We analyze the benefits and costs of a non-euro country opting-in to the banking union. The decision to opt-in depends …, non-euro countries participating in the banking union will not be on equal footing with euro area members. Analysis …-capitalized backstops is established it may be optimal for a non-euro country to join the banking union upon the euro adoption. Assessing …

We analyze the benefits and costs of a non-euro country opting-in to the banking union. The decision to opt-in depends …, non-euro countries participating in the banking union will not be on equal footing with euro area members. Analysis …-capitalized backstops is established it may be optimal for a non-euro country to join the banking union upon the euro adoption. Assessing …

markets will not be unified by the introduction of the euro. National central banks have a vested interest in preserving local … expressed in euro imperfect substitutes across borders. Prudential control will also continue to be handled differently from … country to country. In the long run these national idiosyncracies cannot survive competitive pressures in the euro area. The …

unprecedented low – especially in the larger euro area countries. The authors find that up to the start of the financial crisis in …

response was also quite similar. The second stage of the crisis is unique to the euro area. Increasing financial disintegration …