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European Banking Union: democracy, technocracy and the state of integration

The European Banking Union’s institutional structure, democratic legitimacy and future outlook were discussed at a conference organised by the European Uni¬versity Institute on the 22 May 2015. The conference brought together lawyers, economists and...

This publication follows the 2015 Annual Conference. The following key thoughts are central to the book: 1. Despite its incomplete nature, the Banking Union represents a great achievement in terms of financial stability control, thus ensuring a more resilient euro area. 2. By contrast, the exact objective, scope and institutional capabilities of the Capital Markets Union remain a puzzle to many participants. 3. Risks of regulatory fragmentation arising between the European Union and the Euro Area are somewhat exaggerated, it was overall felt. The existence of European platforms such as the European System of Financial Supervision (ESFS) acts as a safeguard to the integrity of the single market.

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