The Legal Interaction in the EU Institutional Framework

  • Luca Amorello


Amorello explores the intertwined legal architecture of monetary and macroprudential policies in the EU, with the aim to figure out whether, and to what extent, the cross side effects of the two policies are acknowledged in the relevant EU texts. The EU institutional architecture is particularly analyzed considering the legal arrangements set by the law to mitigate risks of policy conflicts. The lack of a European integrated framework of monetary and macroprudential policies can have negative implications for their cooperative conduct as well as for the operationalization of additional macroprudential instruments that may fully capture—and mitigate—the systemic risks arising due to the monetary policy stances of the ESCB.


EU integrated framework Macroprudential instruments ESCB Legal architecture Legal arrangements 


  1. Afonso, António, Sequeira, Ana (2010). Revisiting Business Cycle Synchronisation in the European Union, ISEG Economics Working Paper, No. 22/2010/DE/UECE.Google Scholar
  2. Amtenbrink, Fabian (2015). The Metamorphosis of European Economic and Monetary Union. In: ‘The Oxford Handbook of European Union Law’, (eds.) Anthony Arnull, Damian Chalmers, Oxford University Press.Google Scholar
  3. Angelini, Paolo, Grande, Giuseppe, Panetta, Fabio (2014). The Negative Feedback Loop between Banks and Sovereigns, Bank of Italy Occasional Paper, No. 213.Google Scholar
  4. Angelini, Paolo, Stefano Neri, and Fabio Panetta (2011). Monetary and Macroprudential Policies, Banca dItalia Working Papers, No. 801, March 2011.Google Scholar
  5. Aydin, Burcu, Volkan, Engin (2011). Incorporating Financial Stability in Inflation Targeting Frameworks, IMF Working Papers, No. 224.Google Scholar
  6. Bachtler, John, Mendez, Carlos, Wishlade, Fiona (2016). EU Cohesion Policy and European Integration: The Dynamics of EU Budget and Regional Policy Reform, Routledge, London and New York.Google Scholar
  7. Baglioni, Angelo (2016). The European Banking Union: A Critical Assessment, Palgrave Macmillan.Google Scholar
  8. Baker, Andrew (2013). The New Political Economy of the Macroprudential Ideational Shift, New Political Economy, Vol. 18, Issue 1.Google Scholar
  9. Baker, Andrew (2015). The Bankers’ Paradox: The Political Economy of Macroprudential Regulation, SRC Discussion Paper, No. 37.Google Scholar
  10. Barrell, Ray, Gottschalk, Sylvia, Holland, Dawn, Khoman, Ehsan, Liadze, Iana, Pomerantz Olga (2008). The Impact of EMU on Growth and Employment, European Commission Economic Papers, No. 318.Google Scholar
  11. Baun, Michael, Marek, Dan (2014). Cohesion Policy in the European Union, Palgrave Macmillan.Google Scholar
  12. BCBS (2011). The transmission Channels between the Financial and Real Sectors: A Critical Survey of the Literature, BIS Working Paper, No. 18.Google Scholar
  13. Baroncelli, Stefania (2014). The Independence of the ECB after the Economic Crisis. In: ‘About the Constitutionalization of European Budgetary Constraints’, (eds.) Maurice Adams, Federico Fabbrini, Pierre Larouche, Hart Publishing.Google Scholar
  14. Bini Smaghi, Lorenzo (2007). Legal System and Financial Markets, Opening Remarks at the Conference ‘Legal Issues Related to the Financial Markets’, Frankfurt am Main, 26 October 2007.Google Scholar
  15. Boccuzzi, Giuseppe (2016). The European Banking Union, Palgrave Macmillan.Google Scholar
  16. Borio, Claudio (2012). The Financial Cycle and Macroeconomics: What Have We Learnt?, BIS Working Papers, No. 395.Google Scholar
  17. Borio, Claudio, Shim, Ilhyock (2007). What Can (Macro-)Prudential Policy Do to Support Monetary Policy?, BIS Working Papers, No. 242.Google Scholar
  18. Breckenfelder, Johannes H., Schwaab, Bernd (2015). The Bank-Sovereign Nexus Across Borders. SSRN. Online. Available at:
  19. Buch, Claudia M., Koetter, Michael, Ohls, Jana (2013). Banks and Sovereign Risk: A Granular View, Deutsche Bundesbank Discussion Paper, No. 29/2013.Google Scholar
  20. Busch, Danny, Ferrarini, Guido (eds.) (2015). European Banking Union, Oxford University Press.Google Scholar
  21. Calomiris, Charles W. (2010). Reassessing the Fed’s Regulatory Role, Cato Journal, Vol. 30, No. 2.Google Scholar
  22. Cecchetti, Stephen G. (1999). Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism, NBER Working Papers, No. 7151.Google Scholar
  23. CGFS (2010). The Role of Margin Requirements and Haircuts in Procyclicality. Report Submitted by a Study Group established by the Committee on the Global Financial System, CGFS Papers, No. 36.Google Scholar
  24. CGFS (2013). Asset Encumbrance, Financial Reform and the Demand for Collateral Assets. Report Submitted by a Working Group Established by the Committee on the Global Financial System, CGFS Papers, No. 49.Google Scholar
  25. Cheun, Samuel, von Köppen-Mertes, Isabel, Weller, Benedict (2009). The Collateral Frameworks of the Eurosystem, the Federal Reserve System and the Bank of England and the Financial Market Turmoil, ECB Occasional Paper Series, No. 107.Google Scholar
  26. Chwieroth, Jeffrey, Danielsson, Jon (2013). Political Challenges of the Macroprudential Agenda. Vox CEPR’s Policy Portal (6 September 2013). Online. Available at:
  27. Clark, Alastair, Large, Andrew (2011). Macroprudential Policy: Addressing the Things We Don’t Know, Group of Thirty Occasional Paper, No. 83.Google Scholar
  28. Coase, Ronald H. (1984). The New Institutional Economics, Zeitschrift für die gesamte Staatswissenschaft / Journal of Institutional and Theoretical Economics, Bd. 140, H. 1.Google Scholar
  29. Coffee, John C. (2001). The Rise of Dispersed Ownership the Roles of Law and the State in the Separation of Ownership and Control, Yale Law Journal, Vol. 111, No. 1.Google Scholar
  30. Constâncio, Vítor (2013). Toward the Banking Union, Speech Held at the 2nd FIN-FSA Conference on EU Regulation and Supervision “Banking and Supervision under Transformation” Organised by the Financial Supervisory Authority, Helsinki, 12 February 2013.Google Scholar
  31. Constâncio, Vitor (2014). The ECB and Macro-prudential Policy: From Research to Implementation, Speech held at the Third Conference of the Macro-prudential Research Network, Frankfurt-am-Main, 23 June 2014.Google Scholar
  32. Constâncio, Vítor (2015). Macroprudential Policy in Europe: Ensuring Financial Stability in a Banking Union, Keynote Speech at the Financial Stability Conference, Berlin, 28 October 2015.Google Scholar
  33. Cœuré, Benoît (2013). Monetary Policy and Banking Supervision, Symposium: “Central Banking: Where Are We Headed?” in Honour of Stefan Gerlach’s Contribution to the Institute for Monetary and Financial Stability, Goethe University, Frankfurt, 7 February 2013.Google Scholar
  34. Cukierman, Alex (2011). Reflections on the Crisis and on Its Lessons for Regulatory Reforms and for Central Bank Policies. In: ‘Handbook of Central Banking, Financial Regulation and Supervision After the Financial Crisis’, (eds.) Sylvester Eijffinger, Donato Masciandaro, Edward Elgar Publishing.Google Scholar
  35. Darracq Paries, Matthieu, Rancoita, Elena, Kok, Christoffer (2015). Quantifying the Policy Mix in a Monetary Union with National Macroprudential Policies, ECB Financial Stability Review, November 2015.Google Scholar
  36. De Bruyckerea, Valerie, Gerhardtb, Maria, Schepensc, Glenn, Vander Vennet, Rudi (2013). Bank/sovereign Risk Spillovers in the European Debt Crisis, Journal of Banking & Finance, Vol. 37, Issue 12.Google Scholar
  37. De Grauwe, Paul (2013). The European Central Bank as Lender of Last Resort in the Government Bond Markets, CESifo Economic Studies, Vol. 59, No. 3.Google Scholar
  38. de Haan, Jakob, Eijffinger, Sylvester C.W., Waller, Sandra (2005). The European Central Bank – Credibility, Transparency, and Centralization, The MIT Press, Cambridge.Google Scholar
  39. de Larosière Report (2009). Report of the High-Level Group on Financial Supervision in the EU, Brussels, 25 February 2009.Google Scholar
  40. Dellepiane-Avellaneda, Sebastian (2009). Review Article: Good Governance, Institutions and Economic Development: Beyond the Conventional Wisdom, British Journal of Political Science, Vol. 40, Issue 1.Google Scholar
  41. Draghi, Mario (2015a). The ECB’s Recent Monetary Policy Measures: Effectiveness and Challenges, IMF Camdessus Lecture, Washington, DC, 14 May 2015.Google Scholar
  42. Draghi, Mario (2015b). Introductory Statement by Mario Draghi, Chair of the ESRB, Hearing before the Committee on Economic and Monetary Affairs of the European Parliament, Brussels, 12 November 2015.Google Scholar
  43. Drehmann, Mathias, Borio, Claudio, Tsatsaronis, Kostas (2012). Characterising the Financial Cycle: Don’t Lose Sight of the Medium Term!, BIS Working Papers, No. 380.Google Scholar
  44. Drobak, John N. (1998). Law Matters, Washington University Law Review, Vol. 76, Issue 1.Google Scholar
  45. Drobak, John N. (2008). Introduction: Law & the New Institutional Economics, Washington University Journal of Law & Policy, Vol. 26, Issue 1.Google Scholar
  46. Duff, Arthur W.S. (2014). Central Bank Independence and Macroprudential Policy: A Critical Look at the U.S. Financial Stability Framework, Berkeley Business Law Journal, Vol. 11, Issue 1.Google Scholar
  47. Dutzler, Barbara (2003). The European System of Central Banks: An Autonomous Actor?: The Quest for an Institutional Balance in EMU, Springer.Google Scholar
  48. EBA (2015). EBA Report on Asset Encumbrance, September 2015.Google Scholar
  49. ECB (2008). The ECB’s Monetary Policy Strategy and Its Implementation. In: ‘Monthly Bulletin 10th Anniversary of the ECB’, Frankfurt am Main.Google Scholar
  50. ECB (2011). The Monetary Policy of the ECB, Frankfurt am Main.Google Scholar
  51. ECB (2014a). Guide to Banking Supervision, Frankfurt am Main.Google Scholar
  52. ECB (2014b). Progress in the Operational Implementation of the Single Supervisory Mechanism Regulation, SSM Quarterly Report, No. 3.Google Scholar
  53. Egawa, Eri, Otani, Akira, Sakiyama, Toshiyuki (2015). What Determines Institutional Arrangements for Macroprudential Policy?, IMES Discussion Papers, No. 2015-E-3.Google Scholar
  54. Eggertsson, Thrainn (1990). Economic Behavior and Institutions, Cambridge University Press.Google Scholar
  55. Eidenberger, Judith, Liebeg, David, Schmitz, Stefan W., Seliger, Reinhardt, Sigmund, Michael, Steiner, Katharina, Strobl, Peter, Ub, Eva (2014). Macroprudential Supervision: A Key Lesson from the Financial Crisis, Oesterreichische Nationalbank Financial Stability Report, No. 27.Google Scholar
  56. ESRB (2013). The Consequences of the Single Supervisory Mechanism for Europe’s Macro-prudential Policy Framework, Reports of the Advisory Scientific Committee, No. 3/September 2013.Google Scholar
  57. ESRB (2014a). ESRB Recommendation on the Macro-prudential Mandate of National Authorities (ESRB/2011/3) Follow-up Report – Overall Assessment, June 2014.Google Scholar
  58. ESRB (2014b). Allocating Macro-prudential Powers, Reports of the Advisory Scientific Committee, No. 5/November.Google Scholar
  59. ESRB (2015). Report on the Regulatory Treatment of Sovereign Exposures, March 2015.Google Scholar
  60. Farina, Francesco, Tamborini, Roberto (2001). Macroeconomic Stabilization Policies in Europe under the New Regime of Monetary Union, Quaderni Università degli Studi di Siena Dipartimento di Economia Politica, No. 301.Google Scholar
  61. Ferran, Eilis, Kern, Alexander (2010). Can Soft Law Bodies be Effective? Soft Systemic Risk Oversight Bodies and the Special Case of the European Systemic Risk Board, University of Cambridge Faculty of Law, Research Paper, No. 36/2011.Google Scholar
  62. Ferran, Eilis (2015). European Banking Union: Imperfect, But It Can Work. In: ‘European Banking Union’, (eds.) Danny Busch, Guido Ferrarini, Oxford University Press.Google Scholar
  63. Gerlach, Stefan, Browne, Frank, Honohan, Patrick (2004). The Two Pillars of the European Central Bank, Economic Policy, Vol. 19, No. 40.Google Scholar
  64. Giannone, Domenico, Lenza, Michele, Reichlin, Lucrezia (2009). Business Cycles in the Euro Area, ECB Working Paper Series, No. 1010.Google Scholar
  65. Gianviti, François (2010). The Objectives of Central Banks. In: ‘International Monetary and Financial Law’, (eds.) Mario Giovanoli, Diego Devos, Oxford University Press.Google Scholar
  66. Gilardi, Fabrizio (2002). Policy Credibility and Delegation to Independent Regulatory Agencies: A Comparative Empirical Analysis, Journal of European Public Policy, Vol. 9, No. 6.Google Scholar
  67. Grüner, Hans P. (2013). The Political Economy of Structural Reform and Fiscal Consolidation Revisited, European Commission Economic Papers, No. 487.Google Scholar
  68. Gualandri, Elisabetta (2015). Single Supervisory Mechanism e politiche macroprudenziali nell’Unione europea, Banca Impresa Società, No. 1/2015.Google Scholar
  69. Heath, Daniel (2014). International Coordination of Macroprudential and Monetary Policy, Georgetown Journal of International Law, Vol. 45, Issue 5.Google Scholar
  70. Herzberg, Valerie, Watson, Max (2014). Macroprudential Policies in the Euro Area: Issues for the Next Ten Years, St Antony’s College, University of Oxford Discussion Draft.Google Scholar
  71. Hodgson, Geoffrey M. (2004). The Evolution of Institutional Economics: Agency, Structure and Darwinism in American Institutionalism, Routledge, London.Google Scholar
  72. Houben, Aerdt, Kakes, Jan (2013). Financial Imbalances and Macroprudential Policy in a Currency Union, DNB Occasional Studies, Vol. 11, No. 5.Google Scholar
  73. House of Lords (2009). The Future of EU Financial Regulation and Supervision, 14th Report of Session 2008–09.Google Scholar
  74. Huertas, Thomas F. (2016). Banking Union: The Way Forward. In: ‘European Banking Union Prospects and Challenges’, (eds.) Juan E. Costaneda, David G. Mayes, Geoffrey Wood, Routledge, London and New York.Google Scholar
  75. IBRD, WB, IMF (2005). Financial Sector Assessment: A Handbook, International Monetary Fund, Washington, DC.Google Scholar
  76. IMF (2012). The Interaction between Macroprudential and Monetary Policies: Background Paper.Google Scholar
  77. IMF (2013a). The interaction of Monetary and Macroprudential Policies, 29 January 2013.Google Scholar
  78. IMF (2013b). Implementing Macroprudential Policy – Selected Legal Issues, 17 June 2013.Google Scholar
  79. IMF (2015). Monetary Policy and Financial Stability, IMF Staff Report, September 2015.Google Scholar
  80. Ingves, Stefan, Jansson, Per (2014). Monetary Policy Has Had Positive Results in Sweden, Letter to the Financial Times, 23 July 2014. Online. Available at: RcNuM
  81. Issing, Otmar (2006). The ECB’s Monetary Policy Strategy: Why Did We Choose a Two Pillar Approach? Presented at the Conference ‘The Role of Money: Money and Monetary Policy in the Twenty-First Century’, 4th ECB Central Banking Conference, Frankfurt.Google Scholar
  82. Karmann, Alexander, Enkhzaya, Chuluunbaatar (2006). Impact of Institutions on Lending: Informal Constraints and Enforcement of Bank Regulation in Mongolia, Deutscher Universitaetsverlag, Wiesbaden.Google Scholar
  83. Kohn, Donald (2015). Implementing Macroprudential and Monetary Policies: The Case for Two Committees, Remarks Delivered to the Federal Reserve Board’s Boston Conference, 2 October 2015.Google Scholar
  84. La Porta, Rafael, Lopez-de-Manes, Florencio, Shleifer, Andrei, Vishny, Robert (2002). Investor Protection and Corporate Valuation, The Journal of Finance, Vol. 57, Issue 3.Google Scholar
  85. Lastra, Maria Rosa (2015). International Financial and Monetary Law, Oxford University Press.Google Scholar
  86. Lastra, Maria Rosa, Wood, Geoffrey (2010). The Crisis of 2007–09: Nature, Causes, and Reactions, Journal of International Economic Law, Vol. 13, No. 3.Google Scholar
  87. Law, Siong Hook, Azman-Saini, W.N.W. (2008). The Quality of Institutions and Financial Development, MPRA Paper, No. 12107.Google Scholar
  88. Lawson, Gary (1999). Delegation and the Constitution, Regulation, Vol. 22, No. 2.Google Scholar
  89. Lenihan, Niall J. (2008). The Price Stability Mandate of the European System of Central Banks: A Legal Perspective. In: ‘Current Development in Monetary and Financial Law’, Vol. 5, International Monetary Fund, Washington, DC.Google Scholar
  90. Louis, Jean-Victor (1995). L’Union économique et monétaire. In: ‘Commentaire Megret, Le Droit de la CEE’, Editions de l’Université de Bruxelles.Google Scholar
  91. Madema, Steven G, Mercuro, Nicholas (2006). Economics and the Law: From Posner to Postmodernism and Beyond, Princeton University Press.Google Scholar
  92. Mandler, Martin, Scharnagl, Michael, Volz, Ute (2016). Heterogeneity in Euro-area Monetary Policy Transmission: Results from a Large Multi-country BVAR Model, Deutsche Bundesbank Discussion Paper, No. 3/2016.Google Scholar
  93. Manger-Nestler, Cornelia (2013). Interaction for Monetary and Financial Stability: Central Banks as Main Actors in the Global Financial System. In: “European Yearbook of International Economic Law 2014”, (eds.) Christoph Herrmann, Markus Krajewski, Jörg Philipp Terhechte, Springer-Verlag Berlin Heidelberg.Google Scholar
  94. Mazzaferro, Francesco (2011). Macro-prudential Instruments for Containing Systemic Risk: The ESRB View. In: ‘The ESRB at 1’, IMFS Interdisciplinary Studies in Monetary and Financial Stability, Vol. 2012/1.Google Scholar
  95. May, Peter J., Jochim, Ashley E. (2013). Policy Regime Perspectives: Policies and Governing, Policy Studies Journal, Vol. 41, Issue 3.Google Scholar
  96. McPhilemy, Samuel (2016). Integrating Macro-prudential Policy: Central Banks as the “Third Force” in the EU Financial Reform, West European Politics, Vol. 39, Issue 3.Google Scholar
  97. Merler, Silvia (2015). Squaring the Cycle: Capital Flows, Financial Cycles, and Macro-prudential Policy in the Euro Area, Bruegel Working Papers, No. 14.Google Scholar
  98. Mersch, Yves (2013). Monetary Policy and Financial Stability under One Roof, Keynote Speech Held at the 6th Policy Roundtable of the European Central Bank: “The Future of Global Policy Coordination”, 6 September 2013.Google Scholar
  99. Mersch, Yves (2014). Law, Money and Market: The Legal Dimension of Monetary Policy, Speech at the Information Club Meeting, Luxembourg, 31 May 2014.Google Scholar
  100. Moloney, Niamh (2014). EU Securities and Financial Markets Regulation, Oxford University Press, Oxford.Google Scholar
  101. Nijsen, André (2008). Origin and Functionalities of Regulation. In: ‘Business Regulation and Public Policy: The Costs and Benefits of Compliance, (eds.) André Nijsen, John Hudson, Christoph Müller, Kees van Paridon, R. Thurik, Springer, Berlin.Google Scholar
  102. North, Douglass (1990). Institutions, Institutional Change and Economic Performance, Cambridge University Press.Google Scholar
  103. Nyberg, Lars (2011). The ESRB – Reflections after 9 Months of Operation, Speech Held at the Conference on the Macro Prudential Oversight of the Financial Sector Arranged by Norges Bank, Oslo, 27 September 2011. Available at:
  104. Osiński, Jacek (2013). Institutional Needs for Optimal Macroprudential Arrangements. In: ‘Macroprudential Frameworks in Asia’, (eds.) Steven Barnett, Rodolfo Main, International Monetary Fund, Washington, DC.Google Scholar
  105. Pistor, Katherina (2013). A Legal Theory of Finance, Journal of Comparative Economics. Vol. 41, Issue 2.Google Scholar
  106. Posner, Richard A. (1993). The New Institutional Economics Meets Law and Economics, Journal of Institutional and Theoretical Economics (JITE), Vol. 149, No. 1.Google Scholar
  107. Praet, Peter (2011). The (Changing) Role of Central Banks in Financial Stability Policies, Speech at the 14th Annual Internal Banking Conference held by the Federal Reserve Bank of Chicago and the European Central Bank, Chicago, 10 November 2011.Google Scholar
  108. Reinhardt, Dennis, Sowerbutts, Rhiannon (2015). Regulatory Arbitrage in Action: Evidence from Banking Flows and Macroprudential Policy, Bank of England Staff Working Paper, No. 546.Google Scholar
  109. Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung (2015). Zukunftsfähigkeit in den Mittelpunkt. Jahresgutachten 2015/16, November 2015.Google Scholar
  110. Sapir, André (2014). Europe’s Macroprudential Policy Framework in Light of the Banking Union. In: ‘Macroprudentialism’, (ed.) Dirk Schoenmaker, CEPR Press, Washington, DC.Google Scholar
  111. Schoenmaker, Dirk (2012). The Missing Link in Banking Union: Macro-prudential Supervision, DSF Policy Brief, No. 21.Google Scholar
  112. Schoenmaker, Dirk (2014). Allocating Macroprudential Powers. In: ‘Putting. Macroprudential. Policy to Work’, (eds.) Aerdt Houben, Rob Nijskens, Mark Teunissen, De Nederlandsche Bank Occasional Studies, Vol. 12–7.Google Scholar
  113. Scholten, Miroslava, van Rijsbergen, Marloes (2014). The ESMA-Short Selling Case: Erecting a New Delegation Doctrine in the EU upon the Meroni-Romano Remnants, Legal Issues of Economic Integration, Vol. 41, Issue 4.Google Scholar
  114. Siekmann, Helmut (ed.) (2013). EWU – Kommentar zur Europäischen Währungsunion, Mohr Siebeck, Tübingen.Google Scholar
  115. Siekmann, Helmut (2015). The Legal Framework for the European System of Central Banks. In: ‘Central Banking and Financial Stability in East Asia’, (eds.) Frank Rövekamp, Moritz Bälz, Hanns Günther Hilpert, Springer International Publishing.Google Scholar
  116. Smets, Frank (2014). Financial Stability and Monetary Policy: How Closely Interlinked? International Journal of Central Banking, Vol. 10, No. 2.Google Scholar
  117. Smits, René (1997). The European Central Bank: Institutional Aspects. Kluwer Law International, The Hague.Google Scholar
  118. Tamborini, Roberto (2004). The “Brussels Consensus” on Macroeconomic Stabilization Policies: A Critical Assessment. In: ‘Governing EMU Economic, Political, Legal and Historical Perspectives’, (eds.) Francisco Torres, Amy Verdun, Chiara Zilioli, Hubert Zimmermann, European University Institute, Florence.Google Scholar
  119. Teivanen, Teivo (1997). The Independence of the European Central Bank: Implications for Democratic Governance. In: ‘The Politics of Economic and Monetary Union’, (eds.) Petri Minkkinen, Heikki Patomäki, Springer US.Google Scholar
  120. Ter Kuile, Gijsbert, Wissink, Laura, Bovenschen, Willem (2015). Tailor-Made Accountability within the Single Supervisory Mechanism, Common Market Law Review, Vol. 52.Google Scholar
  121. Theissen, Roel (2014). EU Banking Supervision, Eleven International Publishing, Bruxelles.Google Scholar
  122. Tröger, Tobias H. (2015). A Political Economy Perspective on Common Supervision in the Eurozone. In: ‘Financial Regulation: A Transatlantic Perspective’, (eds.) Ester Faia, Andreas Hackethal, Micheal Haliassos, Katja Langenbucher, Cambridge University Press.Google Scholar
  123. Verhelst, Stijn (2011). Renewed Financial Supervision in Europe – Final or Transitory? Egmont – The Royal Institute for International Relations Academia Press, Brussels.Google Scholar
  124. Van Cleynenbruegel, Pieter (2014). Meroni Circumvented? Article 114 TFEU and EU Regulatory Agencies, Maastricht Journal of European and Comparative Law, Vol. 2014/1.Google Scholar
  125. Visco, Ignazio (2011). Key Issues for the Success of Macroprudential Policies, Policy Panel on the Macroprudential Policy Framework Bok-BIS Conference, Seoul, 18 January 2011.Google Scholar
  126. Waldhoff, Chistian (2013). Artikel 127 AEUV. In: ‘EWU – Kommentar zur Europäischen Währungsunion,’ (ed.) Helmut Siekmann, Mohr Siebeck, Tübingen.Google Scholar
  127. Weatherill, Stephen (2012). The Constitutional Context of (Ever Wider) Policymaking. In: ‘The Oxford Handbook of the European Union’, (eds.) Erik Jones, Anand Menon, and Stephen Weatherill, Oxford University Press.Google Scholar
  128. Weidmann, Jens (2012). Managing Macroprudential and Monetary Policy – A Challenge for Central Banks. In: ‘The ESRB at 1’, IMFS Interdisciplinary Studies in Monetary and Financial Stability, Vol. 2012/1.Google Scholar
  129. Williamson, Oliver E. (2000). The New Institutional Economics: Taking Stock, Looking Ahead, Journal of Economic Literature, Vol. 38, No. 3.Google Scholar
  130. Zilioli, Chiara, Selmayr, Martin (2001). The Law of the European Central Bank, Hart Publishing, Oxford.Google Scholar
  131. Zilioli, Chiara (2013). The Role of Central Banks in Ensuring Financial Stability, Remarks at the IMFS Conference on Monetary and Financial Stability Economic and Legal Limits of Central Banking, 26 November 2013, Frankfurt.Google Scholar
  132. Zilioli, Chiara (2016). The Independence of the European Central Bank and Its Banking Supervisory Competences. In: ‘Independence and Legitimacy in the Institutional System of the European Union’, (ed.) Dominique Ritleng, Oxford University Press.Google Scholar

Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Luca Amorello
    • 1
  1. 1.Cleary Gottlieb Steen & Hamilton LLPLondonUK

Personalised recommendations