Single Resolution Board: Another Meroni Extension or Another Chapter to Europe's Constitutional Transformation?

Abstract

The establishment of the Single Resolution Board (SRB) has pushed the constitutional boundaries of agencification further. After elaborating on the SRB’s powers and safeguards, one can argue that its governance structure combined with its policymaking powers distinguish the SRB from all other agencies. While trying to assess its legality of establishment and empowerment, this paper seeks to identify the nature of the empowerment, whether Meroni is still fit for purpose, and whether the limits of institutional balance have been bent or indeed broken. After expressing concerns as to the SRB’s compliance with the current EU institutional framework, the paper offers an alternative for exiting this constitutional deadlock by applying Weiler’s theory of constitutional transformation. Such a solution would legitimize the SRB as well as facilitate the functioning of Banking Union.