Abstract
The launching of the banking union has catalysed considerable policy debate around its ultimate objectives and challenges in attaining these goals. The Ferrarini paper makes a valuable contribution to that debate. Furthermore, Ferrarini’s most significant contribution consists in analysing the complex interaction between the new bank supervisory structure (Single Supervisory Mechanism) and the existing prudential regulatory process in the European Union (EU), including the challenges that this may pose to the single market in banking services and the integration of the banking markets. Little has been written on this complex interaction that threatens the possibility of gaining full economic benefits from the banking union. It is in this realm that Ferrarini makes the most significant contribution, including new proposals to policy makers, which I will discuss below.
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Notes
Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, OJ L 287, 29.10.2013 (hereinafter: Council Regulation).
See supra n. 1.
See supra n. 1.
Regulation (EU) No 1022/2013 of the European Parliament and of the Council of 22 October 2013 amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority) as regards the conferral of specific tasks on the European Central Bank pursuant to Council Regulation (EU) No 1024/2013, OJ L 287, 29.10.2013
‘Europe’s biggest banks face renewed capital clampdown, warns watchdog’, Financial Times, 25 February 2015.
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Nieto, M. Banking on Single Supervision in the Eurozone: Scepticism and a Reform Proposal. Eur Bus Org Law Rev 16, 539–546 (2015). https://doi.org/10.1007/s40804-015-0022-y
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DOI: https://doi.org/10.1007/s40804-015-0022-y