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The Legal History of the European Banking Union Dr Pedro Gustavo Teixeira (European Central Bank, Germany Goethe University, Germany)

The Legal History of the European Banking Union By Dr Pedro Gustavo Teixeira (European Central Bank, Germany Goethe University, Germany)

The Legal History of the European Banking Union by Dr Pedro Gustavo Teixeira (European Central Bank, Germany Goethe University, Germany)


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The Legal History of the European Banking Union Summary

The Legal History of the European Banking Union: How European Law Led to the Supranational Integration of the Single Financial Market by Dr Pedro Gustavo Teixeira (European Central Bank, Germany Goethe University, Germany)

How was the Banking Union, the most advanced legal and institutional integration in the single market, created? How does European law impact European integration? To answer these questions, this book provides a sweeping account of the evolution of European law. It identifies five integration periods of the single financial market, intertwined with the development of global finance, from its origins, through its expansion and crisis, to the Banking Union. Each period is defined by innovations to deepen integration, such as the single passport for financial services, soft governance and comitology, agencies, or a single rulebook. Providing a far-reaching explanation of the legal and institutional rationality of the European Banking Union, this book demonstrates that the Banking Union is not an accident of history or simply the product of the existential crisis of the Monetary Union. It has deep roots in the evolutionary process of European law and its drive towards supranational integration.

About Dr Pedro Gustavo Teixeira (European Central Bank, Germany Goethe University, Germany)

Pedro Gustavo Teixeira is Director-General of the Directorate-General for Governance and Operations of the Single Supervisory Mechanism of the European Central Bank, Secretary of its Supervisory Board, and Lecturer at the Institute for Law and Finance of the Goethe University, Frankfurt am Main.

Table of Contents

Introduction I. Purpose II. Explaining the Creation of the Banking Union III. Explaining Legal Change in European Integration IV. Overview 1. Integration through Harmonisation (1973-1984) I. Introduction II. Origins III. Starting a European Financial Market IV. The Principle of Non-Discrimination and the Harmonisation of National Laws V. The Introduction of the Principle of Home-Country Control VI. The Introduction of Committees of National Authorities VII. The Limited Progress in Financial Integration VIII. Conclusion: The Beginnings of a 'Banking Union' 2. Integration through Competition (1985-1997) I. Introduction II. The Emerging Regulation of International Finance III. The Framework for Completing the Internal Market by 1992 IV. The Liberalisation of Capital Movements V. The Single Passport for Financial Services VI. The 'General Good' Exception VII. The Minimum Harmonisation of National Laws VIII. The Inclusion of National Authorities in the Single Passport Framework IX. The Success and Failure of 'Integration through Competition' X. Conclusion: The Perpetual Integration of the European Financial Market 3. Integration through Governance (1998-2007) I. Introduction II. The Governance Model of Regulation III. The Multilevel Governance of Global Finance IV. The Economic and Monetary Union V. The 1999 Financial Services Action Plan VI. The Multilevel Governance of the European Financial Market: The 'Lamfalussy Framework' VII. The Expansion of Home-Country Control to Financial Services Groups VIII. Competition Policy in the Single Financial Market IX. Crisis Prevention in the Single Financial Market X. The Democratic Legitimacy of Governance Structures: Transparency and Accountability XI. The Consequences of 'Integration through Governance' XII. Conclusion: Creating the Conditions for a 'Banking Union' 4. (Dis-)Integration through Crisis (2008-2012) I. Introduction II. The Financial Crisis Unfolds in Europe III. The Renationalisation of the Single Financial Market IV. The Global Responses to the Financial Crisis V. Rescuing the Single Financial Market VI. Replacing Committees with Agencies: The European Supervisory Authorities VII. Introducing Financial Stability into Integration: The European Systemic Risk Board VIII. From the Single Passport to the Single Rulebook IX. The Democratic Legitimacy of Financial Integration X. Conclusion: The Legal Causes and Consequences of the Financial Crisis 5. Integration through Centralisation: The Banking Union (2013-... ) I. Introduction II. The Sovereign Debt Crisis in the Euro Area III. The Build-up to the Banking Union IV. 'Towards a Genuine Economic and Monetary Union' V. The First Pillar of the Banking Union: The Single Supervisory Mechanism VI. The Second Pillar of the Banking Union: The Single Resolution Mechanism VII. The Third Pillar of the Banking Union: A European Deposit Insurance Scheme VIII. The Democratic Legitimacy of the Banking Union IX. The Differentiation Process of the Banking Union X. Conclusion: The Completion of Legal Integration? 6. Unlocking the Past and Future of the Banking Union I. Introduction II. Explaining the Creation of the Banking Union: The Endpoint of Supranational Integration through Law III. Explaining the Legal Change Leading to the Banking Union IV. Explaining the Acceleration of Integration Towards the Banking Union: The Spillover of the Monetary Union V. Uncovering the Parallel Evolution of Global Standard-Setting VI. Understanding the Democratic Legitimacy Problem VII. The End of the Legal History of the Single Market? Determining the Future of the Banking Union VIII. Conclusion: The Banking Union and European Integration

Additional information

NLS9781509942596
9781509942596
1509942599
The Legal History of the European Banking Union: How European Law Led to the Supranational Integration of the Single Financial Market by Dr Pedro Gustavo Teixeira (European Central Bank, Germany Goethe University, Germany)
New
Paperback
Bloomsbury Publishing PLC
2022-07-28
288
N/A
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