Conference: The New Financial Architecture in the Eurozone - Pierre Werner Chair, Robert Schuman Centre for Advanced Studies, European University Institute By: kasper roszbach | Riksbank

1. The comments in this presentation are personal and do not
necessarily reflect the opinions of the Executive Board of the
Riksbank.
The Banking Union:
Single market vs.
Eurozone
Kasper Roszbach
Workshop on “The New Financial Architecture”
EUI/RSCAS, April 23, 2015

2. Issues
1. Geographical and institutional setting
2. Rationale behind SSM
3. Reasons why countries opted out
4. Implications for non-members and challenges so far

3. Source: Stephan Fahr and Dawid Zochowski, (2015), A framework for analysing and assessing cross-border spillovers from macro-
prudential policies, ECB Financial Stability Review, May 2015 (forthcoming)

4. Challenges
 Ensure high standard of supervision & regulation in SSM
 Avoid that success of SSM reinforces divide between euro and non-
euro countries
 How will cyclicality of credit across countries change as banks
become more European and how effective will the policy tools we
have to address be?
 Exploit multilateral cooperation fora
 Strengthening the role of the ESRB to maintain a way to assess risks
across the whole EU and all branches of finance; formalize the
cooperation between ESRB and ECB/SSM