EU Agencies and Financial Regulation: the proliferation of a new mode of governance
(2023) EU Law Live — (2023)
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- Authors
Bauerschmidt, Jonathan 
- et. al.
- Abstract
- The phenomenon of agencification within the EU is admittedly not new, nor is it limited to a specific policy area or even to the supranational governance model, for Member States, too, have massively created independent executive agencies in the past decade. However, we posit that this phenomenon is more acutely visible in one of the EU’s domains of action, namely that of financial integration. Indeed, since the Great Financial Crisis, the EU has created no less than four agencies in this domain: the three European Supervisory Authorities (ESAs)–EBA, ESMA and EIOPA, which are part of the European System of Financial Supervision (ESFS) in 2010–, and the Single Resolution Board (SRB) in 2014. All four of them were established using the internal market legal basis, Article 114 TFEU. Further to this, the Supervisory Board was created as an internal body of the European Central Bank (ECB), which plans and executes supervisory tasks as a preparatory body. Although not an agency, the question of delegating powers to the Supervisory Board was solved by letting the ECB’s Governing Council finally adopt supervisory decisions which thus assumes full legal and political responsibility for the ECB. Lastly, a body with no independent legal personality was introduced in the form of the European Systemic Risk Board (ESRB), which completes the ESFS.
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Citations
Bauerschmidt, J., & et al. (2023). EU Agencies and Financial Regulation: the proliferation of a new mode of governance. EU Law Live. Submitted. https://hdl.handle.net/2078.5/244884 (Original work published 2023)