The Three Pillars Of The European Banking Union: An Evolutionary Road
The European Banking Union is the last institutional response to the financial crisis, enhancing integration and stability in the EU. Under an historical perspective, the paper explores the European unification process, from the Great Depression to the recent systemic turmoil. From an administrative law standpoint, each of the fundamental pillars of the EBU is examined: the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM) and the Deposit Guarantee Schemes (DGS). The outcome of this analysis is that the new architecture for banking supervision, resolution and financial backstop may be too complex to ensure the effective and consistent functioning of the single banking market.