The concept of systemic importance in European Banking Union law

Iglesias-Rodriguez, Pablo (2019) The concept of systemic importance in European Banking Union law. In: Chiti, Mario P and Santoro, Vittorio (eds.) The Palgrave Handbook of European Banking Union Law. Palgrave Macmillan, pp. 183-211. ISBN 9783030134747

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Abstract

This paper examines the meaning of the concept of systemic importance and its role in the European Banking Union’s (EBU) institutional setting. It shows that this concept is treated inconsistently across the EBU pillars. The paper identifies various factors that determine such an inconsistent treatment: first, there is a lack of a common European Union (EU) legal definition of systemic importance applicable to the various pillars of the EBU; secondly, the European Central Bank (ECB), the Single Resolution Board (SRB) and the European Commission (EC) engage in divergent and inconsistent interpretations of the meaning of systemic importance; and, thirdly, in the EBU, systemic importance is given an asymmetrical role in the shaping of Single Supervisory Mechanism (SSM) supervision and Single Resolution Mechanism (SRM) resolution. In order to address these inconsistencies, this paper proposes, on the hand, a greater harmonisation of the concept of systemic importance in EBU law and, on the other hand, a redefinition of the powers of the SRB in bank resolution.

Item Type: Book Section
Schools and Departments: School of Law, Politics and Sociology > Law
Subjects: K Law > K Law in General. Comparative and uniform Law. Jurisprudence > K0520 Comparative law. International uniform law > K0600 Private law
K Law > K Law in General. Comparative and uniform Law. Jurisprudence > K0520 Comparative law. International uniform law > K1000 Commercial law
K Law > K Law in General. Comparative and uniform Law. Jurisprudence > K0520 Comparative law. International uniform law > K3400 Administrative law
K Law > KJ Europe
Depositing User: Pablo Iglesias-Rodriguez
Date Deposited: 20 Jan 2020 09:07
Last Modified: 20 Jan 2020 09:07
URI: http://sro.sussex.ac.uk/id/eprint/89408

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