An incomplete step toward a banking union. CEPS Commentary, 5 July 2012

In this Commentary, Daniel Gros applauds the decision taken by Europe’s leaders at the eurozone summit at the end of June to transfer responsibility for banking supervision in the eurozone to the European Central Bank. It represents explicit recognition of the important fact that problems might originate at the national level, but, owing to monetary union, they can quickly threaten the stability of the entire eurozone banking system. In his view, the next small, incremental step, although one not yet officially acknowledged, will necessarily be the creation of a common bank rescue fund.

The Bank Resolution Compromise: Incomplete, but workable? CEPS Commentary, 19 December 2013

Calling the Single Resolution Mechanism an “inelegant step in the right direction”, this Commentary singles out the Single Resolution Fund, with its considerable mutualisation of risk, as the key advance – but one that will require changes over time in the extremely complex decision-making mechanisms agreed.

Elements of a complex but still incomplete puzzle: an assessment of the EU(-Turkey) summit. CEPS Post-Summit Analysis, 21 March 2016

The March 2016 EU Summit was yet another attempt to make progress on managing the EU’s migration/refugee crisis. In this post-summit analysis, Janis A. Emmanouilidis argues that the EU-Turkey deal, which foresees a return of migrants from Greece to Turkey and a direct resettlement of Syrians from Turkey to the EU on the grounds of a ‘1-for-1’ scheme, is a key and necessary element in a very complex puzzle trying to stop ‘irregular routes’ of migration. The ultimate success of this agreement is by no means certain, but it has the chance to reduce the number of people arriving at the shores of Europe. However, this would neither settle the crisis nor will it provide an adequate response to those in need of international protection. The ‘humanitarian imperative’ requires that the EU-Turkey deal is complemented by a much more ambitious direct resettlement scheme and other long-term measures as part of a comprehensive plan aiming to balance ‘solidarity and security’ in an effort to sustainably overcome the crisis.