№297. A Copernican turn in Banking Union urgently needed
№297. A Copernican turn in Banking Union urgently needed

Author(s): Thomas Mayer
Subject(s): Economic policy, Government/Political systems, Financial Markets
Published by: CEPS Centre for European Policy Studies
Keywords: Banking Union; Single Supervisory Mechanism; Single Resolution Mechanism;
Summary/Abstract: At every meeting of central bankers, policy-makers and economists, there seems to be agreement that creation of a ‘Banking Union’ is essential for the survival of the euro. Yet, progress in building this union has been painfully slow. The Single Supervisory Mechanism (SSM) may not be ready until the middle of next year; the Single Resolution Mechanism (SRM) may end up as a complicated mixture between bail-in and bail-out instruments, funded at the national and euro are a levels; and common deposit insurance has been postponed into the indefinite future.

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