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Two proposals to resurrect the Banking Union: The Safe Portfolio Approach and SRB+


Markus K Brunnermeier, Sam Langfield, Marco Pagano, Ricardo Reis, Stijn Van Nieuwerburgh, Dimitri Vayanos
A few days ago, the Eurogroup agreed to a reform of the European Stability Mechanism (ESM) and to accelerate the establishment of the ESM as backstop to the Single Resolution Fund. This is excellent news for Europe, as these reforms are essential to ensure a credible crisis management framework, particularly given the enormous economic impact of the Covid-19 pandemic and the likelihood of a banking crises once the unprecedented support measures are withdrawn. 
But these measures are not sufficient. The Banking Union is incomplete – its second ‘pillar (resolution) does not really work, and the third ‘pillar’ (deposit insurance) does not exist. As a result, the banking market is more fragmented now than at the inception of the Banking Union. Mergers only seem to happen within member states, and home and host regulators continue to fight to ensure sufficient ca ....

United States , Olaf Scholz , Esbies Brunnermeier , S Van Nieuwerburgh , German Council Of Economic Experts , Monetary Union , Banking Union , International Settlements , Single Resolution Fund , Euronomics Group , International Conference , Bank Recovery , European Stability Mechanism , Single Resolution , Safe Portfolio , Single Resolution Board , Safe Portfolio Approach , German Council , Economic Experts , German Finance Minister Olaf Scholz , European Parliament , European Safe , Enhanced Systemic Risk Board , Resolution Directive , Single Resolution Mechanism Regulation , Paper Series ,