{"title":"Banking Union's accountability system in practice: A health check-up to Europe's financial heart","authors":"Marco Lamandini, David Ramos Muñoz","doi":"10.1111/eulj.12404","DOIUrl":null,"url":null,"abstract":"<p>The Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM) form the Banking Union, which comprises EU authorities (ECB and SRB) and national authorities (NCAs and NRAs) with vast powers. Although crucial for its legitimacy, the Banking Union’s accountability is flawed, and not for the (stereo)typical reasons: accountability is a visible concept in SSM and SRM regulations, and political, administrative and judicial bodies are knowledgeable, engaged and thorough. Rather, this article posits that the SSM and SRM work very well because the legislature focused on practical details such as information flows, planning and continuity and coordination, while there has been no comparable effort to ensure the functioning of accountability tools. The result is a “system” characterised by limited access to crucial information, lack of continuity, and uncoordinated functioning. Changing this should not be hard but requires replacing blanket criticism and stereotypical views with greater attention to detail.</p>","PeriodicalId":47166,"journal":{"name":"European Law Journal","volume":"28 4-6","pages":"187-217"},"PeriodicalIF":1.4000,"publicationDate":"2022-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eulj.12404","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Law Journal","FirstCategoryId":"90","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/eulj.12404","RegionNum":2,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"LAW","Score":null,"Total":0}
引用次数: 0
Abstract
The Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM) form the Banking Union, which comprises EU authorities (ECB and SRB) and national authorities (NCAs and NRAs) with vast powers. Although crucial for its legitimacy, the Banking Union’s accountability is flawed, and not for the (stereo)typical reasons: accountability is a visible concept in SSM and SRM regulations, and political, administrative and judicial bodies are knowledgeable, engaged and thorough. Rather, this article posits that the SSM and SRM work very well because the legislature focused on practical details such as information flows, planning and continuity and coordination, while there has been no comparable effort to ensure the functioning of accountability tools. The result is a “system” characterised by limited access to crucial information, lack of continuity, and uncoordinated functioning. Changing this should not be hard but requires replacing blanket criticism and stereotypical views with greater attention to detail.
期刊介绍：
The European Law Journal represents an authoritative new approach to the study of European Law, developed specifically to express and develop the study and understanding of European law in its social, cultural, political and economic context. It has a highly reputed board of editors. The journal fills a major gap in the current literature on all issues of European law, and is essential reading for anyone studying or practising EU law and its diverse impact on the environment, national legal systems, local government, economic organizations, and European citizens. As well as focusing on the European Union, the journal also examines the national legal systems of countries in Western, Central and Eastern Europe and relations between Europe and other parts of the world, particularly the United States, Japan, China, India, Mercosur and developing countries. The journal is published in English but is dedicated to publishing native language articles and has a dedicated translation fund available for this purpose. It is a refereed journal.
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