Welcome to the UPF Digital Repository

Competences and alignment in an emerging future after L-Bank : how the Eurosystem and the Single Supervisory Mechanism may develop

Show simple item record

dc.contributor.author Smits, René
dc.date.accessioned 2019-10-18T11:07:50Z
dc.date.available 2019-10-18T11:07:50Z
dc.date.issued 2017-10
dc.identifier.uri http://hdl.handle.net/10230/42466
dc.description.abstract Starting with a discussion of a recent court judgment on the prudential supervisory powers of the European Central bank (ECB), the L-Bank judgment of 16 May 2017 in Case T-122/15 (currently under appeal: Case C-450/17 P), this paper explores the development of the Single Supervisory Mechanism (SSM) and of the Eurosystem, as two formations of the ECB acting together with national authorities. The allocation of powers in both systems is analysed on the basis of the administrative and judicial reviewability of acts of the central banks and supervisory authorities; ‘intersection issues’ between national and Union competences in supervision; the role of national law in supervision and the national implementation of EU directives in the area of prudential supervision; and the measure of ‘Europeanisation’ of competences in respect of the holding of gold reserves and the provision of liquidity to banks (lender of last resort). A brief foray into the different supervisory liability regimes for the ECB and selected national supervisory authorities precedes concluding suggestions for further study and development of Europe’s Economic and Monetary Union (EMU).
dc.description.sponsorship The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries ADEMU Working Paper Series;77
dc.rights This is an Open Access article distributed under the terms of the Creative Commons Attribution License Creative Commons Attribution 4.0 International, which permits unrestricted use, distribution and reproduction in any medium provided that the original work is properlyattributed.
dc.rights.uri https://creativecommons.org/licenses/by/4.0/
dc.subject.other Accountability of central banks
dc.subject.other Administrative review of central bank acts
dc.subject.other Agreement on Net Financial Assets (ANFA)
dc.subject.other Delegated powers
dc.subject.other Economic and Monetary Union (EMU)
dc.subject.other Emergency Liquidity Assistance (ELA)
dc.subject.other European Central Bank (ECB)
dc.subject.other European Court of Justice (ECJ)
dc.subject.other European System of Central Banks (ESCB)
dc.subject.other Exclusion of liability
dc.subject.other Exclusive powers
dc.subject.other Gold
dc.subject.other Implementation of directives
dc.subject.other Judicial review of central bank acts
dc.subject.other Juridification of central banking
dc.subject.other Lender of last resort (LOLR)
dc.subject.other Monetary policy
dc.subject.other National Central Banks (NCBs)
dc.subject.other National Competent Authorities (NCAs)
dc.subject.other Official foreign reserve assets
dc.subject.other Outright Monetary Transactions (OMT)
dc.subject.other Quantitative Easing (QE)
dc.subject.other Single Supervisory Mechanism (SSM)
dc.subject.other U Process
dc.title Competences and alignment in an emerging future after L-Bank : how the Eurosystem and the Single Supervisory Mechanism may develop
dc.type info:eu-repo/semantics/workingPaper
dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/649396
dc.rights.accessRights info:eu-repo/semantics/openAccess


This item appears in the following Collection(s)

Show simple item record

Search DSpace

Advanced Search


My Account


In collaboration with Compliant to Partaking