The European Banking Authority: Legal Framework, Operations and Challenges Ahead

Abstract

This Article explores the legal framework ofthe European BankingAuthority (EBA) and its main operations during the first two years ofits existence The analysis begins with an inquiry into the mandate of the EBA in terms of public goods, and continues by examining the theoretical rationales for the centrahsation of regulatory and supervisory powers at the EU level, and their conferral to the EBA in particular The theoretical speculation is followed by a thorough scrutiny of single powers and their emphincal conduct by the EBA: the single rulebook project, the powers aimed at supervisory cooperation and convergence, the EU-wide risks assessment and stress tests, the capitahsation exercise, just to mention some. An overall assessment of EBAk achievements and limitations is providedt suggesting some legislative amendments to overcome the main imperfections. Lastly EBAk role is examined in the light of the general reform agenda of European financial architecture, assessing its contribution to economic and human development and to the European integration project.