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Should Denmark and Sweden Join the Banking Union?
Journal of Financial Regulation Pub Date : 2020-08-05 , DOI: 10.1093/jfr/fjaa005
Svend E Hougaard Jensen , Dirk Schoenmaker

Abstract
An important policy discussion on joining the banking union is currently taking place in Denmark and Sweden. In this article we review the pros and cons of joining. The main rationale for joining the banking union is the importance of cross-border banking in the EU internal market. Reviewing the banking systems, we find that banks in Denmark and Sweden have the same cross-border characteristics as those in the euro area countries, suggesting a similar rationale for joining the banking union. Moreover, both countries have large banks which may be too big to save at country level, but not at the banking union level. Nevertheless, there are some governance concerns. While euro area countries have an automatic and full say in all banking union arrangements, the non-euro area countries (the ‘out’ countries) lack certain formal powers in ultimate decision-making; however, we find that this may be less of a problem in practice. If necessary, the ‘out’ countries would have the ‘nuclear option’ of leaving the banking union.


中文翻译:

丹麦和瑞典应该加入银行联盟吗?

摘要
关于加入银行联盟的重要政策讨论目前在丹麦和瑞典进行。在本文中,我们回顾了加入的利弊。加入银行联盟的主要理由是跨境银行在欧盟内部市场中的重要性。回顾银行体系,我们发现丹麦和瑞典的银行具有与欧元区国家相同的跨境特征,这表明加入银行联盟的理由相似。而且,两个国家都有大型银行,它们可能太大了,无法在国家一级储蓄,但在银行联盟一级却没有。但是,仍然存在一些治理方面的问题。尽管欧元区国家在所有银行业联盟安排中都拥有自动和完整的发言权,非欧元区国家(“外部”国家)在最终决策中缺乏某些正式权力;但是,我们发现在实践中这可能不是一个大问题。如有必要,“退出”国家将拥有退出银行业联盟的“核选择”。
更新日期:2020-08-05
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