Amidst talks between Brussels and Rome about possible recapitalisation of the Italian banking sector, suffering from a high burden of non-performing loans and the impact of the UK referendum on Brexit, as well as the application of European state aid rules, the IMF has published its 2016 Article IV consultation on Italy. Read the full […]Read More..
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11 October: Workshop The European Banking Union and Its Instruments – Experience from the First Years of an Interplay with National Banking Supervision and ResolutionOctober 11, 2016
After two years of existence, it is time to focus on what happened in practice for the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM), i.e. in the core of the Banking Union, in Member States and beyond the EU. The workshop gathers as broad a range of perspectives as possible with a […]Read More..
The Eurogroup of 7 November heard presentations by Danièle Nouy, the Chair of the European Central Bank's Supervisory Board, and Elke König, the Chair of the Single Resolution Board (SRB). They briefed the Eurogroup on recent developments in the financial sector, on the two institutions' main activities in the past months, and on their key […]Read More..
See for more details the Commission press release of 31 December 2015. See also the earlier Single Resolution Board (SRB) press release of 30 November 2015 on the SRB's responsibilities as of 1 January 2016.Read More..
Read the SRB press release here.Read More..
In the margins of the ECOFIN Council the Ministers of the 28 Member States issued the following statement on Banking Union and bridge financing arrangements for the Single Resolution Fund: "ECOFIN Ministers reaffirm the importance of deepening the Banking Union in the context of a well-functioning Economic and Monetary Union. Following the successful establishment of […]Read More..
At the European Parliament, SRB chair Elke König discussed issues such as changes in the regulatory framework, the state of play of Minimum Requirements for own Funds and Eligible Liabilities (MREL) and the Single Resolution Fund. Read König's full statement to the European Parliament's Economic and Monetary affairs committee here.Read More..
In line with article 11(2) of the Intergovernmental Agreement on the Single Resolution Fund, the agreement has entered into force after ratification by enough parites (more specifically representing 90% of the aggregate of the weighted votes of all the Member States participating in the Single Supervisory Mechanism and the Single Resolution mechanism). This means that […]Read More..
On May 16 the General Court decided on the interpretation of the concept 'significant entity' under the Single Supervisory Mechanism (SSM), following an action of annulment by the Landeskreditbank Baden-Württemberg — Förderbank, which is regarded as a significant entity by the European Central Bank (ECB). As a consequence the bank was subject solely to ECB supervision rather than shared […]Read More..
The European Commission has adopted a proposal for a regulation establishment a European Deposit Insurance Scheme (EDIS) based on article 114 TFEU. The would be mandatory for euro area Member States and open to non-euro area Member States willing to join the banking union. See also the Commission's press release and these factsheets prepared by […]Read More..
4 November 2015: Speech by Dijsselbloem on private risk buffering and banking union, capital markets union and a European fiscal capacityNovember 6, 2015
At the Tatra Summit in Bratislava, President of the Eurogroup Jeroen Dijsselbloem held a speech on the medium- and long-term of EMU, discussing what is the best way forward to strengthen the risk-absorbing capacity of the eurozone and to assure build-in stabilisation tools.Read More..
EUI Conference 22/23 May: European Banking Union: Democracy, Technocracy and the State of IntegrationMay 12, 2015
In 2012, at the height of the sovereign debt crisis, European decision makers decided that the next step in developing an ever closer union involved the formation of banking union (BU). Now that the banking union has taken shape, this conference will bring together social scientists from several disciplines to discuss the nature of the […]Read More..
Daniele Nouy, chair of the Single Supervisory Mechanism (SSM) told in an interview with a Cypriot newspaper that "We need to ensure fully harmonised prudential banking supervision," and that "Our aim is to establish a unified, integrated and harmonised supervisory framework, and this requires harmonised regulation." See the reporting by Reuters.Read More..
Privatising state intervention for financial stability: the Italian case – by Agnieszka Smolenska (EUI)February 13, 2016
Agnieszka Smolenska is a PhD Researcher at the EUI studying the application of state aid rules to banks from 2007 in the context of the emerging frameworks for EU and Eurozone financial regulation and supervision On 10 February Italy passed a series of laws intended to improve the soundness and stability of its banks (Misure […]Read More..
19 February: Heads of State and Government agree on principles governing relationship euro in’s and out’sFebruary 20, 2016
Following the UK's request for a New Settlement within the EU and in light of the British referendum on EU membership to be held on 23 June 2016, the Heads of State and Government during their European Council meeting of 18/19 February agreed (next to issues relating to for example social benefits and free movement, […]Read More..
In a preliminary reference following the first reference ever by the Slovenian Constitutional Court (see the earlier comment by Samo Bardutzki) Advocate General Wahl of the European Court of Justice has published his Opinion (Case C‑526/14, Kotnik). According to Wahl the so-called Banking Communication of the European Commission on the application of state aid rules […]Read More..
On Monday 22 February Italy presented a government paper on a "Shared European Policy Strategy for Growth, Jobs, and Stability". On the long term EMU the paper states: "To make the monetary union really irreversible we must manage our European common house by adopting a systemic, common vision. A stronger monetary union needs strong common […]Read More..
The 17 June ECOFIN Council adopted the following Council conclusions on a roadmap to complete Banking Union: "THE COUNCIL OF THE EUROPEAN UNION: 1. RECALLS that major steps have been taken at unprecedented speed over the past years to establish the Banking Union. After a comprehensive assessment of all significant credit institutions in the Banking […]Read More..
Italian bank Monte dei Paschi di Siena has received a draft-letter from the ECB setting out instructions to reduce its exposure to bad loans. The Italian bank has been given until 8 July to present its arguments to Frankfurt. Read the press release of Monte dei Paschi di Siena confirming the letter here. On the […]Read More..