Chapter 7: The SSM and the ECB decision-making governance
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Among the institutional law issues around the EBU, transparency has a central place. From the obscurity of applicable rules (which derive from global, European and national sources, and from legislators and supervisory authorities), to the lack of transparency of inter-authority agreements (MoUs) and to the transparency of administrative and judicial review of the ECB’s decisions when exercising its prudential powers, more openness and clarity are called for. Also, an arguments is made for the ‘singleness’ of the rules (i.e., regulations instead of directives and as few options and discretions as feasible). Generally, more translucence is advocated, both in the functioning of the SSM and in the context of the wider, also cultural, challenges of European integration.

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