银行联盟被忽视的一面：重塑欧洲的金融体系

The Neglected Side of Banking Union:Reshaping Europe's Financial System

欧元区银行和资本市场仍然高度国家化,提高效率是可行的。通过建立银行联盟,欧元区银行体系将会被重组。建立欧洲银行联盟的目的是解决批发银行市场高度一体化与欧洲金融体系缺少稳定性之间的反差的问题。银行联盟的建立也会产生一系列问题:第一类问题涉及银行本身,目前最紧迫的事情是即将到来的资产质量评估计划(AOR);第二类问题是欧洲政策制定者需要关注银行之外的金融活动,不能忽视任何继续阻碍欧洲资本市场整合的因素。欧洲特别是欧元区将会在完全一体化的金融市场中获益。伴随着银行联盟的建立,欧洲金融体系将在未来几年进行重塑。

The euro-area banking and capital market system remains highly national.Efficiency gains are feasible.With the creation of a banking union,the euro area's banking system could now be restructured.The creation of the European banking union is meant to address the problem of contrast between the high degree of(wholesale) banking market integration that prevails before the crisis and the absence of a European system for financial stability.At the same time,the creation of the union also raises a number of issues that policymakers will need to face.The first set of issues concerns banking itself;with the most pressing matter being the upcoming Asset Quality Review(AQR).The second set of issues that European policymakers will need to address concerns financial activities outside of banking.Policymakers cannot neglect any longer the barriers that continue to hinder the integration of European capital markets.Europe,and the euro area in particular,would greatly benefit from having fully integrated financial markets.The European financial system could be significantly reshaped in the coming years as a consequence of the creation of the banking union.