Judicial Review and the Banking Resolution Regime

Abstract

At the eve of the 2007 financial crisis, it was noticeable that the integration of Europe’s financial sector was progressing at an uneven pace on at least two accounts. On the one hand, the banking industry displayed a greater degree of integration, certainly commensurate with its importance in the functioning of most of the Member States financial sectors, vis-à-vis the insurance sector and financial markets. On the other hand, financial integration had not been accompanied by the adoption of the necessary regulatory safeguards to curb down perverse incentives arising from the decoupling between increasing financial integration and national-bound regulation and supervision 5. The causes and effects of the 2007 financial crisis, as well as its economic and financial repercussions in the EU, are by now a widely versed and researched topic – and for that reason, one that we shall skip altogether – demanded swift action from the EU on several accounts.

Keywords: Financial Crisis; EU; Banking Union