Level the playing field: The new supervision of credit institutions by the European Central Bank

Publishers Abstract:
In October 2013 the Single Supervisory Mechanism (SSM) was established. This new mechanism, which is based on the SSM Regulation, provides for far-reaching tasks and powers for the ECB to supervise credit institutions established in participating Member States. This article outlines the general context and the main characteristics of the new framework. It then considers certain legal issues which arise, in particular the conformity of the SSM Regulation with EU primary law, the choice of an appropriate legal basis, as well as the conformity of the provisions with the boundaries concerning the delegation of administrative powers and the principles of ECB independence and accountability.