Chapter 13: BANKING UNION AND THE CHARTER OF FUNDAMENTAL RIGHTS
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This chapter considers how the EU’s Charter of Fundamental Rights interacts with Banking Union, particularly as regards judicial review and the related legitimation of ECB acts. There are only two leading cases on the ECB and the Charter, but they underline the extent of the Charter’s reach over ECB action. The potential for judicial review of ECB action may, accordingly, be significant, particularly given the wide range of operational activities the ECB engages in within Banking Union and the implications for property rights in particular. Nonetheless, the restrictions which can be applied to the application of Charter rights are likely to limit the extent to which ECB action is judicially reviewed. Specifically, the deference the Court of Justice typically shows to financial stability justifications for ECB action suggests that successful causes of action will be rare. Political accountability as regards the Charter, remains, however, a significant element of the ECB’s legitimation arrangements.

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