Bankenunion: Teil einer finanz- und fiskalpolitischen Strategie für Europa?

Abstract

This article argues that Europe's fiscal policy institutions and Europe's financial regulation should be designed consistently. The article discusses ways to make the European no bail out rules more credible. One way of achieving this is to facilitate the restructuring or recapitalization of banks. This in turn is made easier through the availability of central public funds of appropriate size. The article also discusses ways to improve European sanctioning mechanisms and constitutional rules for fiscal policy choices.