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The concept of systemic importance in European Banking Union law
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.
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Publication status
- Published
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- Published version
Publisher
Palgrave MacmillanExternal DOI
Page range
183-211Pages
415.0Book title
The Palgrave Handbook of European Banking Union LawISBN
9783030134747Department affiliated with
- Law Publications
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- No
Peer reviewed?
- Yes
Editors
Vittorio Santoro, Mario P ChitiLegacy Posted Date
2020-01-20First Compliant Deposit (FCD) Date
2020-01-17Usage metrics
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