Should non-euro area countries join the single supervisory mechanism?
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Tartalom: http://www.eaco.eu/documents/issue/darvas.pdf
Archívum: MTA Könyvtár
Gyűjtemény: Status = Published



Type = Article
Cím:
Should non-euro area countries join the single supervisory mechanism?
Létrehozó:
Darvas, Zsolt
Wolff, Guntram B.
Dátum:
2013
Téma:
HB Economic Theory / közgazdaságtudomány
HB3 Economic systems / gazdasági rendszerek
HG Finance / pénzügy
Tartalmi leírás:
Irrespective of the euro crisis, a European banking union makes sense, including for
non-euro area countries, because of the extent of European Union financial integration.
The Single Supervisory Mechanism (SSM) is the first element of the banking union.
From the point of view of non-euro countries, the draft SSM regulation as amended by
the EU Council includes strong safeguards relating to decision-making, accountability,
attention to financial stability in small countries and the applicability of national macroprudential
measures. Non-euro countries will also have the right to leave the SSM and
thereby exempt themselves from a supervisory decision. The SSM by itself cannot bring
the full benefits of the banking union, but would foster financial integration, improve the
supervision of cross-border banks, ensure greater consistency of supervisory practices,
increase the quality of supervision, avoid competitive distortions and provide ample supervisory
information. While the decision to join the SSM is made difficult by uncertainty
surrounding other elements of the banking union, including possible burden sharing, we
conclude that non-euro EU members should stand ready to join the SSM and be prepared
for negotiations on the other elements of the banking union.
Típus:
Article
PeerReviewed
Formátum:
text
Azonosító:
Darvas, Zsolt and Wolff, Guntram B. (2013) Should non-euro area countries join the single supervisory mechanism? DANUBE: LAW AND ECONOMICS REVIEW, 4 (2). pp. 141-163. ISSN 1804-6746
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