The case of the ECB and the Banking Union
The Transnational Institute (TNI) and Corporate Europe Observatory (CEO) are taking the initiative to organise this Public Debate in response to the unprecedented series of Directives and legislation which are fundamentally restructuring economic and political governance in the EU.
In view of the strong contestation and resistance to these policies, we believe it is important to unpack the full implications of these proposals and highlight in the public arena this imposition of authoritarian neoliberalism of the EU. This debate will address the current developments, in particular the development of a banking union.
The main proposals and policies to date have been the bail-out of financial institutions and the application of far-reaching austerity policies which are grinding the economy to a halt in several EU member states. This approach is being pushed through with a series of new Directives and legislation that is shaping a new EU governance architecture. In addition, these policies have not quelled economic and financial instability as we have recently seen in the developments in Cyprus.
The current proposal of the EU to overcome this situation is the construction of a “Genuine Economic and Monetary Union” - the main components of which are the creation of a Banking Union, "contracts" on economic policy, and ultimately a Fiscal Union. This agenda demands substantive transfers of sovereignty from member states to the EU and will require changes to the Treaty.
We hope you can join us in this Public Debate.
- Mr. Maarten Verwey Deputy Director ECFIN
- Mr. Kenneth Haar (Corporate European Observatory)
- Mr. John Grahl ((Euromemoranduum and Middlesex University, UK).
Important questions to be addressed in the public debate
- What are the key components of the proposed strengthening of the Economic and Monetary Union? Will these effectively address the continuing and deepening crisis?
- What are the implications for EU member states of ceding these competencies to the European Union?
- What are the implications for the European financial institutions? Will the adopted regulation of banks suffice to avert new financial breakdowns?
- Is the new power of the ECB following the banking union accompanied by stronger transparency and democratic control?
- What alternative proposals are emerging from social movements and critical economists?
Interpretation will be provided in English and French and panelists will be available for interviews at the end of the debate.
To confirm your registration and receive more information, please contact: firstname.lastname@example.org