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2015•RePEc: Research Papers in EconomicsOpen access

THE NEW ARCHITECTURE OF ECONOMIC GOVERNANCE IN THE EUROPEAN UNION

Coroiu Sorina Ioana

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Abstract

The economic crisis that began in 2007-2008 has highlighted the need for a stronger economic coordination at EU level, to ensure financial stability. The new architecture of economic governance in the European Union is based on Fiscal Pact, on Macroeconomic Imbalances Identification Mechanism, on European Stability Mechanism and on Banking Union. Since the banking system is the most significant component of the financial system, we will give more importance to the analysis of Banking Union, which is based on three pillars: The Single Supervisory Mechanism, The Single Resolution Mechanism and The Deposit Guarantee Schemes.

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The economic crisis that began in 2007-2008 has highlighted the need for a stronger economic coordination at EU level, to ensure financial stability. The new architecture of economic governance in the European Union is based on Fiscal Pact, on Macroeconomic Imbalances Identification Mechanism, on European Stability Mechanism and on Banking Union. Since the banking system is the most significant component of the financial system, we will give more importance to the analysis of Banking Union, which is based on three pillars: The Single Supervisory Mechanism, The Single Resolution Mechanism and The Deposit Guarantee Schemes.

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Available abstract

The economic crisis that began in 2007-2008 has highlighted the need for a stronger economic coordination at EU level, to ensure financial stability. The new architecture of economic governance in the European Union is based on Fiscal Pact, on Macroeconomic Imbalances Identification Mechanism, on European Stability Mechanism and on Banking Union. Since the banking system is the most significant component of the financial system, we will give more importance to the analysis of Banking Union, which is based on three pillars: The Single Supervisory Mechanism, The Single Resolution Mechanism and The Deposit Guarantee Schemes.

Key concepts: Banking union, Economic governance, European union, Corporate governance, Financial regulation, Mechanism (biology), Architecture, Stability and Growth Pact

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