Differentiated Integration and the Single Supervisory Mechanism: Which Way Forward for the European Banking Authority?
P Birkinshaw and A Biondi (eds), Britain Alone! The Implications and Consequences of United Kingdom Exit from the EU, (Kluwer, 2016)
32 Pages Posted: 26 Oct 2014 Last revised: 20 Jan 2016
Date Written: October 15, 2014
The establishment of the Single Supervisory Mechanism (SSM), as the first pillar of an EU Banking Union, represents a significant step towards greater integration in banking supervision. However, the scope of the SSM is limited to a group of Member States. Member States such as the UK have insisted that they will not be part of the SSM. These non-participating Member States (NoPS) will nevertheless interact closely with SSM members, notably within the European Banking Authority (EBA). In order to organise their interactions, the EU legislature amended EBA’s founding regulation. In particular, it introduced complex voting requirements. The aim of this paper is to reflect on these changes and to consider alternative arrangements for EBA.
Keywords: Banking Union, Single Supervisory Mechanism, European Banking Authority, European Central Bank, Supervision
JEL Classification: G18, G20, G28, K23, G38
Suggested Citation: Suggested Citation