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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.

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Missing elements of a "federal EMU"

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

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