TY - JOUR
TI - The Single Resolution Mechanism of the European Banking Union: its structure and functioning
AU - Junevièius, Algis
AU - Puidokas, Mindaugas
TI - The Single Resolution Mechanism of the European Banking Union: its structure and functioning
AB - 
	The recent financial crisis showed that the institutions of the European Union (EU) and its member states are poorly prepared for solving current problems of banks, which are experiencing financial difficulties in European markets. In order to be able to further provide services for citizens and companies, member states’ governments had to support banks with public finances and provide guarantees on an unprecedented scale. It did help to avoid a collapse of banks and a disturbance of the economy, but only by putting the burden on taxpayers and thereby causing deterioration in public finances. An agreement about the right course of action in the face of these difficulties experienced by cross-national banks has not been reached either. The major situation changer should be the European Banking Union (EBU), also called the Integrated Financial System, which is in the process of being created. The foundations for it have been laid during Lithuanian presidency of the Council of the EU in the second half of 2013. For Lithuania and all other EU member states, joining the banking union will mean handing over important national state powers to the European Union institutions.
VL - 2014
IS - Volume 33
PY - 2015
SN - 2300-6102
C1 - 2353-9496
SP - 77
EP - 88
DO - 10.4467/23539496IB.13.005.2390
UR - https://ejournals.eu/en/journal/ibage/article/struktura-i-funkcjonowanie-jednolitego-mechanizmu-restrukturyzacji-i-uporzadkowanej-likwidacji-w-europejskiej-unii-bankowej
KW - European Banking Union
KW - Single Supervisory Mechanism
KW - Single Resolution Mechanism
KW - Single Bank Resolution Fund
KW - Single Resolution Board