IDEAS home Printed from https://ideas.repec.org/p/ecb/ecblwp/201817.html
   My bibliography  Save this paper

The Eurosystem and the Single Supervisory Mechanism: institutional continuity under constitutional constraints

Author

Listed:
  • Gren, Jakub

Abstract

This paper analyses regulatory solutions that have been adopted to address constitutional constraints imposed on the functioning of the Single Supervisory Mechanism (SSM), in which the ECB’s exclusive supervisory competence is carried out. It argues that the operational framework governing the functioning of the SSM has assimilated, to a certain extent, three specific regulatory solutions underpinning the workings of the ESCB/Eurosystem: 1) the (legislative) allocation of certain tasks and responsibilities between ECB internal administrative bodies and structures; 2) the possibility of internal delegation of decision-making powers; and 3) the decentralised exercise of certain of the Union’s tasks. Such a design of the SSM reflects institutional continuity concerning a political choice on how to achieve stage one of a genuine Economic and Monetary Union. It concludes that the Union operates at its best when centralised decision-making on substantial policy issues is combined with a decentralised operational framework allowing for the meaningful involvement of national administrations in the exercise of Union exclusive competences. JEL Classification: K10, K40

Suggested Citation

  • Gren, Jakub, 2018. "The Eurosystem and the Single Supervisory Mechanism: institutional continuity under constitutional constraints," Legal Working Paper Series 17, European Central Bank.
    • Handle: RePEc:ecb:ecblwp:201817
    Note: 1844273
    as

    Download full text from publisher

    File URL: https://www.ecb.europa.eu//pub/pdf/scplps/ecb.lwp17.en.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sylvester C.W. Eijffinger, 2003. "The federal design of a central bank in a monetary union: The case of the European system of central banks," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(4), pages 365-380.
    2. Anonymous, 1958. "European Coal and Steel Community," International Organization, Cambridge University Press, vol. 12(2), pages 257-260, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hjalte Lokdam, 2020. "‘We Serve the People of Europe’: Reimagining the ECB's Political Master in the Wake of its Emergency Politics," Journal of Common Market Studies, Wiley Blackwell, vol. 58(4), pages 978-998, July.
    2. Lokdam, Hjalte, 2020. "We serve the people of Europe: reimagining the ECB's political master in the wake of its emergency politics," LSE Research Online Documents on Economics 111873, London School of Economics and Political Science, LSE Library.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Harald Beyer & Rodrigo Vergara, 2002. "Productivity and Economic Growth: The Case of Chile," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.),Economic Growth: Sources, Trends, and Cycles, edition 1, volume 6, chapter 10, pages 309-342, Central Bank of Chile.
    2. Maher, Imelda & Stefan, Oana, 2019. "Delegation of powers and the rule of law: Energy justice in EU energy regulation," Energy Policy, Elsevier, vol. 128(C), pages 84-93.
    3. Leibfried, Stephan, 1998. "Spins of (dis)integration: What might 'reformers' in Canada learn from the 'social dimension' of the European Union?," Working papers of the ZeS 06/1998, University of Bremen, Centre for Social Policy Research (ZeS).
    4. Rómulo A. Chumacero, 2002. "Is There Enough Evidence Against Absolute Convergence?," Working Papers Central Bank of Chile 176, Central Bank of Chile.
    5. Diane Fromage & Mariolina Eliantonio & Kathryn Wright, 2022. "Soft law and multilevel cooperation as sources of (new) constitutional challenges in EU economic and monetary integration: introduction to the special issue," Journal of Banking Regulation, Palgrave Macmillan, vol. 23(1), pages 1-6, March.
    6. Mihaela Tomaziu-Todosia & Grigore Tinică, 2021. "The Determinants and the Evolution of the Health Policies in Cardiovascular Medicine in a Postmodern Vision," Postmodern Openings, Editura Lumen, Department of Economics, vol. 12(1), pages 169-184, March.
    7. Stephen Martin, 2005. "U.S. Antitrust and EU Competition Policy: Where has the Former Been, Where is the Latter Going?," Working Papers de Economia (Economics Working Papers) 27, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
    8. Хасянов Р. З., 2021. "Критерии (Условия) Передачи Государственных Полномочий Организациям: Опыт Зарубежных Стран," Вопросы государственного и муниципального управления // Public administration issues, НИУ ВШЭ, issue 3, pages 155-179.
    9. Lukáš Marek, 2017. "European Deposit Insurance and the Bank Resolution System: An Opportunity to Extend the Single Resolution Mechanism [Evropský systém pojištění vkladů a řešení krizí bank: příležitost k rozšíření je," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2017(4), pages 59-76.
    10. Angelini, Paolo, 2003. "Small is beautiful but large is not to be belittled: a comment on Eijffinger et al. [Eur. J. Political Economy 18 (2002) 365-374]," European Journal of Political Economy, Elsevier, vol. 19(4), pages 901-903, November.
    11. Gianni Lo Schiavo, 2022. "The Single Supervisory Mechanism (SSM) and the EU Anti-Money Laundering framework compared: governance, rules, challenges and opportunities," Journal of Banking Regulation, Palgrave Macmillan, vol. 23(1), pages 91-105, March.
    12. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093, September.
    13. Filipec Ondřej, 2018. "Agent–Principal Dilemma and the EU Chemical Management," TalTech Journal of European Studies, Sciendo, vol. 8(1), pages 154-175, June.

    More about this item

    Keywords

    decentralisation; delegation; ECB; Eurosystem; SSM;
    All these keywords.

    JEL classification:

    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ecb:ecblwp:201817. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Official Publications (email available below). General contact details of provider: https://edirc.repec.org/data/emieude.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.