For Michelle Everson EU bank supervision is a technocratic monster

Michelle Everson, a professor of law, questions the sense of establishing a centralised European bank supervisory authority. It would only increase the European Union's democratic deficit and bolster technocratic structures, she argues in the blog of the London School of Economics:"In the face of heightening sovereign and financial debt crises and loudly expressed fears of contagion within the Eurozone, its members, together with the European Commission, have drawn yet one more rabbit from their hat, committing themselves to the creation of a banking union by the end of this year. Certainly, this time around, remedial proposals designed to save the Euro and Union have been set in a broader political context, whereby immediate crisis-busting measures, so we are promised, will be complemented by a decade-spanning roadmap for deeper political integration within Europe. Nevertheless, given the currently rather sketchy nature of existing political-integration proposals - or, more importantly, their inherently 'commissarial' or technocratic nature - this rabbit, too, ... is also predicated upon a radical expansion in the technocratic governance structures of the EU."

» full article (external link, English)
More from the press review on the subject » Financial Markets, » Europe

» To the complete press review of Friday, July 27, 2012