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Parution : 12/2020
Editeur : Hart
ISBN : 978-1-5099-4062-2
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The Legal History of the European Banking Union

How European Law Led to the Supranational Integration of the Single Financial Market

Pedro Gustavo Teixeira

Présentation de l'éditeur

How was the Banking Union, the most advanced legal and institutional integration in the single market, created? How does European law impact European integration?

To answer these questions, this book provides a sweeping account of the evolution of European law. It identifies five integration periods of the single financial market, intertwined with the development of global finance, from its origins, through its expansion and crisis, to the Banking Union. Each period is defined by innovations to deepen integration, such as the single passport for financial services, soft governance and comitology, agencies, or a single rulebook. 

Providing a far-reaching explanation of the legal and institutional rationality of the European Banking Union, this book demonstrates that the Banking Union is not an accident of history or simply the product of the existential crisis of the Monetary Union. It has deep roots in the evolutionary process of European law and its drive towards supranational integration.




I. Purpose 
II. Explaining the Creation of the Banking Union 
III. Explaining Legal Change in European Integration 
IV. Overview 

1. Integration through Harmonisation (1973–1984) 

I. Introduction 
II. Origins 
III. Starting a European Financial Market 
IV. The Principle of Non-Discrimination and the Harmonisation of National Laws 
V. The Introduction of the Principle of Home-Country Control 
VI. The Introduction of Committees of National Authorities 
VII. The Limited Progress in Financial Integration 
VIII. Conclusion: The Beginnings of a 'Banking Union'

2. Integration through Competition (1985–1997) 

I. Introduction 
II. The Emerging Regulation of International Finance 
III. The Framework for Completing the Internal Market by 1992
IV. The Liberalisation of Capital Movements 
V. The Single Passport for Financial Services 
VI. The 'General Good' Exception 
VII. The Minimum Harmonisation of National Laws 
VIII. The Inclusion of National Authorities in the Single Passport Framework 
IX. The Success and Failure of 'Integration through Competition' 
X. Conclusion: The Perpetual Integration of the European Financial Market 

3. Integration through Governance (1998–2007)

I. Introduction 
II. The Governance Model of Regulation 
III. The Multilevel Governance of Global Finance 
IV. The Economic and Monetary Union 
V. The 1999 Financial Services Action Plan
VI. The Multilevel Governance of the European Financial Market: The 'Lamfalussy Framework' 
VII. The Expansion of Home-Country Control to Financial Services Groups 
VIII. Competition Policy in the Single Financial Market 
IX. Crisis Prevention in the Single Financial Market 
X. The Democratic Legitimacy of Governance Structures: Transparency and Accountability 
XI. The Consequences of 'Integration through Governance' 
XII. Conclusion: Creating the Conditions for a 'Banking Union' 

4. (Dis-)Integration through Crisis (2008–2012) 

I. Introduction 
II. The Financial Crisis Unfolds in Europe 
III. The Renationalisation of the Single Financial Market 
IV. The Global Responses to the Financial Crisis 
V. Rescuing the Single Financial Market 
VI. Replacing Committees with Agencies: The European Supervisory Authorities 
VII. Introducing Financial Stability into Integration: The European Systemic Risk Board 
VIII. From the Single Passport to the Single Rulebook 
IX. The Democratic Legitimacy of Financial Integration 
X. Conclusion: The Legal Causes and Consequences of the Financial Crisis 

5. Integration through Centralisation: The Banking Union (2013–… ) 

I. Introduction 
II. The Sovereign Debt Crisis in the Euro Area 
III. The Build-up to the Banking Union 
IV. 'Towards a Genuine Economic and Monetary Union' 
V. The First Pillar of the Banking Union: The Single Supervisory Mechanism 
VI. The Second Pillar of the Banking Union: The Single Resolution Mechanism 
VII. The Third Pillar of the Banking Union: A European Deposit Insurance Scheme 
VIII. The Democratic Legitimacy of the Banking Union 
IX. The Differentiation Process of the Banking Union 
X. Conclusion: The Completion of Legal Integration? 

6. Unlocking the Past and Future of the Banking Union 

I. Introduction 
II. Explaining the Creation of the Banking Union: The Endpoint of Supranational Integration through Law 
III. Explaining the Legal Change Leading to the Banking Union 
IV. Explaining the Acceleration of Integration Towards the Banking Union: The Spillover of the Monetary Union 
V. Uncovering the Parallel Evolution of Global Standard-Setting 
VI. Understanding the Democratic Legitimacy Problem 
VII. The End of the Legal History of the Single Market? Determining the Future of the Banking Union 
VIII. Conclusion: The Banking Union and European Integration

368 pages.  £75.00

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