The European Banking Union and Constitution: Beacon for Advanced Integration or Death-Knell for Democracy?

by Stefan Grundmann, Hans-W Micklitz

Overview

In 2012, at the height of the sovereign debt crisis, European decision makers pushed for developing an 'ever closer union' with the formation of a European Banking Union (BU). Although it provoked widespread debate, to date there has been no coherent discussion of the political and constitutional dimensions of the European Banking Union. This important new publication fills this gap. Drawing on the expertise of recognised experts in the field, it explores banking union from legal, economic and political perspectives. It takes a four-part approach. Firstly, it sets the scene by examining the constitutional foundations of banking union. Then in parts 2 and 3, it looks at the implications of banking union for European integration and for democracy. Finally it asks whether banking union might be more usefully regarded as a trade-off between integration and democracy. This is an important, timely and authoritative collection.

Product Details

ISBN-13:	9781509907540
Publisher:	Bloomsbury Academic
Publication date:	01/24/2019
Pages:	336
Product dimensions:	6.14(w) x 9.21(h) x 0.75(d)

About the Author

Stefan Grundmann is Professor of Transnational Private Law and Theory at the European University Institute, Florence.
Hans-W Micklitz is Professor of Economic Law at the European University Institute, Florence.

Table of Contents

Contributors vii

List of Abbreviations xi

1 The European Banking Union and Constitution - The Overall Challenge Stefan Grundmann Hans-W Micklitz 1

Part I Some Constitutional Foundations of European Banking Union

2 The Constitutional Dimension of Banking Union Takis Tridimas 25

3 The Thin Red Line Between the OMT Decision and the Banking Union Alessandro Busca 49

Part II European Banking Union and Full Integration

4 The European Banking Union and Integration Stefan Grundmann 85

5 Banking Union and the European Economic Constitution: A Brief Comparison of Regulatory Styles in Banking Regulation and Competition Law Heike Schweitzer 121

6 Technocratic and Centralised Decision-making in the Banking Union's Single Supervisory Mechanism: Can Single Market and Banking Union Governance Effectively Co-exist in a Post-Brexit World? Niamh Moloney 141

7 Single Resolution Board: Lost and Found in the Thicket of EU Bank Regulation Agnieszka Smolenska 169

Part III European Banking Union, Democracy and Technocracy

8 Some Reflections on the State of European Democracy with Regard to the Banking Union and the ECB Christoph Möllers 205

9 The European Banking Union: A Case of Tempered Supranationalism? Sergio Fabbrini Mattia Guidi 219

10 Prudential Supervision and the European Central Bank Credit Data Registry (AnaCredit): Legal Basis and Democratic Accountability Federico Ferretti 239

11 The Internal Market and the Banking Union Hans-W. Micklitz 267

12 Should Non-participating Member States Join the Banking Union? A Legal Perspective Dalvinder Singh 293

Index 309

Editorial Reviews

Both academic scholars and practitioners dealing with legal questions in the area of European integration and financial regulation can learn much from the informed contributions on this work. Furthermore, anyone interested in the state of democracy in Europe will find new information and inspiration in this volume.” —Sebastian Heidebrecht, University of Duisburg-Essen, Jourbanal of Common Market Studies

“The issues examined in the book ... are addressed in an interesting way. Readers can find a lot of information and multiple analyses, legal and economic, political and technical ... Clearly, the authors give us food for thought. It is the reason why the book must be read.” —Thierry Bonneau, Professor of Law, Pantheon-Assas University, Jourbanal of International Banking Law and Regulation

“This book will undoubtedly be of interest to any scholar interested in understanding how the EBU functions, and most importantly how it is embedded within the EU's constitutional framework.” —Diane Fromage, University of Maastricht, European Law Review

From the Publisher