Research Handbook on EU Economic Law
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Research Handbook on EU Economic Law

Edited by Federico Fabbrini and Marco Ventoruzzo

This comprehensive Research Handbook analyses and explains the EU’s complex system of economic governance from a legal point of view and looks ahead to the challenges it faces and how these can be resolved. Bringing together contributions from leading academics and top lawyers from EU institutions, this Research Handbook is the first to cover all aspects of the Eurozone’s legal ecosystem, and offers an up-to-date and in depth assessment of the norms and procedures that underpin the EU’s economic, monetary, banking, and capital markets unions.
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Chapter 14: The European System of Financial Supervision and in particular the European Securities and Markets Authority

Sophie Vuarlot-Dignac and Eugenia Siracusa


Chapter 14 discusses the European architecture of financial supervision and the role of the European Supervisory Authorities (ESAs), the authors summarize in historical perspectives the reasons leading to the creations of the ESAs in the aftermath of the euro-crisis and examine specifically the role of the European Securities Market Authority (ESMA), detailing its organization and institutional mandate. As they point out, the ESAs have contributed to establishing a common supervisory culture across Europe. However, a number of challenges remain, including divergences in data collection, and it remains questionable whether specifically ESMA has all the powers it would need: from this point of view, therefore, further legislative developments may be necessary.

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