Both the European Economic and Monetary Union and the European Banking Union are currently in a phase of consolidation. Several European and international legal norms were recently adopted to strengthen the EMU‘s resilience and preserve the common currency. However, these measures are deemed largely insufficient and there is a wide consensus that further reforms are...
Administrative means of review of European Supervisory Authorities and ECB decisions: a comparative analysis
The paper analyses the administrative means of review, which can be sought against decisions made by the European Supervisory Authorities (before the Joint Board of Appeal) and by the European Central Bank (before the Administrative Board of Review), in the light of the challenges posed by the completion of the Monetary Union and the forthcoming...
Judicial responses to crises measures: A post-crisis assessment
This paper analyses the judiciary‘s responses to the measures imposed in addressing the adverse effects of the financial and sovereign debt crisis. It examines the jurisprudence of national courts, the Court of Justice of the EU, the European Court of Human Rights as well as awards of international arbitration tribunals that were set up under...
Separation of Powers in the Banking Union
This paper explores the horizontal and vertical separation of powers in the Banking Union in the light of fundamental principles of Union law. Regarding the vertical separation of powers, the allocation of supervisory powers to the ECB might lead to conflicting policy objectives between supervision and monetary policy, and supervision and restructuring. Yet, a different...
The ECB’s accountability to national and European parliaments today
The European Central Bank is a strictly independent institution. Nevertheless, this does not mean that it may not be held accountable for its actions; rather, it implies that it is submitted to an accountability of a special kind that does not entail (strong) consequences. With the creation of the Banking Union, accountability mechanisms vis-à-vis national...