Reflections on Euro Area Banking Supervision: Context, Transparency, Review and Culture - A Contribution to the Conversation on the SSM after Three Years

Proceedings of the European Banking Union and Its Relationship with the Law: Reflections Three Years on, Conference, London (UK), 23 October 2017

22 Pages Posted: 28 Dec 2017

See all articles by René Smits

René Smits

ACELG; University of Amsterdam - Amsterdam Center for Law & Economics (ACLE)

Date Written: October 22, 2017

Abstract

Reflections on context, transparency, review and culture of the Single Supervisory Mechanism (SSM), the Euro Area system of prudential supervision of banks, three years after its start. The paper discusses the 'cascade' of banking regulation (from global standards through EU legislation and harmonising technical regulations of the Commission to national laws, central bank acts and guidance) and suggests five ways to strengthen the Single Rulebook in the financial sector. The paper further explores transparency in the SSM, inter alia, discussing the public availability of Memoranda of Understanding among supervisory authorities, the ECB's Banking Supervision Manual, and information on administrative and judicial review of ECB acts, suggesting minor steps forward on the latter. The paper concludes with considerations on the context of banking union, highlighting the incidence of the often forgotten cultural aspect of integration of Europe.

Keywords: European Central Bank; Judicial Review; Administrative Review; Prudential Supervision; Single Supervisory Mechanism (SSM); Emergency Liquidity Assistance (ELA); Transparency of Supervision; Memoranda of Understanding

JEL Classification: E58; G28; K41

Suggested Citation

Smits, René, Reflections on Euro Area Banking Supervision: Context, Transparency, Review and Culture - A Contribution to the Conversation on the SSM after Three Years (October 22, 2017). Proceedings of the European Banking Union and Its Relationship with the Law: Reflections Three Years on, Conference, London (UK), 23 October 2017. Available at SSRN: https://ssrn.com/abstract=3092657 or http://dx.doi.org/10.2139/ssrn.3092657

René Smits (Contact Author)

ACELG ( email )

P.O.Box 1030
Amsterdam, 1000 BA
Netherlands

University of Amsterdam - Amsterdam Center for Law & Economics (ACLE)

Roetersstraat 11
Amsterdam, 1018 WB
Netherlands

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