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David Howarth
Oxford University Press, USA

The Political Economy of European Banking Union

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AuthorDavid Howarth
PublisherOxford University Press, USA
PublishedNov 07 2016
Book FormatHardcover
ISBN-139780198727927
Dimensions9.3 X 6.2 X 1 inches
Weight 1.6 pounds
BISAC
CategoriesBusiness & Economics > Banks & Banking
LanguageEnglish

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Book Description

The establishment of Banking Union represents a major development in European economic governance and European integration history more generally. Banking Union is also significant because not all European Union (EU) member states have joined, which has increased the trend towards differentiated integration in the EU, posing a major challenge to the EU as a whole and to the opt-out countries. This book is informed by two main empirical questions. Why was Banking Union - presented by proponents as a crucial move to 'complete' Economic and Monetary Union (EMU) - proposed only in 2012, over twenty years after the adoption of the Maastricht Treaty? Why has a certain design for Banking Union been agreed and some elements of this design prioritized over others?

A two-step explanation is articulated in this study. First, it explains why euro area member state governments moved to consider Banking Union by building on the concept of the 'financial trilemma', and examining the implications of the single currency for euro area member state banking systems. Second, it explains the design of Banking Union by examining the preferences of member state governments on the core components of Banking Union and developing a comparative political economy analysis focused on the configuration of national banking systems and varying national concern for the moral hazard facing banks and sovereigns created by euro level support mechanisms.

Author Bio

David Howarth is Emeritus Professor at Edinburgh University and a former curator at the National Trust. He is the author of Lord Arundel and His Circle, Images of Rule and The Invention of Spain

Source: Yale University Press

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