Nel 2014 l’UE ha istituito il meccanismo di risoluzione unico (SRM) per assicurare la risoluzione ordinata delle banche in dissesto con oneri minimi per i contribuenti, evitando costosi salvataggi. La Corte ha valutato l’adeguatezza del quadro strategico e l’assetto organizzativo per la pianific...
Il manuale di vigilanza descrive la struttura organizzativa del Meccanismo di vigilanza unico (MVU) e definisce le metodologie, i processi e le procedure per la vigilanza bancaria nell’area dell’euro. Illustra inoltre le modalità di cooperazione dell’MVU con le altre autorità nel più ampio conte...
La crisi finanziaria mondiale che ci ha colpito 10 anni fa ci ha insegnato che, quando finiscono nei guai molte banche, queste possono mettere a repentaglio tutto il sistema finanziario e l’economia nel suo complesso. Dalla crisi finanziaria ad oggi la Commissione si è posta tra gli obiettivi pr...
The two contributions in this legal working paper discuss the various aspects of composite administrative procedures in the context of both Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM) decision-making procedures. It addresses the definition of such procedures, their r...
As the global financial crisis showed, it is difficult to determine the fair value of some financial instruments, given the lack of liquidity in the relevant markets, the complexity of some of those instruments and the need, in a significant percentage of cases, to use unobservable inputs. Takin...
As a response to the global financial crisis that started in 2008, many countries established dedicated resolution regimes that seek to limit the use of taxpayer money while maintaining the functions of failing banks that are critical for financial stability. This paper extends the existing rese...
Due to the international dimension of the financial sector within the EU and beyond, domestically oriented macroprudential policies have the potential to create material cross-border spillover effects. This occasional paper provides a detailed overview of the academic and empirical literature on...
EU rules on fit and proper are a patchwork of high-level principles and national law. Deep cross-country differences affect both the assessment process and the criteria used. New Level 1 measures are required to impose common requirements on knowledge, experience, good repute, independence and c...
The paper distinguishes two contrasting models of accountability, one based on principal-agent relations, which is backward-looking, the other a dynamic and forward-looking model. The paper argues that this second model of accountability is more appropriate for independent bodies like the ECB/SS...
This paper discusses the accountability mechanisms for the SSM and SRM. Both mechanisms’ frameworks have the potential to provide strong political, administrative and legal accountability, but also present shortcomings at the level of practice, coordination, organisation and transparency. The pa...
