Political And Legal Accountability In The European Banking Union
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Author | : Menelaos Markakis |
Publisher | : |
Total Pages | : 20 |
Release | : 2017 |
Genre | : |
ISBN | : |
This chapter looks at political and legal accountability in the European Banking Union. It is structured as follows. The discussion begins with a sketch of the constitutional structure and administrative machinery in the area of Banking Union. The focus then shifts to the concept of accountability, in an attempt to explain key concepts that will be used in this paper. This is followed by analysis of political accountability in the Single Supervisory Mechanism and the Single Resolution Mechanism, which are the main building blocks of the Banking Union thus far. The paper examines the respective roles of the European Parliament, Council, Eurogroup and national parliaments in holding the Banking Union actors accountable for the exercise of their duties. The penultimate section of the chapter concerns internal administrative review of supervisory measures and resolution actions, which is carried out by the Administrative Board of Review and the Appeal Panel respectively, as well as review by the Court of Justice of the European Union and national courts. The final section of the chapter glimpses briefly the vexed issue of the European Central Bank's legitimacy in exercising supervisory tasks over banks in the Euro area (and potentially beyond).
Author | : Menelaos Markakis |
Publisher | : Oxford University Press |
Total Pages | : 400 |
Release | : 2020-04-02 |
Genre | : Law |
ISBN | : 0192583956 |
Following the financial and public debt crisis, the EU's Economic and Monetary Union (EMU) has been under intense political scrutiny. The measures adopted in response to the crisis have granted additional powers to the EU (and national) authorities, the exercise of which can have massive implications for the economies of the Member States, financial institutions and, of course, citizens. The following questions arise: how can we hold accountable those institutions that are exercising power at the national and EU level? What is the appropriate level, type and degree of accountability and transparency that should be involved in the development of the EU's governance structures in the areas of fiscal and economic governance and the Banking Union? What is the role of parliaments and courts in holding those institutions accountable for the exercise of their duties? Is the revised EMU framework democratically legitimate? How can we bridge the gap between the citizens - and the institutions that represent them - and those institutions that are making these important decisions in the field of economic and monetary policy? This book principally examines the mechanisms for political and legal accountability in the EMU and the Banking Union. It examines the implications that the reforms of EU economic governance have had for the locus and strength of executive power in the Union, as well as the role of parliaments (and other political fora) and courts in holding the institutions acting in this area accountable for the exercise of their tasks. It further sets out several proposals regarding transparency, accountability, and legitimacy in the EMU.
Author | : Stefan Grundmann |
Publisher | : Bloomsbury Publishing |
Total Pages | : 336 |
Release | : 2019-01-24 |
Genre | : Law |
ISBN | : 1509907572 |
In 2012, at the height of the sovereign debt crisis, European decision makers pushed for developing an 'ever closer union' with the formation of a European Banking Union (BU). Although it provoked widespread debate, to date there has been no coherent discussion of the political and constitutional dimensions of the European Banking Union. This important new publication fills this gap. Drawing on the expertise of recognised experts in the field, it explores banking union from legal, economic and political perspectives. It takes a four-part approach. Firstly, it sets the scene by examining the constitutional foundations of banking union. Then in parts 2 and 3, it looks at the implications of banking union for European integration and for democracy. Finally it asks whether banking union might be more usefully regarded as a trade-off between integration and democracy. This is an important, timely and authoritative collection.
Author | : Anthony Arnull |
Publisher | : Oxford University Press, USA |
Total Pages | : 562 |
Release | : 2002 |
Genre | : Law |
ISBN | : 9780199257102 |
The European Union's growing accountability deficit threatens to undermine its legitimacy; accordingly, member states have agreed to negotiate a new set of Treaty changes in 2004. These essays consider various aspects of accountability and legitimacy in the European Union.
Author | : Cornelia Manger-Nestler |
Publisher | : Springer Nature |
Total Pages | : 177 |
Release | : 2021-05-29 |
Genre | : Law |
ISBN | : 3030751155 |
This short monograph examines the tense relationship between central bank independence and democratic legitimation, which has changed as the European Central Bank (ECB) has been entrusted with new tasks and faced unprecedented challenges. The financial and sovereign debt crisis, in particular, has affected the ECB's position within the Economic and Monetary Union without substantial changes in the Union's legal framework. However, the evolution of an institution primarily obligated to maintain price stability into an actor involved in sustaining financial stability, performing banking supervision and supporting economic policy raises the question of whether the high level of autonomy granted to the ECB is justified with regard to the principle of democracy that demands adequate accountability and control. This book identifies requirements for the democratic legitimation of central bank action in relation to specific tasks. Further, it analyses other scales of independence encountered in EU law in order to allow readers to gain a better conceptual understanding of central bank independence.
Author | : Sverker Gustavsson |
Publisher | : Routledge |
Total Pages | : 410 |
Release | : 2009-09-11 |
Genre | : Political Science |
ISBN | : 1135220581 |
This book examines accountability in the EU from different perspectives and considers whether EU citizens have real opportunities for holding decision-makers accountable. This book critically analyses five arguments which claim there are sufficient means for holding decision-makers to account in the Union. The main conclusion is that the current institutional set-up and practice of decision-making in the EU is one that merely creates an illusion of accountability. Using a strict framework focusing on the difference between formal mechanisms and actual opportunities for accountability, this highly coherent volume will be of interest to students and scholars of European politics, especially those interested in the democratic foundations of the European political system. Chapter 1 of this book is freely available as a downloadable Open Access PDF under a Creative Commons Attribution-Non Commercial-No Derivatives 3.0 license. https://s3-us-west-2.amazonaws.com/tandfbis/rt-files/docs/Open+Access+Chapters/9780415480994_oachapter1.pdf
Author | : Adina Maricut-Akbik |
Publisher | : |
Total Pages | : |
Release | : 2021-06 |
Genre | : |
ISBN | : 9781108814348 |
Author | : HŽritier, Adrienne |
Publisher | : Edward Elgar Publishing |
Total Pages | : 200 |
Release | : 2021-11-05 |
Genre | : Business & Economics |
ISBN | : 1800379595 |
This timely book presents an in-depth investigation of who benefits from European financial market regulatory measures and how decision-makers and stakeholders are held politically and administratively accountable. The extensive study illustrates the full range of the actors involved in key regulatory processes such as the regulation of high-frequency trading and the activities of central-clearing counterparties.
Author | : Fabian Amtenbrink |
Publisher | : Oxford University Press |
Total Pages | : 1808 |
Release | : 2020-05-21 |
Genre | : Law |
ISBN | : 019251248X |
Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.
Author | : Gianni Lo Schiavo |
Publisher | : Edward Elgar Publishing |
Total Pages | : 320 |
Release | : 2019 |
Genre | : Bailouts (Government policy) |
ISBN | : 1788972023 |
The European Banking Union and the Role of Law offers a comprehensive and unique examination of the European Banking Union’s (EBU) impact on existing legal disciplines and assesses the role of law in shaping the EBU framework.