Skip to main content Skip to main navigation menu Skip to site footer
  • Register
  • Login
  • Menu
  • Home
  • Journal Information
  • Current
  • Archives
  • Editorial Team
  • Fees
  • Ethics and Policies
  • Submission
  • Register
  • Login

Ekonomia i Prawo. Economics and Law

BANKING UNION AS AN INSTITUTIONAL RESPONSE OF THE EUROPEAN UNION TO THE FINANCIAL CRISIS 2008–2009
  • Home
  • /
  • BANKING UNION AS AN INSTITUTIONAL RESPONSE OF THE EUROPEAN UNION TO THE FINANCIAL CRISIS 2008–2009
  1. Home /
  2. Archives /
  3. Vol. 15 No. 2 (2016) /
  4. Articles

BANKING UNION AS AN INSTITUTIONAL RESPONSE OF THE EUROPEAN UNION TO THE FINANCIAL CRISIS 2008–2009

Authors

  • Jarosław Bełdowski Warsaw School of Economics
  • Agnieszka Słomka-Gołębiowska Warsaw School of Economics

DOI:

https://doi.org/10.12775/EiP.2016.009

Keywords

financial crisis, Banking Union, institutional change

Abstract

The Banking Union, which formally commenced its operations on 4th November 2014, is an institutional response of the European Union to the financial crisis of 2008–2009. From the institutional economics perspective it has been a breakthrough comparable to the decision on the establishment of economic and monetary union. The aim of the paper is to analyze some institutional change related to the process of integration of banking sector in the euro zone countries within the architecture of the Banking Union. The focus of the analysis is on the fit between existing institutions, to a large extent formal one meaning legal framework to a newly introduced regulations. We employ a descriptive analysis which is frequently used as the method within new institutional economics. Through scrutiny of institutional development we come to the conclusion that the banking union is not well-designed institutional scheme for potential crisis ahead. In particular, we argue about potential weaknesses of the process due to the adjustment of new framework to the existing institutional conditions. The major risks come from complexity of previous institutional settings and replaying them with the new harmonized set of regulation that are accompanied this diversity of informal institutions in different Member States as well as not harmonized set of sanction system. However, we envisage that such changes are necessary in order to avoid externalities caused by complicated and overlapping institutional design of the Banking Union.

References

Bełdowski, J. Prokop D., Koncepcja resolution regime w Unii Europejskiej i w Polsce, “Bezpieczny Bank”, No. 2(44)/2011.

Darvas Z., Wolff G., Should non-euro area countries join the single supervisory mech-anism?, “Danube”, Vol. 4, No. 2/2013, http://dx.doi.org/10.2478/danb-2013-0007.

European Commission, http://europa.eu/rapid/press-release_MEMO-15-6153_en.htm?locale=en (22.04.2016).

European Court Of Auditors, Special Report European banking supervision taking shape — EBA and its changing context, Luxembourg 2014.

Ferrarini G., Single Supervision and the Governance of Banking Markets, ECGI Work-ing Paper, No. 294/2015, http://dx.doi.org/10.2139/ssrn.2604074.

North D., Institutions, Institutional change and economic performance, Cambridge University Press, Cambridge 1990.

SNL Financial, http://www.snl.com (22.04.2016).

Wymeersch E., The single supervisory mechanism or “SSM”, part one of the Banking Union, National Bank of Belgium Working Paper, No.255/2014.

Ekonomia i Prawo. Economics and Law

Downloads

  • PDF

Published

2016-04-25

How to Cite

1.
BEŁDOWSKI, Jarosław and SŁOMKA-GOŁĘBIOWSKA, Agnieszka. BANKING UNION AS AN INSTITUTIONAL RESPONSE OF THE EUROPEAN UNION TO THE FINANCIAL CRISIS 2008–2009. Ekonomia i Prawo. Economics and Law. Online. 25 April 2016. Vol. 15, no. 2, pp. 153-165. [Accessed 5 July 2025]. DOI 10.12775/EiP.2016.009.
  • ISO 690
  • ACM
  • ACS
  • APA
  • ABNT
  • Chicago
  • Harvard
  • IEEE
  • MLA
  • Turabian
  • Vancouver
Download Citation
  • Endnote/Zotero/Mendeley (RIS)
  • BibTeX

Issue

Vol. 15 No. 2 (2016)

Section

Articles

Stats

Number of views and downloads: 531
Number of citations: 0

Search

Search

Browse

  • Browse Author Index
  • Issue archive

Information

  • For Readers
  • For Authors
  • For Librarians

User

User

Contact

Principal Contact
Piotr Wiśniewski
psw@umk.pl
Support Contact
Grzegorz Kopcewicz
Phone (56) 611 26 93
greg@umk.pl

cross_check

The journal content is indexed in CrossCheck, the CrossRef initiative to prevent scholarly and professional plagiarism

Up

Akademicka Platforma Czasopism

Najlepsze czasopisma naukowe i akademickie w jednym miejscu

apcz.umk.pl

Partners

  • Akademia Ignatianum w Krakowie
  • Akademickie Towarzystwo Andragogiczne
  • Fundacja Copernicus na rzecz Rozwoju Badań Naukowych
  • Instytut Historii im. Tadeusza Manteuffla Polskiej Akademii Nauk
  • Instytut Kultur Śródziemnomorskich i Orientalnych PAN
  • Instytut Tomistyczny
  • Karmelitański Instytut Duchowości w Krakowie
  • Ministerstwo Kultury i Dziedzictwa Narodowego
  • Państwowa Akademia Nauk Stosowanych w Krośnie
  • Państwowa Akademia Nauk Stosowanych we Włocławku
  • Państwowa Wyższa Szkoła Zawodowa im. Stanisława Pigonia w Krośnie
  • Polska Fundacja Przemysłu Kosmicznego
  • Polskie Towarzystwo Ekonomiczne
  • Polskie Towarzystwo Ludoznawcze
  • Towarzystwo Miłośników Torunia
  • Towarzystwo Naukowe w Toruniu
  • Uniwersytet im. Adama Mickiewicza w Poznaniu
  • Uniwersytet Komisji Edukacji Narodowej w Krakowie
  • Uniwersytet Mikołaja Kopernika
  • Uniwersytet w Białymstoku
  • Uniwersytet Warszawski
  • Wojewódzka Biblioteka Publiczna - Książnica Kopernikańska
  • Wyższe Seminarium Duchowne w Pelplinie / Wydawnictwo Diecezjalne „Bernardinum" w Pelplinie
Ekonomia i Prawo. Economics and Law
Katedra Ekonomii 
Wydział Nauk Ekonomicznych i Zarządzania 
Uniwersytet Mikołaja Kopernika w Toruniu 
ul. Gagarina 13A 
87-100 Toruń

Principal Contact

Piotr Wiśniewski
psw@umk.pl

Support Contact

Grzegorz Kopcewicz
Phone (56) 611 26 93
greg@umk.pl

© 2021- Nicolaus Copernicus University Accessibility statement Shop