Banking Union in the Eurozone and the European Union

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12 June 2012
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In this new CEPS Commentary, Jacopo Carmassi, Carmine Di Noia and Stefano Micossi present a rationale and detailed outline for the creation of a banking union in Europe. They argue that it is essential to clearly distinguish between what is needed to address a ‘systemic’ confidence crisis hitting the banking system – which is mainly or solely a eurozone problem – and ‘fair weather’ arrangements to prevent individual bank crises and, when they occur, to manage them in an orderly fashion so as to minimise systemic spillovers and the cost to taxpayers, which is of concern for the entire European Union.

Jacopo Carmassi is an economist at Assonime; Carmine Di Noia is Deputy Director General of Assonime, Professor at LUISS-Guido Carli University and member of the European Securities Markets Expert Group (ESME) at the European Commission; and Stefano Micossi is Director General of Assonime, Visiting Professor at the College of Europe in Bruges and Member of the CEPS Board of Directors.