Completing the Financial Union: joint action versus individual country responsibility

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How to Cite
Moreno, P. (2018). Completing the Financial Union: joint action versus individual country responsibility. ICE, Revista De Economía, (903), 79–95. https://doi.org/10.32796/ice.2018.903.6656
Pablo Moreno
Técnico Comercial y Economista del Estado
España

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DOI https://doi.org/10.32796/ice.2018.903.6656
Published: Jul 2, 2018
##section.pages##: 79-95
Issue: No. 903 (2018): El futuro de la Unión Europea
Abstract

The crisis has prompted the euro area to take a further step towards integration with the creation of the Banking Union (BU), which started operating in 2014. However, financial integration is still incomplete. The policies required include completing the BU with the deposit guarantee pillar, promoting a common scheme of loans of last resort for the financial system, completing the country stabilisation function, and even rethinking the institutional architecture of the Economic and Monetary Union (EMU). These policies can be discussed in terms of the dialectical opposition between joint action and individual country responsibility.

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Author Biography

Pablo Moreno, Técnico Comercial y Economista del Estado

Las opiniones expresadas en este artículo son exclusivamente a título personal.

Keywords:
Banking Union, European Deposit Guarantee Scheme (EDGS), public debt, doubtful debts, Sovereign bond-backed securities (SBBS), Eurobonds, European Monetary Fund (EMF), twin peaks, JEL classification, G32, L14, L21