August 2017, Year IX, n. 8
EU Banking Union. A hymn to imperfection
Telos: When the agreement was reached on the EU Banking Union in late 2013, Italy’s then-Minister of the Economy claimed it was a “historic achievement”. Three years later, the DG of the Bank of Italy said that the Banking Union had “increased uncertainty in the banking sector in Europe”. In your view, has the Banking Union helped restore confidence in the financial sector or has it exasperated the difficulties of struggling banking systems in peripheral Member States like Italy?
Nicolas Véron: The Banking Union has greatly helped to bring back confidence into the Euro-area banking sector, and to gradually address the remaining pockets of financial fragility – as evidenced by the recent announcements about Banca Popolare di Vicenza, Monte dei Paschi di Siena, and Veneto Banca. ...more
The noun resilience and the adjective resilient recur in two crucial passages of our interview with French economist Nicolas Véron: in both cases he uses them to describe the rather unexpected and unforeseen ability of EU institutions and the continental integration process to resist and adapt, initially to turbulence in the financial markets and then to the great popular revolt against globalisation and the elite that benefit from it (excuse us for not abusing the usual term – populism – and for calling a spade a spade). It’s not easy to find the Italian equivalent of resilience ...more