SOME REMARKS ON THE FUNCTIONING AND THE FUTURE PROSPECTS OF THE EUROPEAN BANKING UNION

Abstract

The writing of the current article serves a two-fold purpose: firstly, to briefly introduce the history and the institutional framework of the European Banking Union  created within the new supervisory framework of the Economic and Monetary Union and to evaluate its functioning based on the reports of various EU institutions – e.g. the European Court of Auditors and the European Central Bank  – and the case-law of the Court of Justice of the European Union . Secondly, to introduce the future prospects and possible policy options for the further development of the EMU. In doing so, the author introduces both pro and contra arguments in order to facilitate the drawing of thorough conclusions.