Legal accountability of European Central Bank in bank supervision: a case study in conceptualising the legal effects of Union acts
Legal accountability of European Central Bank in bank supervision: a case study in conceptualising the legal effects of Union acts
This contribution offers a conceptual framework, which allows a clear and transparent assessment of the legal/judicial accountability of acts adopted within the Single Supervisory Mechanism (SSM) based on an evaluation of their legal effects. It shows, that the Union courts are the relevant judicial forum to hold the European Central Bank (ECB) to account for acts, which have primary legal effects, that is all acts or omissions which, directly or indirectly, are capable of determining rights or imposing obligations. Such acts can be challenged by way of direct actions under Articles 263 and 265 TFEU. Where the change in the legal position of a person is caused by at least two distinct acts, the former providing the basis for the adoption of the latter binding act without having itself primary legal effect, then the Union courts may review the former act only indirectly, such as via Articles 267 and 277 TFEU. The judicial accountability mechanisms within the SSM mirror the allocation of competences between the national authorities and the ECB within the SSM by providing for a separate but integrated system of judicial review.
151-164
Xanthoulis, Napoleon
653ad673-f0ec-42e4-9fdf-0ea87d49779e
Turk, Alexander
56239c9c-e5ed-40e7-830a-15bda1fb2a2c
8 May 2019
Xanthoulis, Napoleon
653ad673-f0ec-42e4-9fdf-0ea87d49779e
Turk, Alexander
56239c9c-e5ed-40e7-830a-15bda1fb2a2c
Xanthoulis, Napoleon and Turk, Alexander
(2019)
Legal accountability of European Central Bank in bank supervision: a case study in conceptualising the legal effects of Union acts.
Maastricht Journal of European and Comparative Law, 26 (1), .
(doi:10.1177/1023263X19830639).
Abstract
This contribution offers a conceptual framework, which allows a clear and transparent assessment of the legal/judicial accountability of acts adopted within the Single Supervisory Mechanism (SSM) based on an evaluation of their legal effects. It shows, that the Union courts are the relevant judicial forum to hold the European Central Bank (ECB) to account for acts, which have primary legal effects, that is all acts or omissions which, directly or indirectly, are capable of determining rights or imposing obligations. Such acts can be challenged by way of direct actions under Articles 263 and 265 TFEU. Where the change in the legal position of a person is caused by at least two distinct acts, the former providing the basis for the adoption of the latter binding act without having itself primary legal effect, then the Union courts may review the former act only indirectly, such as via Articles 267 and 277 TFEU. The judicial accountability mechanisms within the SSM mirror the allocation of competences between the national authorities and the ECB within the SSM by providing for a separate but integrated system of judicial review.
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Published date: 8 May 2019
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Local EPrints ID: 453599
URI: http://eprints.soton.ac.uk/id/eprint/453599
PURE UUID: 52b89ab2-8986-4a34-8c85-9250b8acb87f
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Date deposited: 20 Jan 2022 17:34
Last modified: 17 Mar 2024 04:08
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Alexander Turk
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