The Single Market stimulates cross-border banking throughout the European Union. This paper documents the banking linkages between the 9 ‘outs’ and 19 ‘ins’ of the Banking Union. We find that some of the major banks, based in Sweden and Denmark, have substantial banking claims across the Nordic and Baltic region. We also find large banking claims from banks based in the Banking Union to Central Eastern Europe. These findings indicate that these ‘out’ countries could profit from joining the Banking Union, because it would provide a stable arrangement for managing financial stability. From a political perspective, member states’ opinion on joining the Banking Union ranges from an outright “no” towards considering Banking Union membership.
Pia Hüttl is an Austrian citizen and an Affiliate Fellow at Bruegel. Prior to this, Pia worked as a Trainee in the Monetary Policy Stance Division of the European Central Bank, and as a Blue Book Stagiaire at the Monetary policy, Exchange rate policy of the euro area, ERM II and Euro adoption Unit of DG ECFIN.
She holds a Bachelor’s degree in European Economics and a Master’s degree in International Economics from the University of Rome Tor Vergata. She also obtained a Master’s degree in European Political Economy from the London School of Economics, with a thesis on Current Account imbalances in the Euro area and the role of financial integration.
Her research interests include Macroeconomics, International Economics and European political economy.
She is fluent in German, Italian and English, and has good notions of French.