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• W2598989916 abstract "IntroductionDifferences in procedures concerning bankruptcy and liquidation proceedings in various Member States were well known years before the crisis. What is more, harmonisation in regulations on dealing with insolvent financial institutions showed serious shortcomings. As the relevant directive1 states, are considerable substantial and procedural differences between the laws, regulations and administrative provisions which govern the insolvency of institutions in the Member States. The ongoing review performed by European institutions with closer and closer cooperation with Member States since the beginning of the crisis has revealed that nowadays, with globalisation and the greater presence of trans-border banks, such a situation can jeopardise not only the process of economic integration and the completion of the single market for financial services but also, according to the directive, continuation of the critical functions of institutions and the preservation of financial stability. It can also threaten confidence in the European financial markets and financial players, which in turn could bring unintended consequences for economic growth. From political and economic points of view, such a situation could no longer be accepted. Therefore, politicians and economists, having been accused of doing nothing by European taxpayers bearing the huge costs of numerous rescue packages granted to failing banks, had to find a solution. On one hand, a solution had to be invented so as to stop directing public funds with the aim to prevent a broader disaster in the economy. On the other hand, there is a strong need to discipline the main entities responsible for daily prudential management of financial institutions (shareholders) and to educate others to adequately assess the financial health of a given institution (creditors, depositors with accounts of more than euro100,000). The new methods of dealing with potential disruption to the banking market should also take into account and encompass other regulatory developments, such as capital requirements.Things started to accelerate from September 2012 when the European Commission (EC) revealed a proposal, on the basis of Article 127(6) of the Treaty on the Functioning of the European Union (TFEU) that would assign supervision of the banks from the eurozone to the European Central Bank (ECB).The aim of this article is to point out some weak areas in the new regulatory and supervisory architecture and to assess why its elements2 do not constitute a ready-made, prompt response for any future crises. The final shape of the proposed banking union seems to be the fruit of watering down the first proposals and, again, the effect of various political pressures.Structure of the Banking UnionAt the moment of writing, it seems that discussions over the second pillar of the banking union have been completed. On 20 March 2014, the European Parliament (EP) and the Council reached a political agreement on details of the Single Resolution Mechanism (SRM) and on 15 April 2014, members of the EP accepted the full text of the SRM regulation. On 21 May, the representatives of 24 of the 26 Member States (except Sweden and the United Kingdom) signed an intergovernmental agreement (IGA) on the transfer and mutualisation of contributions to the Single Resolution Fund (SRF).3 As has been mentioned, the SRM constitutes the second and essential element of the architecture. The remaining two are: (first) the Single Supervisory Mechanism (SSM) and (the third) Funding Arrangements. These three pillars are based on the Single Rulebook, which consists of two important legal acts: Capital Requirements Regulation (CRR) / Capital Requirements Directive IV (CRD) and the Bank Recovery and Resolution Directive (BRRD). Participation in the banking union will be obligatory for all banks from the eurozone, but those from countries that are not in the eurozone, the outs, are free to join also (but without voting rights in the Supervisory Board). …" @default.
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• W2598989916 date "2014-07-01" @default.
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• W2598989916 title "Banking Union: An Effective Instrument for the Eurozone Banking Sector or a Useful Distraction from Other Issues?" @default.
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