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  • 5 - Democratic Accountability in the Banking Union

  • from Part II - Political Accountability
  • Edited by Mark Dawson, Hertie School, Berlin
  • Book:
    Substantive Accountability in Europe's New Economic Governance
    Published online:
    23 November 2023
    Print publication:
    07 December 2023, pp 107-131
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  • Summary

    The European Banking Union (EBU) launched in 2012 relies on a complex institutional architecture; that is, a series of EU institutions and bodies as well as national institutions are involved in its functioning. At the EU level, these include the European Central Bank (ECB) – which acts as the authority in charge of monetary and as banking supervisor, two EU agencies (the Single Resolution Board and the European Banking Authority), as well as the European Commission. This chapter examines the existing accountability mechanisms vis-à-vis each of these institutions and bodies with a view to determining whether any accountability gaps exist. To this end, it first maps these mechanisms and analyses how they have been used to date. It finds that the mechanisms have been used indeed, but that some shortcomings exist in the existing institutional framework. It therefore proposes some reforms to improve the existing situation.