European Monetary Union’s Single Banking Supervision Mechanism: Another Brick in the Wall?
The IUP Journal of International
Arts & Humanities
For delivery in electronic
format: Rs. 50;
For delivery through courier (within India): Rs.
50 + Rs. 25 for Shipping & Handling Charges
To download this Article click on the button below:
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
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?.