After decades of political and technical efforts to supranationalise prudential regulation at the EU level, a key step to bridge the gap between rule-making centralisation and its decentralised implementation has been the establishment of the Single Supervisory Mechanism (SSM). In spite of its major accomplishments, the SSM faces a key challenge: achieving supervisory consistency in essentially diversified euro area banking systems. This dissertation identifies the building blocks of supervisory consistency and the sources of diversity inherent in banking supervision; it also distinguishes internal from external dimensions of consistency, which correspond to national and banking diversities, respectively. Drawing on the qualitative analysis of official documents, speeches, public hearings, and interviews with national and supranational supervisors, banks, banks associations, and EU institutions, the research examines the relationships shaping the balance between consistency in integrated markets and diversity, by focusing on the SSM’s prudential and regulatory competences. It first traces and compares the evolution of supervisory governance through literature- and empirically-driven governance indicators and their conceptualisation. It then analyses the changing nature of the supervisory instruments beyond the hard-soft law dichotomy. The German and Italian cases are used to test the capacity of the supranational supervisor to accommodate diversity, and illustrate how different supervisory styles have emerged over time. This study argues that centralisation, methodological standardisation, and the development of non-binding policy documents are important for the achievement of consistent results. However, the effectiveness of supranational law and its enforcement by the European Central Bank involve fundamental trade-offs: a more limited local autonomy, institutional overlap, communication and transparency concerns from banks, and legitimacy issues arising from supervisory instruments, can compromise the system. Nonetheless, thanks to its resources and privileged Banking Union-wide position, the SSM is well-placed to strengthen sensitivity to diversity in order to manage the current transformation of traditional banking paradigms.

La tesi intende fornire un’analisi critica dello sviluppo dell’Unione Economica e Monetaria (UEM) alla luce della crisi del debito sovrano. A partire dal 2009 sono state progressivamente attuate diverse riforme che hanno limitato l’autonomia degli Stati Membri nell’esercizio delle loro prerogative sovrane ed hanno fornito alle istituzione europee nuovi poteri nell’ambito di diverse politiche. La ricerca investiga i trasferimenti di sovranità in corso dal livello nazionale a quello europeo focalizzandosi sulle trasformazioni sia dell’Unione Economica che di quella Monetaria. Nel primo capitolo la tesi analizza i carattere originali dell’UEM dalla sua creazione fino alla ratifica del trattato di Lisbona. Il secondo capitolo considera la creazione dei meccanismi di stabilizzazione introdotti per salvare i paesi a rischio default e garantire la stabilità finanziaria della zona euro nel suo complesso. Il terzo capitolo studia gli interventi della Banca Centrale Europea durante la crisi, analizzando in che modo la necessità di proteggere la moneta unica abbia sviluppato il ruolo della BCE ed esteso il suo mandato. Il quarto capitolo studia la riforma della governance economica tramite il rafforzamento della disciplina fiscale degli Stati Membri. Il quinto capitolo analizza la riforma della governance bancaria e la creazione dell’Unione Bancaria, che è stata finalmente introdotta per interrompere il circolo vizioso tra crisi del debito e crisi bancaria. Nello sviluppo della tesi le diverse riforme verranno analizzate dal punto di visto della loro legalità, efficacia e legittimità democratica. / The thesis aims to provide a critical analysis of the development of the Economic and Monetary Union (EMU) in the light of the sovereign debt crisis. Since 2009 a number of measures have been progressively implemented, which have limited the autonomy of Member States in exercising their sovereign prerogatives and have granted EU institutions new powers in key policy areas. The research will investigate the ongoing transfers of sovereignty from national to European level focusing on the transformation of both the Economic and the Monetary Union. In the first chapter, it will consider the original features of the EMU, from its introduction at the intergovernmental conference of Maastricht until the ratification of the Lisbon Treaty. The second chapter will focus on the creation of rescue and stabilization mechanisms put in place to save Member States from imminent default and to ensure the financial stability of the Eurozone as a whole. The third chapter will study the interventions of the European Central Bank during the crisis considering how the necessity to protect the single currency has developed its role and extended its mandate. The fourth chapter will focus on the reform of the economic governance through the fiscal discipline of Member States. The fifth chapter will take into consideration the reform of the banking governance and the establishment of the European Banking Union, which was finally introduced to stop the vicious cycle between the debt and banking crisis. By developing the thesis, the analysis will consider each reform from the point of view of its legality, effectiveness and democratic legitimacy.

2008 m. krizės laikotarpiu Europos Sąjungos šalių vadovai ir institucijos suprato, kad galiojanti indėlių draudimo sistema yra nėra efektyvi, todėl būtini jos pakeitimai. Siekiant sustabdyti ES šalių-narių nepagrįstas išlaidas, skolos naštą ir bankų neatsakingumą, buvo priimta (1994) indėlių draudimo sistemos direktyva, kuri buvo dar keletą kartų atnaujinta (2009 ir 2014), tačiau reikšmingų pokyčių finansinėje rinkoje neįvyko, nes išryškėjo ekonominiai ir kultūriniai ES šalių-narių skirtumai, menkinantys indėlininkų pasitikėjimą bankais ir pačia indėlių draudimo sistema. Tyrimo objektas – indėlių draudimo direktyvos sprendimų priėmimo procesas, ES institucijų direktyvos pakeitimai bei įgyvendinimo modeliai Europos Sąjungoje. Darbo tikslas – išanalizuoti indėlių draudimo direktyvos atsiradimo priežastis, tobulinimo eigą ir procesus, kurie daro įtaką finansiniam sektoriui bei atlikus modelių analizę įvardinti į ES institucijų tarpusavio barjerus. Darbo uždaviniai: a) apibrėžti Europos indėlių draudimo sampratą ir įvertinti jos įtaką bankų sąjungai; b) ištirti indėlių draudimo direktyvos sprendimų priėmimo procesą bei ES institucijų poveikį jam; c) apžvelgti Vokietijos įtaką indėlių draudimo direktyvos sprendimų priėmimo procese; d) atlikti indėlių draudimo modelių ir politinės galimybės juos priimti Europoje analizę. Darbe naudojami skirtingi tyrimo metodai: analitinis-aprašomasis ir lyginamasis bei dokumentų ir statistikos analizė, jų pagalba ištirtas ryšys tarp ES... [toliau žr. visą tekstą] / During the crisis in 2008, EU institutions and leaders of member states understood, that existing deposit insurance system is inefficient and that it required necessary changes. In order to prevent unreasonable expenditures of EU member states, burden of debt and irresponsibility of banks, the deposit insurance system directive was adopted in 1994; it had been renewed several times in 2009 and 2014, however no significant changes on financial market had happened. The main reason for that were the emerged economic and cultural differences between EU member states, which depreciated depositor’s trust in banks and deposit insurance system itself. The object of research: the decision making process of deposit insurance directive, changes to directive by EU institutions and execution models in European Union. The objective of the study: to analyze the reasons for emergence of deposit insurance directive, improvement steps and processes, that influence the financial sector; and to name mutual barriers between EU institution after analysis of models. Tasks of the study: a) to define the concept of European deposit insurance and evaluate its influence to banking union; b) to research the decision making process of deposit insurance directive and the impact EU institutions had on it; c) to review the impact Germany had on decision making process of deposit insurance directive; d) to analyze the models of deposit insurance and political abilities to adopt them in Europe. Various... [to full text]

European banking supervision has recently undergone major changes, through mere co-ordination of supervisory instruments, to the full integration of supervisory instruments in one centralized institution; European Central Bank (ECB). This master thesis deals with banking supervision instruments in the European Union while emphasises the instruments entrusted to the ECB under the second pillar of the banking union; the Single Supervisory Mechanism (SSM) and aims to analyse and evaluate their role in preventing potential financial crises. The establishment and development of a banking union is closely linked to the monetary union. Therefore, the first chapter deals with the development of monetary integration. The second chapter of this master thesis deals with the institutional arrangements for supervision at the European Union level, with an emphasis on the description of the organization and functioning of the ECB, which is at the forefront of the supervision of the banking sector within SSM. Other institutions, or rather agencies, of the European banking supervision are European Banking Authority (EBA) at the micro-prudential level and European Systemic Risk Board (ESRB) at the macro-prudential level. Conclusion of the second chapter is therefore devoted not only to the description of their...

The aim of the diploma thesis is to evaluate possible benefits and limits of The Czech Republic participation in the Banking Union. After the global financial crisis, Banking Union concept was undertaken as a response to decline of market confidence in the euro area banking systems. The Czech Republic is a country outside the euro area, therefore has an option to enter to the Banking Union by close cooperation agreement with the ECB. Historic development and structure of the Banking union is presented with the context of bank regulation genesis in European Union. After the theoretical part, thesis provides specific attributes of Czech financial markets and create a comparison of selected data among Czech Republic and European Union member states. Based on the detailed analysis of the relevant aspects, benefits and risks of the Banking union membership are provided.

In reaction on the financial crisis 2007-2009 was introduced by the European Union a concept of banking union that should prevent similar destabilization of financial markets and readjust supervisory and regulatory mechanisms to reality of the European banking sector. The aim of the master thesis was to assess the concept of banking union as a suitable reaction on current state of the financial sector. The thesis includes historical discourse on banking regulation with an emphasis on institutional framework and requirements on banks. It introduces individual pillars of banking union -- Single Supervisory Mechanism, Single Resolution Mechanism and Single-rule Book. The comparative analysis of selected indicators of each individual Eurozone banking sector proved significant disparities. Based on the proven heterogeneity of banking sectors and institutional shortcomings of the banking union the conclusion was reached, that operation of single supervision and regulation can lead to adverse effects either on banking markets or on economies of member states and therefore it is rendered as an unsuitable reaction on current developments of the European financial markets.

The aim of my thesis is to analyze the German economy and chart position of Germany in the European Union. Emphasis will be placed on the current economic position of Germany and changes caused by the global financial and debt crisis. The first chapter introduces the political system and assesses the socio-economic characteristics of the country. The second chapter describes the economic development of both East and West Germany after World War II. The success of the social market economy of West Germany is assessed, contrasting the development in East Germany that focused on heavy industry. The economic situation after the unification of Germany is analyzed in the third chapter by using macroeconomic indicators such as GDP, inflation, current account balance and unemployment. Further attention is paid to foreign trade and investment abroad by German and foreign investments in Germany. The second part of third chapter describes the global financial and subsequent debt crisis and its impact on the German economy. The last chapter deals with the position of Germany in the European Union and solving current problems in the Eurozone.

Supervisory competences of the European Central Bank within the system of Banking union Abstract The thesis theme "Supervisory competences of the European Central Bank" aims the goal of the thesis towards the exact explanation of the ECB's supervisory powers and to definition of the circumstances and the scope of the ECB's competences within the Framework of the Single supervisory mechanism . The thesis also sets a hypothesis to be confirmed that the performance of the supervisory powers has changed and strengthened the position of the ECB among the other EU institutions. The thesis is mapping all the elements of the setting of rules of the Single Supervisory mechanisms and the beginning of the Banking union in practice and follows the progress of the transformation of the supervisory powers up to nowadays view. The whole process is determined also by the CJEU who is co-creating the image of the functioning of the first pillar of the banking union. The thesis is split into several chapters that have a logical sequence. First of them is dedicated to the definition of the core legislature of the banking union and of monitoring the circumstances that has led to the foundation of the banking union. The second one is describing the inner structure of the banking union and also the legal basis of the banking...

The 2008-2009 global financial crisis, and the protracted European sovereign debt and banking crisis that followed, re-shaped the institutions that govern Europe’s financial system. Despite demands for comprehensive and integrated reform, patterns of regulatory change varied significantly across core elements of the financial system. Through case studies of the banking, securities, insurance and pensions sectors, this study documents the emergence of a patchwork of European financial regulatory institutions that entail new divisions in the responsibilities held by the European Commission, the European Central Bank (ECB), and domestic governments. Employing an historical institutional framework, the study finds that the distribution of financial regulatory authority between member states and the European Union preceding the onset of the 2008 global financial crisis was instrumental in shaping changes to EU regulatory institutions during and in the immediate aftermath of the crises. Sectoral variation in levels of regulatory integration among member states prior to the crises shaped state preferences and predisposed institutions to particular patterns of institutional change. Where high levels of regulatory integration existed before the crisis, EU institutions expanded through a process of institutional layering, gradually hardening enforcement mechanisms, extending regulation to new markets, and issuing more binding technical standards. This contrasts with the displacement in the locus of supervisory authority experienced in the creation of a European banking union in 2013, in which supervisory control over eurozone banks was transferred from domestic authorities to the ECB. Low-levels of regulatory integration are found to have been a necessary condition for this transformative change to occur, while the protracted eurozone sovereign debt crisis is found to have provided a period of heightened contingency during which the ECB was able to exert significant political agency at the European Council to effect the resulting shift. In explaining the emergence of a complex financial regulatory system in Europe after 2008, the study contributes to deeper understanding of the political processes that shape the evolution and integration of national and international institutions of economic governance in the early 21st century. / Political Science

The aim of the thesis on Supervision in banking industry is to define the nature of banking regulation and banking supervision, including the rationale for their existence and the analysis of their goals. Another task of this work is to explain the ways of functioning of the basic components of banking regulation and supervision encountered in countries with market economies. The work also highlights the different perspectives, as well as some shortcomings of selected issues and outlines possible solutions. Finally, the aim of the thesis is to critically evaluate selected arguments for and against implementation of the European concept of the Single Supervisory Mechanism, including the assessment of the appropriateness of the Banking Union as a whole. The work is divided into three main parts. The first part is theoretical in nature and focuses on fundamental bases of banking regulation and supervision, with emphasis on their nature, reasons, objectives and possibilities of institutional arrangements. The chapter is supplemented with a discussion of selected regulatory and supervisory authorities which operate internationally. The second part deal with the basic components of the system of bank regulation and supervision which are entry into banking sector, basic rules of banking activities,...