EU-Banking Authority (EBA) (Regulation)
The European Commission wants to give the European Banking Authority (EBA) more responsibility for financial supervision. In cep’s view, however, the EBA’s new tasks, to allow for “ecological and social factors” and to promote consumer protection, may lead to a conflict of interest with its actual task - safeguarding financial stability.
cep gives a positive evaluation of the planned establishment of an independent Executive Board to mediate in conflicts between supervisory authorities and rule on breaches of EU law by these authorities. cep recommends that further consideration of the proposals should look at providing for decisions, on the strategic supervisory plan, stress testing and monitoring of the outsourcing of banking activities, to be made collectively by this Executive Board, the national supervisory authorities and the ECB to decide, in an EBA Governing Council.