TITLE

THE EUROPEAN SINGLE SUPERVISORY MECHANISM

AUTHOR(S)
FERRAN, EILÍS; BABIS, VALIA S. G.
PUB. DATE
October 2013
SOURCE
Journal of Corporate Law Studies;Oct2013, Vol. 13 Issue 2, p255
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The establishment of the single supervisory mechanism (SSM) is the fi rst fundamental step towards European banking union. This article examines the significant legal issues raised by the creation of the SSM as refl ected in the legal texts adopted in September 2013 by the Council and the Parliament in the light of policy considerations and political pressures. In particular, the article analyses the role of the ECB as a prudential supervisor, including its scope and powers, its interaction with national supervisory authorities, governance arrangements, independence and accountability. The article also considers the implications for the non-Euro Area Member States which opt into the SSM, Member States which choose not to participate (in particular the UK), the European Banking Authority and the European Systemic Risk Board. The article concludes by attempting a fi rst evaluation of the emerging SSM. The short-term challenge for the SSM will be to build up its institutional capacity. In the longer term, the SSM's performance could be affected by its own institutional design (forged under legal constraints and political compromise) and by the arduous process of completing the single regulatory rulebook for the European Union.
ACCESSION #
91880878

 

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