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Book Sections Year : 2023

Democratic accountability in the Banking Union: is there really a gap?

Diane Fromage

Abstract

The creation of the Banking Union (BU) in 2012 represented an important change in the Economic and Monetary Union (EMU), and in the European Union (EU) in general. Indeed, it entailed the delegation of new competences in the areas of banking supervision and bank resolution to the EU level, and it demanded the creation of unique procedures and original governance mechanisms. It has no doubt represented a big step forward in the process of European integration as it is only the second area in which full integration is realized. At the same time, it has also certainly increased the existing level of complexity within the EU. This is the case among other reasons because euro area Member States are part of the BU, but membership to the BU is also open to the rest of the Member States. In fact, in 2020, Bulgaria and Croatia availed themselves of this possibility to join the BU without having adopted the common currency. By creating a third category of Member States next to the EU27 and those that belong to the euro area within the EMU, the BU added a new layer of differentiation in an already largely differentiated Union. [First lines]

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Law
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Dates and versions

hal-03696952 , version 1 (16-06-2022)

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Attribution - NonCommercial - NoDerivatives

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  • HAL Id : hal-03696952 , version 1

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Diane Fromage. Democratic accountability in the Banking Union: is there really a gap?. Mark Dawson. Substantive Accountability in Europe’s New Economic Governance, Cambridge University Press, In press. ⟨hal-03696952⟩
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