Volume 52 (2015)

Volume 52 (2015) / Issue 1

Gijsbert Ter Kuile, Laura Wissink, Willem Bovenschen, 'Tailor-made accountability within the Single Supervisory Mechanism' (2015) 52 Common Market Law Review, Issue 1, pp. 155–189

Abstract

Banking supervision within the euro zone has been placed in the hands of  the European Central Bank in order to restore financial stability and aid  economic recovery. This "Single Supervisory Mechanism" is an  important step in further integrating the financial markets and indeed the  European Union itself. The SSM creates new legal realities within EU law.  In bolstering EU integration, a key question concerns the democratic  legitimacy of the SSM. The article argues that different modes of  accountability can be identified in the creation and operation of the SSM,  of a political, administrative and judicial nature. This great variety leads  to tailor-made accountability which keeps power in check while  respecting the independence of the banking supervisors.

Copyright © 2015 Kluwer Law International
All rights reserved

ISSN: 0165-0750
ID: COLA2015006