The European Banking Union and the Role of Law
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The European Banking Union and the Role of Law

Edited by Gianni Lo Schiavo

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.
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Chapter 7: The SSM and the ECB decision-making governance

Christy Ann Petit

Abstract

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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