The Challenges of the EU Banking Union - will it succeed in dealing with the next financial crisis? Bruges European Economic Policy Briefings 36/2015

The EU Banking Union combines micro- and macro-prudential regulation. It aims at breaking the “doom loop” between banks and sovereign debt, promoting financial stability and mitigating the next financial shock to the real EU economy, at the lowest possible cost to the financial institutions and to the taxpayers. Success, or failure, is determined by how the banking union copes with the challenges to its two main pillars, the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). Under the SSM, in its new supervisory role, the ECB may be subject to conflicts between the objectives of price and financial stability, and the single-supervisor role may be sub-optimal. Two regulators might have been preferable and more focus on ECB accountability will now be required. The shock-absorbing Single Resolution Fund (SRF), which is part of the SRM, may not have the capacity to deal with a crisis of the size of the one of 2008. Especially as the nature and severity of a future financial crisis cannot be forecasted. The design of the banking union is not the result of theoretical studies, but a political compromise to deal with an acute crisis. The theoretical studies that are included in this paper are not supportive of the banking union in its current form. Nevertheless, there is a good chance that the EU Banking Union may succeed, as ECB supervision of the 123 systemically important banks should contain potential demands on the SRM. In the event of a crisis that is too severe for the banking union to absorb with its current capability, the crucial assumption is that there is political will to rapidly provide new resources. The same applies, if a major financial crisis develops before the banking union is fully operational.

The Challenges of the EU Banking Union - will it succeed in dealing with the next financial crisis? Bruges European Economic Policy (BEEP) Briefings 36/2015

The EU Banking Union combines micro- and macro-prudential regulation. It aims at breaking the “doom loop” between banks and sovereign debt, promoting financial stability and mitigating the next financial shock to the real EU economy, at the lowest possible cost to the financial institutions and to the taxpayers. Success, or failure, is determined by how the banking union copes with the challenges to its two main pillars, the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). Under the SSM, in its new supervisory role, the ECB may be subject to conflicts between the objectives of price and financial stability, and the single-supervisor role may be sub-optimal. Two regulators might have been preferable and more focus on ECB accountability will now be required. The shock-absorbing Single Resolution Fund (SRF), which is part of the SRM, may not have the capacity to deal with a crisis of the size of the one of 2008. Especially as the nature and severity of a future financial crisis cannot be forecasted. The design of the banking union is not the result of theoretical studies, but a political compromise to deal with an acute crisis. The theoretical studies that are included in this paper are not supportive of the banking union in its current form. Nevertheless, there is a good chance that the EU Banking Union may succeed, as ECB supervision of the 123 systemically important banks should contain potential demands on the SRM. In the event of a crisis that is too severe for the banking union to absorb with its current capability, the crucial assumption is that there is political will to rapidly provide new resources. The same applies, if a major financial crisis develops before the banking union is fully operational.

Brexit and climate policy: Political choices will determine the future of EU-UK cooperation. CEPS Commentary, 15 July 2016

Ever since the electorate of the United Kingdom voted to leave the European Union on June 23rd, there has been much discussion and speculation over what the decision implies for climate policy in the EU. This commentary looks at what may happen and the possible implications at various levels: globally at the level of the United Nations, the EU level and the implications for the UK.

Transportation contingency plans for future gas shortages will not meet commuter needs. Comptroller General's report to the Congress of the United States.

Mode of access: Internet.

Questions and answers on health insurance for the aged. Medical and related aspects of the new program and how it will operate.

Cover title.

The Charles Butler collections : Catalogue of the collection of coins and medals formed by the late Charles Butler, esq., comprising ancient Greek coins in gold and silver...Roman Republican and Imperial coins...English coins in gold, silver and bronze, foreign coins, etc., which will be sold by auction by messrs. Sotheby, Wilkinson & Hodge at their house...Monday 3rd July, 1911.

Mode of access: Internet.

Catalogue of the very select and valuable library of William Roscoe, Esq. : which will be sold by auction by Mr. Winstanley at his rooms in Marble Street, Liverpool, on Monday the 19th of August, and thirteen following days (Sundays excepted) : the sale to begin at eleven o'clock precisely.

Includes index of 15th century printers.

The law of charitable uses : argument of Wm. Curtis Noyes, before the Court of Appeals of the State of New York, in the case of Beekman, administrator, &c., against the people, &c., and others, in behalf of Thomas Beekman, one of the respondents, with an appendix containing the will.

W. Barthrop's will and codicils: p. 93-102.