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The European Banking Union Project - Term Paper Example

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This paper evaluates the possible creation of the European Banking Union in a bid to mitigate the impacts of sovereign debt crises in the countries of Euro zone. The EU experienced a turbulent phase of financial crisis. That gave rise to origin of idea of creation of a central supervisory system. …
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The European Banking Union Project
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Download file to see previous pages On one hand it allowed these bubbles to grow dangerously while on the other hand it was extremely cautious in its quantitative easing policy (The European Central Bank: The Main Cause of the Debt Crisis). The European Union Banking Project: The Proposal The European Union leaders have come forward to propose a remedy for the current financial crisis. The European Council of 28th and 29th June, 2012 has agreed to deepen the economic and monetary integration. The leaders have discussed a report titled 'Towards a Genuine Economic and Monetary Union', prepared by the President of the European Council in close collaboration with the President of the European Commission, the Chair of the Euro group and the President of the European Central Bank. The Commission has proposed to design a single banking supervision mechanism in the Euro area. In 2008 when the financial crisis spread to Europe, there were 27 different banking regulatory systems based on the separate national rules. The proposal is not aimed at changing the rule making for the single market (with its ‘four freedoms’ namely, freedom of movement of goods, services, and the factors of production i.e. labour and capital) existing amongst the 27 countries, but the way in which the banks in the Euro area would be supervised. Although coordination pre-existed by way of the framing of the monetary policies for all these banks by the ECB, it was rather informal and was not sufficient to face the financial sector crisis of this nature. A full-fledged banking union has become necessary that would lead to pooled monetary responsibilities and better financial integration (Towards a Banking...
This paper offers a comprehensive analysis of the pros and cons of the creation of European Banking Union, as a form of central supervisory system. It is argued in the paper that benefits of forming such an union outweight its limitations.
During the period of 2000 to 2007 there was a significant global rise in savings which was available for investment in the EU. It created an easy credit facility as well as helped the formation of a powerful real-estate bubble. When these bubbles burst, the property price fell hugely while the liabilities owed to global investors remained at their full price. The high-risk lending and borrowing practices had started taking its toll.
The European Council in June, 2012 has agreed to deepen the economic and monetary integration. The leaders have discussed a report titled 'Towards a Genuine Economic and Monetary Union, prepared by the President of the European Council in close collaboration with the President of the European Commission, the Chair of the Euro group and the President of the European Central Bank. The Commission has proposed to design a single banking supervision mechanism in the Euro area.
In response to the proposal of establishing a banking union, several countries have showed their concern or fear. Such a method of unifying the monetary responsibilities of all the banks in the European Union is going to have a far-reaching effect on the growth of the economies. Germany, for example, is not willing to cede control of its entire banking sector.
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