Porównanie Unii Bankowej z Unią Rynków Kapitałowych. Przyczynek do teorii hybrydowego pośrednictwa finansowego
Comparison of Banking Union and Capital Markets Union. An Attempt to the Theory of Public Governance

Summary/Abstract: Some observers see indicators that financial integration in Europe has failed. I see indicators that financial integration in Europe has go further. I look at banking union, capital markets union and fiscal union as three areas where further integration could be the way forward for Europe. The first area is public finances and fiscal union. This means that, for the foreseeable future, control of fiscal policy in Europe will remain at the national level. Deeper integration in public finances lies beyond the horizon. At this point in time, a fiscal union remains more of a vision than of a concrete step to be taken anytime soon. However, in another area, Europe has just taken a significant step toward deeper integration. On 4 November 2014, the European Central Bank assumed direct supervision of the largest banks in the euro area-thereby erecting the first pillar of European banking union. The second pillar of the banking union is a European resolution mechanism to deal with future bank failures. This mechanism will be in place from 2016 onward. If push comes to shove and a bank is not longer viable, shareholders and creditors will be first in line to bear banks’ losses, and taxpayers’ money will only be the very last resort. The third major step of financial integration in Europe is the EU-Commission proposal to establish a European capital market union. The European capital markets union has two objectives. The first objective is to increase the share of capital markets in the funding mix of the real economy. The second objective is to integrate capital markets more closely across borders.

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