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European Banking Authority

In: EU Banking and Financial Regulation

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Abstract

After the 2008 financial crisis, the three European committees - CESR, CEBS, CEIOPS - were replaced in 2011 by three sectoral European Supervisory Authorities (ESAs): the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA). The ESAs are EU agencies tasked with a broad set of functions. First, ESAs function as consultative bodies. They create regulatory technical standards (RTS) or implement technical standards (ITS) to contribute to the creation of a European single rulebook. In order to promote supervisory convergence, the same ESAs may also issue recommendations and guidelines. Besides, ESAs have certain powers in cases of breach of EU law by national supervisory authorities, emergency situations and disagreements between competent national authorities. In addition, the three sectoral ESAs work together in a Joint Committee. Finally, they may exercise, in specific cases, direct supervision.

Suggested Citation

  • ., 2024. "European Banking Authority," Chapters, in: EU Banking and Financial Regulation, chapter 2, pages 11-22, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21982_2
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035301959.00012
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    Cited by:

    1. Bindseil, Ulrich & Marrazzo, Marco & Sauer, Stephan, 2024. "The impact of central bank digital currency on central bank profitability, risk-taking and capital," Occasional Paper Series 360, European Central Bank.

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    Keywords

    Law - Academic; Law - Professional;

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