Towards a meaningful prudential supervision dialogue in the Euro area?
A study of the interaction between the European Parliament and the European Central Bank in the Single Supervisory Mechanism
In the context of the introduction of the Single Supervisory Mechanism ( SSM) as part of the
European Banking Union, the European Central Bank ( ECB) has been assigned specific supervisory
tasks relating to credit institutions established primarily in the euro area. One particularly remarkable
feature of this new legislation, notably when compared with the monetary policy tasks of the ECB, is
the introduction of an explicit accountability framework with a particular focus on the relationship
between the ECB and the European Parliament.
It is this relationship, and mainly the so-called supervisory dialogue, that form the focal point of this contribution, which offers an assessment of the legal framework, as well as of the actual practice in these first years of the existence of the SSM, against a clearly defined notion of accountability. With regard to the actual practice, the contribution focuses on the exchanges between the chair of the ECB’s main decision-preparing body on SSM matters, i.e. the Supervisory Board, and the European Parliament’s Committee on Economic and Monetary Affairs.
|Keywords||EU law, European Central Bank, European Parliament, Eurozone, Single Supervisory Mechanism, European Union|
|Series||Erasmus School of Law Open Access test collection|
|Journal||European Law Review|
Amtenbrink, F, & Markakis, M. (2019). Towards a meaningful prudential supervision dialogue in the Euro area?. European Law Review, 44(1), 3–23. Retrieved from http://hdl.handle.net/1765/115151