Reinforcing EU financial bodies participation in global networks: addressing legitimacy gaps?

The (multilevel) articulation of the European participation in international financial fora: the example of the Basel Accords

“…In the EU, no specific procedure exists with a view to implementing international standards in banking supervision, contrary to what applies to accounting standards [ 12 p. 133]. However, the reforms that have been conducted within the EU after the GFC have complied with international standards and guidelines adopted by the G20 [ 12 p. 134].…”

“…In the EU, no specific procedure exists with a view to implementing international standards in banking supervision, contrary to what applies to accounting standards [ 12 p. 133]. However, the reforms that have been conducted within the EU after the GFC have complied with international standards and guidelines adopted by the G20 [ 12 p. 134]. Indeed, contrary to what had been true in the past where neither the EU nor the USA had fully complied with the Basel II prior to the GFC [ 46 p. 46], 10 the Basel III Accords have significantly contributed to shaping the legislation adopted within the EU.…”

“…The ECB, in its supervisory capacity (ECB–SSM), became a member of the BCBS in 2014, and so did the ECB (it had previously been an observer only) [ 56 p. 214], since the main body in charge of banking supervision within the EBU, the Supervisory Board, is an internal organ of the ECB and not an institution in its own right. Next to the ECB and the ECB–SSM, the EBA [ 12 on the participation of the ESAs in international economic forums] and the European Commission 15 are also involved, although they are not full members, and the EBA provides its technical expertise to the Commission. The definition of the Commission’s position is the responsibility of DG FISMA, whereas the EBA’s is defined by the EBA’s Board of Supervisors composed of the EBA’s Chairperson and of the 27 national supervisors (the European Commission, the ECB–SSM, the ESRB and the other two ESAs participate with no voting rights, and the Single Resolution Board has observer status) [ 45 p. 17].…”

“…In spite of the significant influence of the Basel standards on the legal norms within the EU, the existing academic literature has, thus far, largely neglected the study of this issue from an institutional perspective, or it has solely focused on the BCBS [ 12 pp. 126–144, 56 ] without taking sufficiently into consideration that this Committee is embedded in a wider galaxy of international economic forums whose other components, too, have an influence on the standards adopted by the BCBS.…”

The External Dimension of EU Agencies and Bodies: Law and Policy Herwig CH Hofmann, Ellen Vos and Merijn Chamon (eds) Cheltenham/Northampton, MA: Edward Elgar Publishing, 2019, 234 pp.

“…In many cases, these bodies enjoy quite some freedom in their contributions to setting global standards that will also have an impact on the EU. 11 Similar questions arise in relation to the roles of some agencies in the assessment of the equivalence of third-country rules or regimes with EU regulatory standards. As positive outcomes of these assessments would allow operators in third countries to become active in the EU, accountability questions may arise, and agencies must stay within their scope of competences.…”