Completare l'Unione bancaria, approfondire l'unione economica e monetaria: sentieri e paradigmi europei verso la stabilità finanziaria

Voids, aporias and contradictions mark the complex and intertwined architectures of both the Economic and Monetary Union and the European Banking Union. At present, the most remarkable gaps insist on two complementary elements, jointly subject to a fierce political debate: on the one hand, the definition of a fiscal backstop integrated within the institutional context of the EU and aimed at safeguarding financial stability through the effective backing of the Single Resolution Fund and the provision of financing support to Eurozone ailing countries; on the other hand, the establishment of a common deposit guarantee scheme as third pillar of the EBU. The paper seeks to explore these tools by providing a preliminary inquiry on their functions, goals and general features. The analysis focuses on two recent proposals by the European Commission submitted in the broader context of a ten-years lasting reform of the economic and financial governance of the Eurozone. By exploiting the peculiar point of view offered by such schemes, the paper remarks the strict link existing between the EMU and the EBU, noting that the ongoing status of incompleteness might give rise to a risk of depletion of the Maastricht heritage and a diminishment in attractiveness of the whole European project.