European Banking Union, EU, Eurozone and the Treaty of Lisbon

Gestaltz

The Treaty of Lisbon constitutes the body of law on which the EU and all its institutions are governed. Voting within the EU is either on the basis of some form of qualified majority or unanimous. Anyone keen to delve into the voting system can start here (http://bit.ly/10UjdSe).  Suffice it to say it is not simple. Changes to the Treaty of Lisbon itself, however, must be unanimous. The question arises as to whether a workable banking union can be established without the need to amend the Treaty of Lisbon. According to Wolfgang Schaeuble, finance minister of Germany, an amendment may be necessary (http://bit.ly/14m9lqL). In my experience the views of Herr Schaeuble should always be given extra weight.

The banking union seeks to put into place a unified framework for regulating banks. In particular it seeks to put into place a framework for resolving failed banks and circumventing any systemic implications…

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