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Part II Developments at the EU Level, 10 Banking Union

Rosa María Lastra

From: International Financial and Monetary Law (2nd Edition)

Rosa Lastra

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 31 January 2023

Deposit protection schemes — International financial system — Monetary system — Monetary obligations — European Central Bank
10.01 Banking union is the most important development in the EU since the launch of the euro. In 1999, Tommaso Padoa-Schioppa famously pointed out that the abandonment of the coincidence between the area of jurisdiction of monetary policy and the area of jurisdiction of banking supervision was a major novelty brought about by the advent of the economic and monetary union (EMU).1 This has now been reversed. Banking union signifies a further transfer of sovereign powers from the national to the supranational arena. 10.02 Banking union is based upon three pillars....
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