THE EUROPEAN BANKING UNION: A SHIFT IN THE INTERNAL MARKET PARADIGM?

Has a shift occurred in the internal market paradigm towards an economic union paradigm, whereby the internal market is used to foster economic policy goals adjacent to the Economic and Monetary Union (EMU)? The Banking Union is a case in point in this shift, as it stands at the crossroads between the internal market and the EMU. In the Banking Union, internal market and monetary and economic policy objectives are intertwined. This article maps out this shift and assesses how Article 114 TFEU has been used in it. The article argues that although the establishment of the Banking Union seems to be a natural continuum of developing the internal market and the EMU, such use of Article 114 TFEU is questionable in light of current doctrine and problematic due to the asymmetry of the EMU.