European Banking Union: The unfinished agenda for a changing Europe

European Banking Union: The unfinished agenda for a changing Europe

Monday, 7 November 2016 - 5:00pm
Venue: 
Seminar Room, European Studies Centre, 70 Woodstock Road, Oxford OX2 6HR
Speaker(s): 
Christos Gortsos (Law School of the National and Kapodistrian University of Athens)
Chair: 
Adam Bennet (St Antony's College)
Convenor: 
Adam Bennett (St Antony’s College, Oxford); David Vines (Balliol College, Oxford)
Series: 
Political Economy of Financial Markets (PEFM)

Abstract
The presentation focuses on the establishment of the European Banking Union (‘EBU’), its incorporation into the system of EU monetary and financial institutions and law, its unfinished elements and the potential challenges arising from recent major political developments at pan-European level. It is structured in three (3) Sections:

(1) Section A contains a brief analysis of the two main pillars of the EBU in operation (SSM and SRM), their institutional structure (and shortcomings), their link to the internal market, as well as the asymmetries which have been alleviated and those that have been created by the EBU establishment.

(2) Section B is addressing the unfinished agenda, with an emphasis on:

  • the creation of a European Deposit Insurance Scheme (‘EDIS’) as the third main pillar,
  • the transformation of the Emergency Liquidity Assistance (‘ELA’) mechanism into the fourth pillar of the EBU,
  • the necessary regulatory enhancement in order to substantiate the breaking of the ‘vicious circle’ between banks and sovereigns (the ultimate goal of the EBU), and
  • the missing link between a genuine Economic Union and the EBU.

(3) Finally, Section 3 looks into the potential effects of “Brexit” on the EBU’s further development.    

Prof. Dr. Christos Gortsos is Professor of Public Economic Law at the Law School of the National and Kapodistrian University of Athens. He is also Visiting Professor at the European Institute of the University of Saarland (Germany) and Research Partner of the University Research Priority Program (URPP): Financial Market Regulation of the University of Zürich. In addition, he has teaching assignments at various other universities in Greece and abroad.

His studies in law, economics and finance were undertaken at the Universities of Athens, Zürich, Pennsylvania (Wharton Business School) and Geneva (Graduate Institute of International Studies), where he was awarded his PhD on International Banking Regulation (in 1996). The main fields of his research, teaching and publication activities are international, EU and (national) administrative monetary, banking and capital markets law, as well as law and economics (mainly institutional economic aspects).

Professor Gortsos is Chairman of the Board of Directors of the Hellenic branch of the International Law Association (ILA), Vice-President of the Faculty Board of the European Law and Governance School (ELGS) of the European Public Law Organisation (EPLO),  member of the Committee on International Monetary Law of the International Law Association (MOCOMILA) and Research Associate at the European Research Center for Economic and Financial Governance (EURO-CEFG, Leiden University, Delft University of Technology and Erasmus University Rotterdam).

Apart from his academic career, since July 2000 he is also the Secretary General of the Hellenic Bank Association.