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The IUP Journal of International Relations :
European Monetary Union’s Single Banking Supervision Mechanism: Another Brick in the Wall?
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The recent Brexit raised awareness about EU citizens’ frustration over the ‘democratic deficit’ and its dangerous potential implications for EU/EMU’s future. In the light of this new context, this paper tries to assess whether the EMU’s Single Banking Supervision Mechanism (SSM)—a major pillar of a Banking Union, which is part of a recent broader vision, aiming at the creation of economic, financial, fiscal and political unions in the EU by 2025—and the decision-making process leading to its establishment, enhance the democratic or the non-democratic aspects of EU/EMU regime.

 
 
 

Free movement of capital is one of the four basic freedoms envisioned by the Rome Treaty (1957).1 Nevertheless, its development was the slowest of the four and is still in process.

Aimed at enhancing free movement of capital, banking supervision at the EMU relied, for many years, on homeland supervision. It was compatible with the general EU spirit at that time, favoring coordination, cooperation and minimum harmonization of the markets over enhanced integration.2 Following the financial crisis, a Single Supervision Mechanism (SSM) replaced it.

 
 
 

International Relations Journal, EU People, European Monetary, Single Banking, Supervision Mechanism, Single Banking Supervision Mechanism (SSM), European Parliament (EP), EU Citizens, Wall?.