The constitutional challenges of the agencification process in the context of the Banking Union (I): Potential legal limits to the establishment of the Single Resolution Board. Revue ECU/EURO, N°53 (2018)

Abstract

Following the establishment of the European Supervisory Authorities in the field of financial services, the Single Resolution Board represents a further wave of agencification in the context of the Banking Union. The article explores the constitutional challenges related to the establishment and the accountability of this European agency qualified as being “specific” by its founding regulation. The analysis of this first part, focusing on potential legal limits in the establishment of the SRB, reaches the conclusion that a recently “mellowed” case law of the Court of justice seems to accommodate the use of a generalist legal basis and, notably, a more significant delegation of powers to the SRB.