emerging markets IMF Staff Discussion Note 15(8). Washington: IMF. www.imf.org/external/pubs/ft/sdn/2015/sdn1508.pdfGoogle Scholar
Schelkle, W. (2017). The Political Economy of Monetary Solidarity: Understanding the Euro Experiment. Cambridge: Cambridge University Press.Google Scholar
Schelkle, W. (2019). EU Pension policy and financialisation: Purpose without power? Journal of European Public Policy 26(4), 599616.Google Scholar
Ständer, P. (2016). What Will Happen with the Capital Markets Union after Brexit? Brussels: Jacques Delors Institut.Google Scholar
Stone Sweet, A., and Sandholtz, A. (1998). Integration, supranational governance, and the institutionalization of the European polity. In Sandholtz, W. and Stone Sweet, A. (eds.), European Integration and Supranational Governance. Oxford: Oxford University Press, pp. 126.Google Scholar
Valiante, D. (2016). Europe’s Untapped Capital Market: Rethinking Integration after the Great Financial Crisis. London: Rowman & Littlefield International.Google Scholar
Van Rompuy, H. (2012b). Towards a genuine Economic and Monetary Union. Report by President of the European Council Herman Van Rompuy. EUCO 120/12. Brussels: European Council. www.consilium.europa.eu/media/33785/131201.pdfGoogle Scholar

References

Abriani, N., and Schneider, G. (2021). Diritto delle imprese e intelligenza artificiale. Bologna: Il Mulino, pp. 191225.Google Scholar
Armour, J., Enriques, L., Ezrachi, A., and Vella, J. (2019). Putting technology to good use for society: The role of corporate, competition and tax law. ECGI Law Working Paper, No. 427/2018.Google Scholar
Auer, R. (2019). Embedded supervision: How to build regulation into blockchain finance. BIS Working Paper, No. 811, 16 September. www.bis.org/publ/work811.htmGoogle Scholar
Auer, R., Cornelli, G., and Frost, J. (2020). Rise of the central bank digital currencies: Drivers, approaches and technologies. BIS Working Paper, No. 880, 24 August.Google Scholar
Beck, T. (2020). FinTech and financial inclusion: Opportunities and pitfalls. ADBI Working Paper Series, No. 1165, July. www.adb.org/sites/default/files/publication/623276/adbi-wp1165.pdfGoogle Scholar
Beck, T. (2021). Digital technology and financial innovation: A literature survey. In Beck, T. and Park, Y. C. (eds.), Fostering FinTech for Financial Transformation: The Case of South Korea.London: CEPR Press, 143188. https://voxeu.org/content/fostering-fintech-financial-transformation-case-south-korea.Google Scholar
Blemus, S., and Guegan, D. (2019). Initial crypto-assets offerings (ICOs), tokenisation and corporate governance. CES Working Papers, No. 2019.04, pp. 1–31.Google Scholar
Bullmann, D., Klemm, J., and Pinna, A. (2019). In search for stability in crypto-assets: Are stablecoins the solutions? ECB Occasional Paper Series, No. 230, August.Google Scholar
European Banking Authority (2019a). Report on potential impediments to the cross-border provision of banking and payment services. EBA Report, 29 October. www.eba.europa.eu/eba-calls-european-commission-take-action-facilitate-scaling-cross-border-activityGoogle Scholar
European Banking Authority (2019b). Regulatory perimeter, regulatory status and authorisation approaches in relation to FinTech activities. Final Report. www.eba.europa.eu/eba-publishes-report-on-regulatory-perimeter-regulatory-status-and-authorisation-approaches-in-relation-to-fintech-activitiesGoogle Scholar
European Banking Authority (2019c). Report with advice for the European Commission on Crypto Assets. 9 January. www.eba.europa.eu/eba-reports-on-crypto-assetsGoogle Scholar
European Banking Authority (2021). Report on the use of digital platforms in the EU banking and payment sector. EBA/REP/2021/26, September. www.eba.europa.eu/eba-sees-rapid-growth-use-digital-platforms-eu%E2%80%99s-banking-and-payments-sector-and-identifies-stepsGoogle Scholar
European Central Bank (2021). Opinion on a proposal for regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937, CON/2021/4, OJ C 152. 29 April. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52021AB0004Google Scholar
European Commission (2015). A digital single market strategy for Europe. Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, COM(2015) 192 final. https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52015DC0192&from=ENGoogle Scholar
European Commission (2017). FinTech: A more competitive and innovative European financial sector. Consultation Document. https://ec.europa.eu/info/sites/default/files/2017-fintech-consultation-document_en_0.pdfGoogle Scholar
European Commission (2018). FinTech action plan: For a more competitive and innovative European financial sector. Communication from the Commission, COM(2018) 109 final, 8 March. https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52018DC0109&from=ENGoogle Scholar
European Commission (2020a). Digital finance package. Commission Communication, COM/2020/591 final, 24 September. https://ec.europa.eu/info/publications/200924-digital-finance-proposals_enGoogle Scholar
European Commission (2020b). Retail payments strategy for the EU. Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions. COM(2020) 591 final, 24 September. https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52020DC0591&from=ENGoogle Scholar
European Parliament (2020). Digital finance: Emerging risks in crypto-assets – regulatory and supervisory challenges in the area of financial services, institutions and markets. European Parliament Regulation of 8 October 2020, P9_TA(2020)0265. www.europarl.europa.eu/doceo/document/TA-9-2020-0265_EN.htmlGoogle Scholar
European Securities and Markets Authority (ESMA) (2019a). Initial coin offerings and crypto-assets. Advice to the European Commission, ESMA50-157-1391, 9 January. www.esma.europa.eu/sites/default/files/library/esma50-157-1391_crypto_advice.pdfGoogle Scholar
European Securities and Markets Authority (ESMA) (2019b). Legal qualification of crypto-assets – Survey to NCAs. Annex to ESMA50-157-1391, 9 January). www.esma.europa.eu/sites/default/files/library/esma50-157-1384_annex.pdfGoogle Scholar
European Securities and Markets Authority (ESMA) (2021). Use of FinTech by CSDs, Report to the European Commission. ESMA70-156-4576, 2 August.Google Scholar
European Securities and Markets Authority, European Banking Authority and European Insurance and Occupational Pensions Authority (ESMA, EBA, and EIOPA) (2018). FinTech: Regulatory sandboxes and innovation hubs. Report, JC 2018/74. www.esma.europa.eu/sites/default/files/library/jc_2018_74_joint_report_on_regulatory_sandboxes_and_innovation_hubs.pdfGoogle Scholar
Fenwick, M., Kaal, W. A., and Vermeulen, E. P. M. (2018a). Why blockchain will disrupt corporate organizations. TILEC Discussion Paper and ECGI Law Working Paper No. 419/2018, October.Google Scholar
Fenwick, M., McCahery, J. A., and Vermeulen, E. P. M. (2018b). The end of ‘corporate’ governance (hello ‘platform’ governance). ECGI Law Working Paper, No. 430/2018, December.Google Scholar
Feyen, E., Frost, J., Gambacorta, L., Natarajan, H., and Saal, M. (2021). Fintech and the digital transformation of financial services: Implications for market structure and public policy. BIS Papers, No. 117.Google Scholar
Financial Stability Board (2017). Financial stability implications from FinTech: Supervisory and regulatory issues that merit authorities’ attention. www.fsb.org/wp-content/uploads/R270617.pdfGoogle Scholar
Financial Stability Board (2020a). Regulation, supervision and oversight of ‘global stablecoin’ arrangements. Final report and high-level recommendations, October. www.fsb.org/wp-content/uploads/P131020-3.pdfGoogle Scholar
Financial Stability Board (2020b). Effective practices for cyber incident response and recovery: Final Report. Final Report of Public Consultation. www.fsb.org/2020/10/effective-practices-for-cyber-incident-response-and-recovery-final-report/Google Scholar
Gortsos, C. V. (2020). The Commission’s 2020 proposal for a markets in crypto-assets regulation (‘MiCAR’): A brief introductory overview. Notes for students. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3842824Google Scholar
Group of Thirty (2009). Financial reform: A framework for financial stability. Report of Working Group on Financial Reform. https://group30.org/publications/detail/146Google Scholar
International Monetary Fund (2021). COVID-19, crypto, and climate: Navigating challenging transitions. Global Financial Stability Report, October.Google Scholar
International Organization of Securities Commissions (2019a). Board priorities – IOSCO work program for 2019. www.iosco.org/library/pubdocs/pdf/IOSCOPD625.pdfGoogle Scholar
International Organization of Securities Commissions (2019b). Cyber Task Force: Final Report. FR09/2019, June. www.iosco.org/library/pubdocs/pdf/IOSCOPD633.pdfGoogle Scholar
International Organization of Securities Commissions (2020a). Global Stablecoin Initiative. Public Report, OR01/2020, March.Google Scholar
International Organization of Securities Commissions (2020b). Issues, risks and regulatory considerations relating to crypto-asset trading platforms. Final Report, FR02/2020, February. www.iosco.org/library/pubdocs/pdf/IOSCOPD649.pdfGoogle Scholar
Lafarre, A., and Van der Elst, C. (2018). Blockchain technology for corporate governance and shareholder activism. Tilburg Law School Legal Studies Research Paper Series, No. 7/2018.Google Scholar
Laster, T. J. (2017). The block chain plunger: Using technology to clean up proxy plumbing and take back the vote available. Keynote Speech at the Council of Institutional Investors, Chicago, 29 September.Google Scholar
Linnemann Bech, M., Hancock, J., Rice, T., and Wadsworth, A. (2020). On the future of securities settlement. BIS Quarterly Review March. www.bis.org/publ/qtrpdf/r_qt2003i.htmGoogle Scholar
Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdfGoogle Scholar
ROFIEG (Expert Group on Regulatory Obstacles to Financial Innovation) (2019). Thirty recommendations on regulation, innovation and finance. Final Report to the European Commission, December. https://ec.europa.eu/info/files/191113-report-expert-group-regulatory-obstacles-financial-innovation_enGoogle Scholar
Valiante, D. (2022). Regulating digital platforms: The European experience with financial return crowdfunding. European Company and Financial Law Review 19(5), n.p.Google Scholar
Xiao, R. (2021). Decentralized central bank’s currency experiment. Medium blog post, 30 August. https://medium.com/iosg-ventures/decentralized-central-banks-currency-experiment-6e3120438a94Google Scholar
Zetzsche, D. A., and Woxholth, J. (2021). The DLT sandbox under the pilot regulation. Law Working Paper Series, No. 2021-001, University of Luxembourg. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3833766Google Scholar
Zetzsche, D. A., Annunziata, F., Arner, D., and Buckley, R. P. (2021). The markets in crypto-assets regulation (MiCA) and the EU digital finance strategy. Capital Markets Law Journal 16(2), 203225.Google Scholar

References

Amstad, M. (2019). Regulating FinTech: Objectives, principles, and practices. Working Paper, No. 1016, October, Asian Development Bank.Google Scholar
Atzori, M. (2021). Blockchain technology and decentralised governance: Is the state still necessary? Journal of Governance and Regulation 6(1), 4562.Google Scholar
Biais, B., Bisière, C., Bouvard, M., and Casamatta, C. (2021). The blockchain folk theorem. Review of Financial Studies 32(5), 16621715.Google Scholar
BIS (2021a). Distrust or speculation? The socioeconomic drivers of US cryptocurrency investments by Raphael Auer and David Tercero-Lucas.Google Scholar
BIS Working Papers No. 951. www.bis.org/publ/work951.pdfGoogle Scholar
BIS (2021b). Central bank digital currencies for cross-border payments. Report to the G-20, July. www.bis.org/publ/othp38.pdfGoogle Scholar
BIS-SIX-SNB (2020). Project Helvetia: Settling tokenised assets in central bank money. Bank for International Settlements, SIX Group AG, and Swiss National Bank, December.Google Scholar
Bofinger, P., and Haas, T. (2021). Central bank digital currencies: Can central banks succeed in the marketplace for digital monies? ECMI Working Paper, December.Google Scholar
Bouyon, S., and Krause, S. (2018). Cybersecurity in finance: Getting the policy mix right. Report of a CEPS-ECRI Task Force, June, Centre for European Policy Studies and European Credit Research Institute.Google Scholar
Casey, M., Crane, J., Gensler, G., Johnson, S., and Narula, N. (2018). The impact of blockchain technology on finance: A catalyst for change. Geneva Reports on the World Economy No. 21.Google Scholar
Cong, L., and He, Z. (2019). Blockchain disruption and smart contracts. Review of Financial Studies 32(5), 17541797.Google Scholar
Deloitte (2022). The EU’s Digital Operational Resilience Act has been agreed: implications for the financial services sector for an assessment of the agreement and the implications for firms. July. www2.deloitte.com/lu/en/pages/risk/articles/eu-dora-agreed-implications-financial-services-sector.html?icid=wn_eu-dora-agreed-implications-financial-services-sectorGoogle Scholar
Dolmans, M., Gilbert, P., Messent, J., Siragusa, M., and Subiotto, R. (2019). Payment services in the EU: Price regulation to protect a duopoly. Competition Law Journal 18(4), 175189.Google Scholar
European Commission (2020a). Proposal for a Regulation of the European Parliament and of the Council on Markets in Crypto-Assets, and Amending Directive (EU) 2019/1937, (MiCA), COM(2020) 593 final, 24 September.Google Scholar
European Commission (2020b). Proposal for a Regulation of the European Parliament and of the Council on digital operational resilience for the financial sector and amending Regulations (EC) No. 1060/2009, (EU) No. 648/2012, (EU) No. 600/2014 and (EU) No. 909/2014 (DORA), COM(2020) 595 final, 24 September.Google Scholar
European Commission (2021). Proposal for a Regulation of the European Parliament and of the Council Establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and Amending Regulations (EU) No. 1093/2010, (EU) 1094/2010, (EU) 1095/2010, COM(2021) 421 final, 20 June.Google Scholar
European Union (2022), Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector (DORA), and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011Google Scholar
European Union (2023), Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets (MiCA), and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937. Official Journal, 9 June 2023.Google Scholar
ECB (2021). Opinion of the European Central Bank of 19 February 2021 on a proposal for a regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52021AB0004Google Scholar
EPRS (2021). Updating the Crypto Assets Regulation and establishing a pilot regime for distributed ledger technology, PE 612.617 – March.Google Scholar
Gallersdörfer, U., Klaaßen, L., and Stoll, C. (2020). Energy consumption of cryptocurrencies beyond bitcoin. Joule 4(9), 18431846.Google Scholar
Godschalk, H. (2021). Crypto-assets, fiat currency and Aa: Some notes on the MiCAR. 16 March. https://paytechlaw.com/en/crypto-assets-fiat-currency-micar/Google Scholar
Iansiti, M., and Lakhani, K. (2017). The truth about blockchain: It will take years to transform business, but the journey begins now. Harvard Business Review, January–February. https://hbr.org/2017/01/the-truth-about-blockchainGoogle Scholar
Lannoo, K. (2021). Cyberfinance challenges require a common response. CEPS Policy Insight, No. 2018/12, October. www.ceps.eu/ceps-publications/cyber-finance-challenges-demand-unified-response/Google Scholar
Lannoo, K. (2022). The EU’s proposed crypto regulations are flawed. 16 May. www.ft.com/content/83ddff31-fb9a-4765-becf-82a52cc7291dGoogle Scholar
Lastra, R., and Allen, J. G. (2019). Towards a European governance framework for cryptoassets. SUERF Policy Note 110, November.Google Scholar
Lianos, I. (2019). Blockchain competition – gaining competitive advantage in the digital economy: Competition law implications. In Hacker, P., Lianos, I., Dimitropoulos, G., and Eich, S. (eds.), Regulating Blockchain: Techno-Social and Legal Challenges. Oxford: Oxford University Press, p. 329.Google Scholar
Martin, K., and Nauman, B. (2021). Bitcoin’s growing energy problem: ‘It’s a dirty currency’. Financial Times, 20 May. www.ft.com/content/1aecb2db-8f61-427c-a413-3b929291c8acGoogle Scholar
Nabilou, H. (2019). How to regulate bitcoin? Decentralized regulation for a decentralized cryptocurrency. International Journal of Law and Information Technology 27(3), 266291.Google Scholar
Nascimento, S., and Pólvora, A. (2019). Blockchain now and tomorrow: Assessing multidimensional impacts of distributed ledger technologies. Joint Research Centre, European Commission.Google Scholar
Pike, C., and Capobianco, A. (2020). Antitrust and the trust machine. OECD Blockchain Policy Series, Organisation for Economic Co-operation and Development, 4 November.Google Scholar
Pupillo, L., Ferreira, A., and Varisco, G. (2018). Software vulnerability disclosure in Europe: Technology, policies and legal challenges. Report of a CEPS Task Force, June, Centre for European Policy Studies.Google Scholar
Reid, F., and Harrigan, M. (2011). An analysis of anonymity in the bitcoin system. IIEEE International Conference on Privacy, Security, Risk, and Trust, Boston, 9–11 October.Google Scholar
Thomadakis, A. (2021). How crisis-proof are financial market infrastructures? ECMI event report. www.ecmi.eu/sites/default/files/event_report_operational_resilience.docx.pdfGoogle Scholar
Villeroy de Galhau, F. (2021). Roads towards the future for CBDC and innovative payments. SUERF Policy Notes. www.suerf.org/policynotes/29965/roads-for-the-future-central-bank-digital-currency-cbdc-and-innovative-paymentsGoogle Scholar
The White House (2022). Executive Order on Ensuring Responsible Development of Digital Assets. Presidential actions. 9 March.Google Scholar
Zetzsche, D., Annunziata, F., Arner, D., and Buckley, R. (2021). The Markets in Crypto-Assets Regulation (MiCA) and the EU digital finance strategy. Capital Markets Law Journal 16(2), 203225.Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

  • Financial Integration
  • Edited by Dariusz Adamski, University of Wroclaw, Fabian Amtenbrink, Erasmus Universiteit Rotterdam, Jakob de Haan, University of Groningen
  • Book: The Cambridge Handbook of European Monetary, Economic and Financial Integration
  • Online publication: 28 September 2023
  • Chapter DOI: https://doi.org/10.1017/9781009364706.027
Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

  • Financial Integration
  • Edited by Dariusz Adamski, University of Wroclaw, Fabian Amtenbrink, Erasmus Universiteit Rotterdam, Jakob de Haan, University of Groningen
  • Book: The Cambridge Handbook of European Monetary, Economic and Financial Integration
  • Online publication: 28 September 2023
  • Chapter DOI: https://doi.org/10.1017/9781009364706.027
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Financial Integration
  • Edited by Dariusz Adamski, University of Wroclaw, Fabian Amtenbrink, Erasmus Universiteit Rotterdam, Jakob de Haan, University of Groningen
  • Book: The Cambridge Handbook of European Monetary, Economic and Financial Integration
  • Online publication: 28 September 2023
  • Chapter DOI: https://doi.org/10.1017/9781009364706.027
Available formats
×