EUROPEAN REVIEW OF PUBLIC LAW - no  28, 1 (99), Spring 2016


In this issue of the ERPL are published the proceedings of the annual conference of the EGPL organised from the 11th to the 13th of September 2015 on the island of Spetses (Greece), on the subject "The New European Economic Governance".

Under the heading "General Introduction: The Powers of the Union in the European Econonomic Governance: New Transfers of Sovereignty", the first paper claims that European integration is facing one of the most difficult, but at the same time, challenging periods of its life, the European crisis not yet having been overcome and the new Asian crisis approaching. The report aims to point out and stimulate the debate on issues strictly related to the "monetary governance" of the European Union. It illustrates the most important issues concerning the European Monetary Union and the establishment of the European Central Bank. In order to discuss the problem of whether a political union is advisable or even necessary, the European experience is compared with the origings of central banking of two "integrating" countries (the United States and Italy). The second paper under this heading argues there is a major concern among the Member States and within the Union itself, that the survival of the monetary union is dependent on the further development of unitary structures, which means: more integration. It looks at the constitutional questions of the last major prospective plan in this respect, the "Report of the five presidents of the Union", which deals with further developments in the economic, financial, fiscal and political Union, and it tries to highlight some pivotal questions that have to be answered before such a plan can be driven forward.

The next heading is titled "The European Banking Governance". According to the first paper under this heading, several legal acts have been adopted by EU financial regulators, which reshaped the regulatory and supervisory framework pertaining to the EU banking system. The main by-product of this response was the establishment of the European Banking Union and, in particular, of the Single Supervisory Mechanism, the Single Resolution Mechanism and the Single Resolution Fund. These three components should be considered in unison, given that shared liability for bank resolutions requires centralized supervisory oversight. The next paper under this heading claims the Single Supervisory Mechanism is a major development in the area of Economic and Monetary Policy, as it is entrusted with the prudential supervision of European credit institutions and confers very significant powers on the European Central Bank, including coercive and investigatory powers. Due to those powers, a system of checks and balances has been introduced, in which the European Parliament and the Court of Justice of the European Union play a significant part.

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