Missing elements of a "federal EMU"

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Presentation for the international conference “The Future Prospects of Latvia Within the EU’s Development: Discussions on Federalism and Its Meaning in Society”, Riga, 1 November 2013.

Education Technology

Missing elements of a “federal EMU”
Marius Skuodis

Institute of International Relations and Political Science, Vilnius University
Presentation for the international conference “The Future Prospects of
Latvia Within the EU’s Development: Discussions on Federalism and Its
Meaning in Society”, Riga, 1 November 2013.

Outline
• Do we need a federal EU?
• The weakest component of “federal EMU”
reforms;
• A practical case: creating the banking union.

Find us @
www.tspmi.lt
facebook.com/TSPMI

The euro crisis: do we need a federal EU?
EU level causes

Uneven
Uneven
integration
integration

Ineffective
Ineffective
rules
rules

National level
causes

National
National
banking
banking
sector
sector

Insufficient
Insufficient
quality of
quality of
governance
governance

Type of reforms
Towards a
federal EU

Incremental
change

Find us @

www.tspmi.lt
facebook.com/TSPMI

The weakest component of “federal EMU”
reforms: political integration
Supranational
decision-making
Towards a
federal EU

Collective ownership and
responsibility
Find us @
www.tspmi.lt
facebook.com/TSPMI

Three pillars of the banking union

Single
Single
Supervisory
Supervisory
Mechanism
Mechanism

Single
Single
Resolution
Resolution
Mechanism
Mechanism

Single
Single
deposit
deposit
guarantee
guarantee
framework
framework

Single rulebook
Find us @
www.tspmi.lt
facebook.com/TSPMI

Redistributive policy before political
integration: towards an incomplete
federal framework?

SSM –
SSM –
November
November
2014
2014

SRM –
SRM –
recent
recent
proposal
proposal

?
?

Negotiations on the single rulebook
Find us @
www.tspmi.lt
facebook.com/TSPMI

Conclusions
• Debates on the need for bigger economic and

political integration vs. incremental institutional
improvements are not yet finished;
• The weakest component of “federal EMU”
reforms is how to increase collective ownership and
responsibility for supranational decision-making;
• The banking union indicates that reforms involving
redistribution cannot go before political
integration.
Find us @

www.tspmi.lt
facebook.com/TSPMI

Thank You!
Find us @
www.tspmi.lt
facebook.com/TSPMI
Twitter.com/TSPMI

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Missing elements of a "federal EMU"

1. Missing elements of a “federal EMU” Marius Skuodis Institute of International Relations and Political Science, Vilnius University Presentation for the international conference “The Future Prospects of Latvia Within the EU’s Development: Discussions on Federalism and Its Meaning in Society”, Riga, 1 November 2013.

2. Outline • Do we need a federal EU? • The weakest component of “federal EMU” reforms; • A practical case: creating the banking union. Find us @ www.tspmi.lt facebook.com/TSPMI

3. The euro crisis: do we need a federal EU? EU level causes Uneven Uneven integration integration Ineffective Ineffective rules rules National level causes National National banking banking sector sector Insufficient Insufficient quality of quality of governance governance Type of reforms Towards a federal EU Incremental change Find us @ www.tspmi.lt facebook.com/TSPMI

4. The weakest component of “federal EMU” reforms: political integration Supranational decision-making Towards a federal EU Collective ownership and responsibility Find us @ www.tspmi.lt facebook.com/TSPMI

5. Three pillars of the banking union Single Single Supervisory Supervisory Mechanism Mechanism Single Single Resolution Resolution Mechanism Mechanism Single Single deposit deposit guarantee guarantee framework framework Single rulebook Find us @ www.tspmi.lt facebook.com/TSPMI

6. Redistributive policy before political integration: towards an incomplete federal framework? SSM – SSM – November November 2014 2014 SRM – SRM – recent recent proposal proposal ? ? Negotiations on the single rulebook Find us @ www.tspmi.lt facebook.com/TSPMI

7. Conclusions • Debates on the need for bigger economic and political integration vs. incremental institutional improvements are not yet finished; • The weakest component of “federal EMU” reforms is how to increase collective ownership and responsibility for supranational decision-making; • The banking union indicates that reforms involving redistribution cannot go before political integration. Find us @ www.tspmi.lt facebook.com/TSPMI

8. Thank You! Find us @ www.tspmi.lt facebook.com/TSPMI Twitter.com/TSPMI

Missing elements of a "federal EMU"

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