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The results of the European Central Bank’s European stress tests are set to be released on 26 October 2014 – revealing for the first time the true health of Europe’s most significant financial institutions before the ECB takes over supervision of euro area banks on 4 November 2014. On the eve of this momentous event, this IIEA publication analyses the Banking Union: Europe’s response to the last banking crisis and a bulwark against future ones.
In this timely report, Pat McArdle, Chair of the IIEA’s Economists Group and Banking Union Group, describes the genesis of the Banking Union proposals in the context of the 2008 financial crisis; examines the progress made on Europe’s system of pan-euro area bank supervision and resolution; and assesses the prospects of the Banking Union as it stands.
The IIEA is grateful to Bank of Ireland, AIB, Ulster Bank, KPMG and Deloitte, whose support made this report possible.