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The Legal Framework Applicable to the Single Supervisory Mechanism provides an in-depth analysis of the legal framework applicable to the Single Supervisory Mechanism (SSM) with particular reference to the interaction between European and national law. In this innovative book a leading expert directly involved in the development and implementation of the framework compellingly demonstrates the necessity of removing differences in banking legislation across national borders within the Banking Union. The book analyses all the cases where the European Central Bank (ECB) is required to apply national legislation in accordance with the country of establishment of the credit institutions under its direct supervision within the SSM. Drawing on the case law of the European Court of Justice concerning the transposition of EU Directives the book also develops an analytical methodology to assess the derivation of national legislation from EU law with application to several concrete cases.
In an in-depth analysis of the complex legal environment in which the ECB, as prudential supervisory authority, has been operating, the author thoroughly answers the following questions:
The focus of the book is on the interaction between European banking legislation and national legislative provisions.
The legal analysis in this book supports, with great authority, the demands for a leap forward in the full harmonisation of key prudential requirements within the Banking Union. Legal and banking practitioners, officials in national and European authorities, banking law scholars and policymakers will benefit enormously from the lessons it contains for the way forward of the Banking Union and, more generally, the future of the European Union itself.