AN OVERVIEW OF THE LEGAL FRAMEWORK OF THE BANKING UNION

Maciej Podgórski

master of law, College of Inter-Area Individual Studies in the Humanities and Social Sciences, University of Warsaw , Poland


Abstract

The article provides an overview of the legal structure of the Banking Union consisting of two pillars – the Single Supervisory Mechanism and the Single Resolution Mechanism. As a point of departure, it discusses the reasons for the creation of the Banking Union. Then, it analyses the legal structure of the Single Supervisory Mechanism in order to compare it to the legal framework of the Single Resolution Mechanism and shows that the differences in their design are a corollary of disparate legal bases for both instruments. Finally, it argues that the disputed legal basis for the regulation establishing the Single Resolution Mechanism is sufficient in light of Meroni doctrine as formulated in the Short-selling case.

Keywords:

European Union, Banking Union, European Central Bank, Single Supervisory Mechanism, Single Resolution Mechanism



Altavilla, Carlo, Marco Pagano, Saverio Simonelli, 2016, “Bank exposures and sovereign stress transmission”, ECB Working Paper Series 1969 (2016): 1-64. DOI:http://10.2866/673877.

Chamon, Merijn, 2014, “The empowerment of agencies under the Meroni doctrine and article 114 TFEU”, European Law Review 39 (3)2014: 380-403.

De Witte, Bruno, 2015, “Euro crisis responses and the EU legal order: increased institutional variation or constitutional mutation?”, European Constitutional Law Review 11 3(2015):434-457. DOI: https://doi.org/10.1017/

S1574019615000292.

Dijsselbloem, Jeroen, Mario Draghi, Jean-Claude Juncker, Martin Schulz, Donald Tusk, 2018, “Completing Europe’s Economic and Monetary Union”, 22 June 2015. 20 November, 2018 https://ec.europa.eu/commission/sites/beta-political/files/5-presidents-report_en.pdf.

Ehrenpil, Markus, Mattias Hector, 2017, “Banking Union – What is it?”, Sveriges Riksbank Economic Commentaries, 5 (2017): 1-8. 20 November, 2018 https://www.riksbank.se/globalassets/media/rapporter/ekonomiska-kommentarer/engelska/2017/banking-union--what-is-it.pdf.

Gortsos, Christos V., 2017, “The Single Resolution Mechanism (SRM) and the Single Resolution Fund (SRF): A Comprehensive Overview of the second main pillar of the European Banking Union (Third Edition)”, July 31, 2017.

DOI:http://dx.doi.org/10.2139/ssrn.2668653.

Hellwig, Martin F., 2014, “Yes Virginia, there is a European Banking Union! But it may not make your wishes come true”, MPI Collective Goods Preprint 12 (2014): 1-29. DOI:http://dx.doi.org/10.2139/ssrn.2487757.

Hertig, Gerard, 2012, “Central Bank Governance”, Swiss Review of Business and Financial Market Law 84 6 (2012): 486-493.

Kern, Alexander, 2015, “European Banking Union – a legal and institutional analysis of the SSM and the SRM”, European Law Review 40 2 (2015): 154-187.

Lo Schiavo, Gainni, 2014, “The development of a new bank resolution regime in Europe – fit for purpose?”, Journal of International Banking Law & Regulation 29 11 (2014): 689-704.

Spiegel, Peter, 2018, “German politics puts sand in cogs of EU machine”, Financial Times, June 28, 2013. 18 March, 2018 https://www.ft.com/content/74d2d4a4-e007-11e2-9de6-00144feab7de.

Download

Published
2018-06-30


Podgórski, M. (2018). AN OVERVIEW OF THE LEGAL FRAMEWORK OF THE BANKING UNION. Review of European and Comparative Law, 33(2), 95–118. https://doi.org/10.31743/recl.4320

Maciej Podgórski  review@kul.pl
master of law, College of Inter-Area Individual Studies in the Humanities and Social Sciences, University of Warsaw