Authors: Ioannis Papadopoulos; Cornelia Vikelidou
Addresses: Department of International and European Studies, University of Macedonia, Thessaloniki, Greece ' Department of International and European Studies, University of Macedonia, Thessaloniki, Greece
Abstract: The Euro area was hit by a financial crisis that started in the USA but rapidly spread to Europe. The Heads of State and Government agreed in June 2012 to the creation of a Banking Union that would complete the Economic and Monetary Union and allow for centralised application of EU-wide rules for banks based on a federal-type mechanism. The purpose of this paper is to highlight and evaluate the Hellenic Presidency's (January-June 2014) regulatory response to the banking crisis in Europe, which suggests both a general philosophy regarding the Banking Union and further policy initiatives that may be considered to complement the emerging regulatory landscape. The conclusions aim at assessing the efficiency of the Greek foreign policy concerning the building of the emerging EU Banking Union, which among other factors can mitigate the European policy indecision towards Greece and pave the way for a spurring economic recovery.
Keywords: banking crisis; European Union; Banking Union; Economic and Monetary Union; EMU; federalism; Greek EU Presidency; Greek European policy; Greece; regulatory response; policy initiatives; economic recovery; financial crisis.
International Journal of Diplomacy and Economy, 2016 Vol.3 No.1, pp.41 - 58
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