Part II Developments at the EU Level, 10 Banking Union
Rosa María Lastra
- 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....