Competences and alignment in an emerging future after L-Bank : how the Eurosystem and the Single Supervisory Mechanism may develop
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- 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.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).ca
- 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.en
- dc.format.mimetype application/pdf*
- dc.identifier.uri http://hdl.handle.net/10230/42466
- dc.language.iso engca
- dc.relation.ispartofseries ADEMU Working Paper Series;77
- dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/649396
- 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.ca
- dc.rights.accessRights info:eu-repo/semantics/openAccessca
- dc.rights.uri https://creativecommons.org/licenses/by/4.0/ca
- dc.subject.other Accountability of central banksca
- dc.subject.other Administrative review of central bank actsca
- dc.subject.other Agreement on Net Financial Assets (ANFA)ca
- dc.subject.other Delegated powersca
- dc.subject.other Economic and Monetary Union (EMU)ca
- dc.subject.other Emergency Liquidity Assistance (ELA)ca
- dc.subject.other European Central Bank (ECB)ca
- dc.subject.other European Court of Justice (ECJ)ca
- dc.subject.other European System of Central Banks (ESCB)ca
- dc.subject.other Exclusion of liabilityca
- dc.subject.other Exclusive powersca
- dc.subject.other Goldca
- dc.subject.other Implementation of directivesca
- dc.subject.other Judicial review of central bank actsca
- dc.subject.other Juridification of central bankingca
- dc.subject.other Lender of last resort (LOLR)ca
- dc.subject.other Monetary policyca
- dc.subject.other National Central Banks (NCBs)ca
- dc.subject.other National Competent Authorities (NCAs)ca
- dc.subject.other Official foreign reserve assetsca
- dc.subject.other Outright Monetary Transactions (OMT)ca
- dc.subject.other Quantitative Easing (QE)ca
- dc.subject.other Single Supervisory Mechanism (SSM)ca
- dc.subject.other U Processca
- dc.title Competences and alignment in an emerging future after L-Bank : how the Eurosystem and the Single Supervisory Mechanism may developca
- dc.type info:eu-repo/semantics/workingPaperca