Il-kriżi finanzjarja globali li laqtitna 10 snin ilu, għallmitna li meta diversi banek flimkien isibu ruħhom fl-għawġ, jista’ jkun ta’ periklu għall-ekonomija u għas-sistema finanzjarja kollha. Sa mill-kriżi finanzjarja, wieħed mill-għanijiet prinċipali tal- Kummissjoni kien li tagħmel il-banek ...
Fl-2014, l-UE stabbiliet il-Mekkaniżmu Uniku ta’ Riżoluzzjoni (SRM) biex dan jiżgura li l-banek li jkunu qed ifallu jiġu riżolti b’mod ordnat u b’piż minimu għall-kontribwenti, u b’hekk jiġu evitati salvataġġi finanzjarji li jqumu ħafna flus. Aħna vvalutajna x-xerqien tal-qafas ta’ politika u l-...
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...
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 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...
This paper sets out recommendations for enhancing the accountability arrangements in respect of the European Central Bank and the Single Resolution Board within the confines of the presently applicable legal provisions. It recommends enhancing transparency, as a precondition for accountability. ...
