The Role of Interest Groups in EU Financial Regulation after the European Supervision Authorities in the Financial Field: The Case of the Stakeholder Groups

17 Pages Posted: 23 Jan 2012

Date Written: January 22, 2012

Abstract

In November 2010 three Regulations of the European Parliament and the Council formally instituted the European Supervision Authorities (ESAs) in the financial field. The ESAs takeover the role of the Lamfalussy Level 3 Committees, with enhanced powers and responsibilities. The ESAs have included, within their internal structure, the so-called Stakeholder Groups (SGs), forums composed of representatives from different interest groups which are vested with advisory powers in relation to Commission’s and ESAs’ regulatory activities. Therefore, from a legitimacy perspective, the SGs deserve a detailed analysis because they consist of the first formal institutionalization of stakeholder participation in EU policy-making in the financial field. This paper aims at explaining the reasons behind the creation of the SGs, their relevance from a legitimacy point of view as well as to pointing out some weaknesses associated to their legal configuration which may, in the end, affect the efficient provision of heterogeneous, representative input in EU’s financial rulemaking.

Suggested Citation

Iglesias-Rodriguez, Pablo, The Role of Interest Groups in EU Financial Regulation after the European Supervision Authorities in the Financial Field: The Case of the Stakeholder Groups (January 22, 2012). ESIL 2011 4th Research Forum, Available at SSRN: https://ssrn.com/abstract=1989917

Pablo Iglesias-Rodriguez (Contact Author)

University of Sussex ( email )

Falmer
Freeman Building
Brighton, BN1 9QN
United Kingdom

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