Banking and Fiscal Unions in the EU: What is More Relevant?
The article deals with financial system structures in the eurozone member states, linkages between banking sectors and fiscal solvency of states and EU initiatives towards improving frameworks to prevent and if necessary to deal with crises in the future. The global economic and financial crisis has...
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| Format: | Article |
| Language: | English |
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MGIMO University Press
2014-08-01
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| Series: | Vestnik MGIMO-Universiteta |
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| Online Access: | https://www.vestnik.mgimo.ru/jour/article/view/172 |
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| author | A. N. Tsibulina |
| author_facet | A. N. Tsibulina |
| author_sort | A. N. Tsibulina |
| collection | DOAJ |
| description | The article deals with financial system structures in the eurozone member states, linkages between banking sectors and fiscal solvency of states and EU initiatives towards improving frameworks to prevent and if necessary to deal with crises in the future. The global economic and financial crisis has revealed a close interrelation between banks problems and sovereigns in the EU. The instruments which were used by national governments in order to save systemically important banks forced the EU to revise approaches to bank supervision and establish new mechanisms for banks' restructuring. At the same time sovereign debt crises in a number of member-states, on the one hand, showed lack of an effective EU-wide system of control over a fiscal discipline and, on the other hand raised questions about lack of any system of fiscal transfers to countries hit by a negative shock. The New Banking and Fiscal unions have been designed to withshand those challenges. The author analyses problems which might be solved with the help of the new instruments established within theabove mentioned unions. At the same time far from all initiatives aimed at achieving greater fiscal consolidation might turn out to be effective when dealing with systemic problems in times of a crisis. |
| format | Article |
| id | doaj-art-d2cd9a921f4e4440aaef83c7ebecf2b9 |
| institution | Kabale University |
| issn | 2071-8160 2541-9099 |
| language | English |
| publishDate | 2014-08-01 |
| publisher | MGIMO University Press |
| record_format | Article |
| series | Vestnik MGIMO-Universiteta |
| spelling | doaj-art-d2cd9a921f4e4440aaef83c7ebecf2b92025-01-30T12:16:10ZengMGIMO University PressVestnik MGIMO-Universiteta2071-81602541-90992014-08-0104(37)15516110.24833/2071-8160-2014-4-37-155-161172Banking and Fiscal Unions in the EU: What is More Relevant?A. N. Tsibulina0Moscow State Institute of International Relations (University)The article deals with financial system structures in the eurozone member states, linkages between banking sectors and fiscal solvency of states and EU initiatives towards improving frameworks to prevent and if necessary to deal with crises in the future. The global economic and financial crisis has revealed a close interrelation between banks problems and sovereigns in the EU. The instruments which were used by national governments in order to save systemically important banks forced the EU to revise approaches to bank supervision and establish new mechanisms for banks' restructuring. At the same time sovereign debt crises in a number of member-states, on the one hand, showed lack of an effective EU-wide system of control over a fiscal discipline and, on the other hand raised questions about lack of any system of fiscal transfers to countries hit by a negative shock. The New Banking and Fiscal unions have been designed to withshand those challenges. The author analyses problems which might be solved with the help of the new instruments established within theabove mentioned unions. At the same time far from all initiatives aimed at achieving greater fiscal consolidation might turn out to be effective when dealing with systemic problems in times of a crisis.https://www.vestnik.mgimo.ru/jour/article/view/172european unioneconomic and monetary unioneuro areabanking unionfiscal unioneuropean integration |
| spellingShingle | A. N. Tsibulina Banking and Fiscal Unions in the EU: What is More Relevant? Vestnik MGIMO-Universiteta european union economic and monetary union euro area banking union fiscal union european integration |
| title | Banking and Fiscal Unions in the EU: What is More Relevant? |
| title_full | Banking and Fiscal Unions in the EU: What is More Relevant? |
| title_fullStr | Banking and Fiscal Unions in the EU: What is More Relevant? |
| title_full_unstemmed | Banking and Fiscal Unions in the EU: What is More Relevant? |
| title_short | Banking and Fiscal Unions in the EU: What is More Relevant? |
| title_sort | banking and fiscal unions in the eu what is more relevant |
| topic | european union economic and monetary union euro area banking union fiscal union european integration |
| url | https://www.vestnik.mgimo.ru/jour/article/view/172 |
| work_keys_str_mv | AT antsibulina bankingandfiscalunionsintheeuwhatismorerelevant |