Research Handbook on the European Union and International Organizations
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Research Handbook on the European Union and International Organizations

Edited by Ramses A. Wessel and Jed Odermatt

Over the years, the European Union has developed relationships with other international institutions, mainly as a result of its increasingly active role as a global actor and the transfer of competences from the Member States to the EU. This book presents a comprehensive and critical assessment of the EU’s engagement with other international institutions, examining both the EU’s representation and cooperation as well as the influence of these bodies on the development of EU law and policy.
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Chapter 19: Financial Stability Board (FSB), Bank for International Settlements (BIS) and Financial Market Regulation Bodies

Shawn Donnelly

Abstract

International standardsetting bodies in the financial sphere are informal and have national competent authorities as members, rather than national governments. The European Central Bank is the primary representative of the EU in international standardsetting bodies, either in its capacity as a central bank, or as a bank supervisor. Elsewhere, the European Commission is often granted observer status, while advisory and coordination bodies such as the European Supervisory Authorities for banking, insurance and securities markets are sometimes allowed to observe as well. In both cases, authorities from EU Member States sit alongside their EU counterparts. While they primarily use these international bodies to plan out compromises as a soft law basis for further EU standards and legislation, intractable conflicts between EU Member States can also render international bodies unable to produce further global standards.

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