Includes bibliographical references and index.

Introduction -- I. Purpose -- II. Explaining the Creation of the Banking Union -- III. Explaining Legal Change in European Integration -- IV. Overview -- 1. Integration through Harmonisation (1973-1984) -- I. Introduction -- II. Origins -- III. Starting a European Financial Market -- IV. The Principle of Non-Discrimination and the Harmonisation of National Laws -- V. The Introduction of the Principle of Home-Country Control -- VI. The Introduction of Committees of National Authorities -- VII. The Limited Progress in Financial Integration -- VIII. Conclusion: The Beginnings of a 'Banking Union' -- 2. Integration through Competition (1985-1997) -- I. Introduction -- II. The Emerging Regulation of International Finance -- III. The Framework for Completing the Internal Market by 1992 -- IV. The Liberalisation of Capital Movements -- V. The Single Passport for Financial Services -- VI. The 'General Good' Exception -- VII. The Minimum Harmonisation of National Laws -- VIII. The Inclusion of National Authorities in the Single Passport Framework -- IX. The Success and Failure of 'Integration through Competition' -- X. Conclusion: The Perpetual Integration of the European Financial Market -- 3. Integration through Governance (1998-2007) -- I. Introduction -- II. The Governance Model of Regulation -- III. The Multilevel Governance of Global Finance -- IV. The Economic and Monetary Union -- V. The 1999 Financial Services Action Plan -- VI. The Multilevel Governance of the European Financial Market: The 'Lamfalussy Framework' -- VII. The Expansion of Home-Country Control to Financial Services Groups -- VIII. Competition Policy in the Single Financial Market -- IX. Crisis Prevention in the Single Financial Market -- X. The Democratic Legitimacy of Governance Structures: Transparency and Accountability -- XI. The Consequences of 'Integration through Governance' -- XII. Conclusion: Creating the Conditions for a 'Banking Union' -- 4. (Dis-)Integration through Crisis (2008-2012) -- I. Introduction.

II. The Financial Crisis Unfolds in Europe -- III. The Renationalisation of the Single Financial Market -- IV. The Global Responses to the Financial Crisis -- V. Rescuing the Single Financial Market -- VI. Replacing Committees with Agencies: The European Supervisory Authorities -- VII. Introducing Financial Stability into Integration: The European Systemic Risk Board -- VIII. From the Single Passport to the Single Rulebook -- IX. The Democratic Legitimacy of Financial Integration -- X. Conclusion: The Legal Causes and Consequences of the Financial Crisis -- 5. Integration through Centralisation: The Banking Union (2013-... ) -- I. Introduction -- II. The Sovereign Debt Crisis in the Euro Area -- III. The Build-up to the Banking Union -- IV. 'Towards a Genuine Economic and Monetary Union' -- V. The First Pillar of the Banking Union: The Single Supervisory Mechanism -- VI. The Second Pillar of the Banking Union: The Single Resolution Mechanism -- VII. The Third Pillar of the Banking Union: A European Deposit Insurance Scheme -- VIII. The Democratic Legitimacy of the Banking Union -- IX. The Differentiation Process of the Banking Union -- X. Conclusion: The Completion of Legal Integration? -- 6. Unlocking the Past and Future of the Banking Union -- I. Introduction -- II. Explaining the Creation of the Banking Union: The Endpoint of Supranational Integration through Law -- III. Explaining the Legal Change Leading to the Banking Union -- IV. Explaining the Acceleration of Integration Towards the Banking Union: The Spillover of the Monetary Union -- V. Uncovering the Parallel Evolution of Global Standard-Setting -- VI. Understanding the Democratic Legitimacy Problem -- VII. The End of the Legal History of the Single Market? Determining the Future of the Banking Union -- VIII. Conclusion: The Banking Union and European Integration.

Abstract freely available; full-text restricted to individual document purchasers.

How was the Banking Union, the most advanced legal and institutional integration in the single market, created? How does European law impact European integration? To answer these questions, this book provides a sweeping account of the evolution of European law. It identifies five integration periods of the single financial market, intertwined with the development of global finance, from its origins, through its expansion and crisis, to the Banking Union. Each period is defined by innovations to deepen integration, such as the single passport for financial services, soft governance and comitology, agencies, or a single rulebook. Providing a far-reaching explanation of the legal and institutional rationality of the European Banking Union, this book demonstrates that the Banking Union is not an accident of history or simply the product of the existential crisis of the Monetary Union. It has deep roots in the evolutionary process of European law and its drive towards supranational integration. -- Introduction -- 1. Integration through Harmonisation (1973-1984) -- 2. Integration through Competition (1985-1997) -- 3. Integration through Governance (1998-2007) -- 4. (Dis-)Integration through Crisis (2008-2012) -- 5. Integration through Centralisation: The Banking Union (2013-... ) -- 6. Unlocking the Past and Future of the Banking Union. Published version of EUI PhD thesis, 2019.

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