The External Dimension of EU Agencies and Bodies
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The External Dimension of EU Agencies and Bodies

Law and Policy

Edited by Herwig C.H. Hofmann, Ellen Vos and Merijn Chamon

This timely book addresses urgent questions about the external actions of the EU’s decentralized agencies and their effects, such as how they should be conceptualized and assessed, and how these agencies can and should be governed in the future. Bringing together pioneering interdisciplinary work from European legal and political scholars, the book combines theory with empirical case studies to explore an underdeveloped field and identify a future research agenda.
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Chapter 7: Reinforcing EU financial bodies participation in global networks: addressing legitimacy gaps?

Maurizia De Bellis

Abstract

As global financial standards have a remarkable impact on EU law, strengthening the EU’s role in global standard setters would increase the legitimacy of the reception of such norms. The European financial agencies should be the obvious candidate to represent the EU in global networks, both because of their composition and because of the powers they are entrusted with. Yet the limitations to their powers and the very unclear division of competences between agencies and other bodies in the EU financial architecture risk impairing the activity of the agencies in global networks. Moreover, the financial agencies’ external activity could affect the institutional balance of powers within the EU, raising questions of the legitimacy of such external activity. This chapter finds that the body representing EU views in global networks should be subject to reporting obligations and transparency requirements, so that proper accountability instruments are in place.

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