Banking Union — a stability-oriented macroeconomic or an efficiency-oriented microeconomic project

Bibliographic Data

ID12047858
AuthorsKlaus Tuori (0000-0001-7982-1191, University of Luxembourg, corresponding author)
Year2022
Volume45
Issue1
Pages43-58
Publication date2022-12-19
Open AccessYes
TypeARTICLE
VenueJournal of European Integration (JOURNAL)
Journal identifiersISSN: 0703-6337 • E-ISSN: 1477-2280
PublisherTaylor & Francis (PUBLISHER • GB)
DOI10.1080/07036337.2022.2158823
OpenAlexW4313407451
LanguageEN
Citations received3
References cited9

The article analyses the Banking Union from an economicconstitutional perspective. It argues that the areas covered by the Banking Union fall substantively mainly under the internal market area of EU law, where the microeconomic efficiency-based rationales and objectives are essential in legal assessments. In contrast, the euro area macroeconomic and stability-oriented rationales guided the decision on the Banking Union and the allocation of banking supervision to the ECB. The article claims that these different constitutional rationales, and the constitutional locus of the Banking Union, could have implications for the broader constitutional architecture and even for the EU legal order. Indeed, the microeconomic part of the EU economic-constitutional model suits legal approach to integration, but the macroeconomic rationales have a more problematic relation with law and courts. This could call for a resurgence of the internal market perspective in Banking Union going forward to remedy some of the constitutional concerns

Banking Union · Economic and monetary union · Economics · European union · International economics · Law and economics · Order (exchange · European Monetary and Fiscal Policies · Global Financial Crisis and Policies · Global Financial Regulation and Crises · Finance

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