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
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.
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