The Contents and Timing of a European Banking Union: Reflections on the Differing Views
Although views differ on the precise contents and timing of a genuine banking union, there is wide political agreement in principle on the need for three basic and vital elements: European bank supervision, a European deposit guarantee scheme (DGS) and a European bank resolution mechanism. In this CEPS Essay, H. Onno Ruding offers his personal views on the progress achieved to date, the outstanding issues that will prove the most difficult to resolve and recommendations on the way forward.
Ajatuspajat talouspoliittisina vallankäyttäjinä eurokriisissä:
The potential power of think tanks is based on knowledge production. Various think tanks have used this potentiality to disseminate neoliberalism since the 1970s. This article explores if the think tanks of today follow this tradition by analyzing the views of the most influential economic policy think tanks in Brussels – Chatham House, Center for European Policy Studies and Bruegel – on the resolutions of the financial crisis and the eurozone crisis. The crises would have been an opportunity to question the neoliberal paradigm. After determining the definition of a think tank and its power, the article uses discourse analysis to identify the use of neoliberal nodal points in the texts of the three think tanks from years 2008 and 2012. The analysis reveals that the think tanks did not challenge the neoliberal paradigm. Instead, they reproduced the paradigm, but not in a one-sided manner. The think tanks’ biggest contradiction to the theory is their emphasis on surveillance, coordination, and regulation of economy. However, the think tanks adhere to the core neoliberalist concepts. Furthermore, the previous enforcement of neoliberalism has strengthened the state power as well. While the think tanks are more critical than expected, they participate in cementing neoliberalism. Especially as they frequently propose that the expansion of regulation should be conducted by new constitutionalist means. This article indicates that the most influential think tanks in Brussels still seek to disseminate the neoliberal doctrine that is at least suitable for ordoliberalism.
The Political Endgame for the Euro-Crisis
Summary Any complete solution to the euro crisis needs to be political. A strong Euro Commissioner with budgetary and banking powers is wanted. This policy brief sketches the democratic setting for such a Euro Minister of Finance. A technocratic solution will not do; an elected president of the European Commission and a two chamber parliament representing EU citizens and EU member states is crucial. This policy brief also discusses the implications of the British veto for the Internal Market on Financial Services.