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Contents
- Preliminary Material
- Main Text
- Part I General Aspects
- 1 The Economic Consequences of Europe’s Banking Union
- Preliminary Material
- 1.01
- 1.02
- I The Impact so Far: A Shift of Expectations
- II Six Developments to Watch
- 1.20
- 1.21
- 1.22
- 1 Supervisory Quality and the Repair of Banks’ Balance Sheets
- 2 Reversing Financial Fragmentation in the Euro Area
- 3 Bank Resolution Funding and Market Discipline in Bank Credit Markets
- 4 The Transformation of Europe’s Banking Landscape
- 5 Diversification of Europe’s Financial System Away from Banks
- 6 A New Institutional Order for the Elaboration of European and Global Financial Sector Policies
- III Conclusion
- 2 European Banking Union: Effectiveness, Impact, and Future Challenges
- Preliminary Material
- I Introduction
- II Single Supervisory Mechanism—Setting the Context
- III SSM and EU Agencies and Institutions
- IV Bank Resolution, the SSM, and the Single Resolution Board (SRB)
- V SSM, Macroprudential Tools, and National Competent Authorities
- VI Member State Perspectives on the SSM
- VII Banking Union and the Banking Industry
- VIII Conclusion
- 3 Judicial Protection of Supervised Credit Institutions in the European Banking Union
- Preliminary Material
- I Introduction
- II Judicial Protection for Credit Institutions under the SSM
- III Judicial Protection for Credit Institutions under the SRM
- IV Substantive Review by the CJEU
- V Liability of the ECB and the SRB
- VI Conclusion
- 1 The Economic Consequences of Europe’s Banking Union
- Part II Single Supervision and CRD IV
- 4 The Single Supervisory Mechanism for Banking Supervision: Institutional Aspects
- Preliminary Material
- I Historical Introduction
- II The New Regulatory Framework: The Banking Union
- III Applicable Bodies of Law in Banking Supervision
- IV The Choice of the ECB as the Prudential Supervisor
- V Application to the Euro Area or Beyond?
- VI The Single Supervisory Mechanism
- VII Legal Position of the Supervisory Board in the ECB
- VIII Independence and Accountability
- IX Review of SSM Decisions
- X Conclusion
- 5 The Single Rulebook and the SSM: Regulatory Polycentrism vs. Supervisory Centralization
- Preliminary Material
- I Introduction
- II A Short History of the EU Regulatory Framework
- III The Allocation of Regulatory and Supervisory Powers
- IV The Decoupling of Regulatory and Supervisory Powers in the SSM
- V Evolutionary Dynamics of the EU Institutional Regulatory Framework
- VI Conclusion
- 6 CRD IV Framework for Banks’ Corporate Governance
- Preliminary Material
- I Introduction
- II Banking Structures in the European Union
- III Historical Development
- IV CRD IV Corporate Governance Standards
- V Conceptual Concerns
- VI Functional Concerns
- VII Conclusion and Outlook
- 7 Fit and Proper Assessments within the Single Supervisory Mechanism
- Preliminary Material
- I Introduction
- II Key Terms and Definitions
- III Fit and Proper Assessments as an Element of Corporate Governance
- IV Division of Responsibilities Between the Banks, the ECB, and the NCAs
- V Relevant Sources of Substantive Requirements
- VI Convergence
- VII National Variations and Limits
- VIII Concluding Observations
- 8 The EU Framework Dealing with Non-Performing Exposures: Legal and Economic Analysis
- Preliminary Material
- I Introduction
- II Causes and Consequences of NPL Accumulations
- III Structural Measures
- IV Market-based Solutions: Asset Management Companies and NPL Platforms
- V Prudential and Supervisory Policies for Tackling NPLs
- VI Conclusion
- 4 The Single Supervisory Mechanism for Banking Supervision: Institutional Aspects
- Part III Single Resolution and the BRRD
- 9 Governance of the Single Resolution Mechanism
- Preliminary Material
- I Introduction
- II General Aspects
- 1 The Broader Context
- 2 Scope of the SRM
- 3 Division of Tasks Within the SRM
- 4 Co-operation within the SRM
- 5 The Single Resolution Board
- 6 The Single Bank Resolution Fund
- III Financing of the Fund
- IV Resolution
- 1 General
- 2 Objectives and Principles
- 3 Content Resolution Scheme
- 4 Adoption of a Resolution Scheme
- 5 Execution Resolution Scheme
- V Conclusion
- 10 Recovery and REsolution Plans of Banks in the Context of the BRRD and the SRM: Fundamental Issues
- Preliminary Material
- I Introduction
- II The Making of Recovery and Resolution Plans: A Theoretical Exercise?
- III Experience with Some Bank Failures
- IV Some Intermediate Conclusions
- V The Authority to Impose Ex Ante Measures
- VI Remedies Against Imposed Ex Ante Measures
- VII A Difficult Debate on the Need for Ex Ante Measures
- VIII The Wider Context in which Ex Ante Measures Are Imposed
- IX Bottlenecks
- X Some Concluding Comments
- 11 Bail-In: Preparedness and Execution
- Preliminary Material
- I Introduction
- II Bail-in: Main Features
- III Building-up Bail-in Preparedness: TLAC/MREL
- IV Bail-in Execution
- 12 Bank Resolution in Practice: Analysis of Early European Cases
- 13 The Architecture of the Brrd—a UK Perspective
- Preliminary Material
- I Introduction
- II Scope of the Legislation
- III Approach
- IV Tools
- V Other Powers
- VI MREL & TLAC
- VII Brexit and Bank Resolution
- VIII Conclusion
- 9 Governance of the Single Resolution Mechanism
- Part IV The European Deposit Insurance System and Policy Perspectives
- 14 European Deposit Insurance system (EDIS): Cornerstone of the Banking Union or Dead End?
- Preliminary Material
- I Introduction
- II Why Is There a Need for a Fully-fledged Third Pillar in the Banking Union?
- 1 Goals of Deposit Insurance in General
- 2 Additional Goal of Deposit Insurance in the EU
- 3 Goals of the Banking Union
- 4 Goals of a European Deposit Insurance System as Third Pillar of the Banking Union
- III Legislative Proposals for EDIS
- IV Main Features of the EDIS Proposals
- V Conclusion
- 15 Doom Loop or Incomplete Union?: Sovereign and Banking Risk
- Preliminary Material
- I Introduction
- II Are Sovereigns Risky?
- III What Was Done and Should Have Been Done? Banks and Sovereigns during the Crisis and the Specificities of a Monetary Union
- The first issue relates to the sustainability of sovereigns.
- The second issue is the perspective of banks. Was buying sovereigns a rational strategy?
- The third issue is the extent of the home bias in sovereign purchases.
- The fourth issue is whether we are now in equilibrium, or if broader policy actions are needed.
- IV The Long Run Equilibrium: Sovereign Exposures under ‘Normal Conditions’
- V Summing-up, Transition, and Notes of Caution
- 16 Bank Resolution in Europe the Unfinished Agenda of Structural Reform
- 17 Financial Conglomerates in the European Banking Union
- Preliminary Material
- I Introduction
- II Consolidated Supervision in the Banking Sector
- III Group Supervision in the Insurance Sector
- IV Consolidated Supervision vs Group Supervision
- V Background of Financial Conglomerate Supervision
- VI Institutional Framework for Conglomerate Supervision
- VII Purpose, Content, and Design of Conglomerate Supervision
- VIII Evolution of Financial Conglomerate Supervision
- IX Recovery and Resolution of Financial Conglomerates
- X Conclusion
- 14 European Deposit Insurance system (EDIS): Cornerstone of the Banking Union or Dead End?
- Part I General Aspects
- Further Material
