“The European System of Financial Supervision
(European Banking Authority, European Securities and Markets Authority, European Insurance and Occupational Pensions Authority)”
This dissertation was written as part of the LL.M. in Transnational and European
Commercial Law, Banking Law, Arbitration/Mediation at the International Hellenic
University.
The economic crisis of 2008 has led to global adversities of the international economic
system. Consequently, adopting the economic crisis challenges, the European
Commission introduced a new financial framework of supervision: the European
System of Financial Supervision (ESFS) in 2010. At the start of 2011, it has initiated
three new supervisory authorities devoted to controlling the systemic risk and to
securing more coordinated supervisory competences. This dissertation is related to
both the supervision role, which is mirrored in the application of the European
Supervisory Authorities (ESAs) and the European Systemic Risk Board (ESRB).
Furthermore, the dissertation describes and evaluates the implications and
peculiarities of these new institutional parties within the European Union by granting a
crucial approach of their competences in opposite with the frame of the Member
States competences, while pointing out basic outcomes that apply in various sectors.
More specifically, it justifies that the ESAs have been initiated effectively, but an
enhanced foundation is necessary, particularly stronger governance in the decisionmaking in the supervisory stability throughout the European Union. This new regime
constitutes obvious progress for the European Capital Markets, even though some
political legal and practical shortcomings remain, in most of the case as a consequence
of compromise among the Member States. Basic aftermath is that the profits of
legislative harmonization, achieved by Single Rulebook, will be eliminated without any
orderly establishment and application. It is important these matters to be expressed
via the continuous procedure of European Union. Lastly, the dissertation includes
suggestions for improvements in ESAs’ efficiency. Undoubtedly, it will be a contest to
find the common language between ESAs’ competences and these of national
authorities.
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