The Evolution of the Banking Union in Response to the Economic Crisis, from Concept to Implementation Mechanisms
The Evolution of the Banking Union in Response to the Economic Crisis, from Concept to Implementation Mechanisms

Summary/Abstract: The European Union's response to the 2008 financial crisis was a complex one, based on a multitude of legislative and institutional measures. In this context, it was considered that from the point of view of the Union's institutional architecture, the responses to the effects of the crisis were insufficient. Moreover, the need to build a single market at a European level has increased. The main pillars of the Single Market are the Economic and Monetary Union and the Banking Union. The complex process of building the banking market is based on a set of regulations and instruments that have been adjusted over time according to the evolution and typology of risks and vulnerabilities that have emerged in the European banking sector. The instruments, developed mainly by the European authorities, respectively the European Banking Authority and the European Central Bank, laid the foundations both for the process of building the two Unions, and for the regulatory framework that governs them.

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