The ECB: a prudential supervisor without sufficient powers?

Allemand, Frederic

Reference : The ECB: a prudential supervisor without sufficient powers?


	Document type :	Scientific Presentations in Universities or Research Centers : Scientific presentation in universities or research centers
	Discipline(s) :	Law, criminology & political science : European & international law
	Focus Areas :	Law / European Law
	To cite this reference:	http://hdl.handle.net/10993/51572

Title :	The ECB: a prudential supervisor without sufficient powers?
Language :	English
Author, co-author :	Allemand, Frederic [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Department of Law (DL) >]
Publication date :	12-May-2022
Number of pages :	20
Audience :	International
Event name :	The Politics, Law and Political Economy of European Banking Union: The First Decade of Operation
Event date :	12 et 13 mai 2022
Event organizer :	Université du Luxembourg, Robert Schuman Initiative for European Affairs
Event place (city) :	Belval / Esch-sur-Alzette
Event country :	Luxembourg
Keywords :	[en] Banking Union ; Sanction ; European Central Bank
Abstract :	[en] Council Regulation No 1024/2013 (‘SSM Regulation’ or ‘SSMR’) confers exclusive competence on the ECB to carry out specific supervisory tasks with regard to credit institutions established in the Euro Area Member States. When the ECB carries out its supervisory tasks, it is “considered, as appropriate, the competent authority or the designated authority in the participating Member States as established by the relevant Union law”. Any reference made in the CRD IV to a National competent authority (NCA) shall thus be read as a reference to the ECB whenever the ECB is competent. However, this does not turn the ECB into a super NCA. Although the SSMR has granted the ECB most of the powers necessary to carry out its new tasks, the ECB lacks certain specific powers that national laws have given to national supervisors. Filling this gap and ensuring a high level of consistency in the exercise of prudential supervision require the definition of complex administrative composite procedures where the identification of responsibility and accountability of the ECB and the NCAs is particularly blurred. Ten years after the creation of the SSM, it will be time to consider a number of developments in the legal framework, as this contribution will discuss in conclusion.
Funders :	European Commission - EC
Name of the research project :	ERASMUS+ Reinforcing European Integration Research in Luxembourg
Permalink :	http://hdl.handle.net/10993/51572

File(s) associated to this reference

Fulltext file(s):

	File	Commentary	Version	Size	Access
Limited access	F-Allemand_ECB as prudential supervisor-case of sanctioning powers_v1_09052022.pdf		Author preprint	445.67 kB	Request a copy

All documents in ORBi^lu are protected by a user license.

University of Luxembourg Library | Feedback | Legal notices