Acceso usuarios
Alessandro Favaro Lucchesi
This paper discusses the completeness of the European Union framework according to a bibliographic review of Keynesian theory and financial domination approach in response to the Optimal Currency Area debate in Europe. The hypothesis is that the monetary union in Europe is irreversible. The current stage of bank regulation and financial prudential supervision is analysed through a comparison between the official purposes of the European Commission for the monetary union, as well as its actions in dealing with the recent crisis, and alternate ideas for resolving both current critical scenarios and the Union’s failures. In order to illustrate this framework, the European Central Bank’s financial integration indicators are presented as a background. The European Banking Union emerges as one of the main points of possible reforms after recent facts and negotiation issues, despite its preliminary stage. The main conclusion is that dynamic tools must be applied aiming to overcome the rigidity of the Maastricht Treaty without breaking it, pointing to a federalisation of the European Union as a reasonable fate, if one has in mind the pressure over members for abandoning the agreement.
