Abstract
The Banking Union increased bank capital requirements and tightened crisis response policy instruments, favoring bank resolutions or liquidations, while hindering bank bailouts. The ECB has gained new powers as the Eurozone's main supervisory authority and as the leading 'resolution or liquidation' authority. The new framework has led to the multiplication of triggers for the application of resolution or liquidation measures. As a result, the Banking Union has had significant fiscal costs and large redistributive effects. Further, it has weakened financial stability and the 'irreversibility of the euro'.
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