Edited by Herwig C.H. Hofmann, Katerina Pantazatou and Giovanni Zaccaroni
Chapter 12: The Single Resolution Board as a new form of economic governance
Within Banking Union, the Single Resolution Board (Board) was established as an EU agency with extensive decision-making powers both at the preventive phase of resolution planning and at the resolution phase itself, when a resolution scheme needs to be actually applied. Such powers can be directly addressed to credit institutions, circumventing the national resolution authorities. Many scholars have expressed their concerns as regards the Board’s compatibility with the current EU legal order. However, to conclude on its compatibility one needs to understand in depth the functions of the Board, especially owing to their highly technical nature. This paper aims to shed light on the unknown by conducting a competence-by-competence analysis of the Board’s powers, as well as examining the procedural safeguards that aim to mitigate these concerns, such as the role of the national resolution authorities and the Commission, the Board’s public interest assessment and the ‘no creditor worse-off’ principle.
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