Legal accountability of European Central Bank in bank supervision: A case study in conceptualizing the legal effects of Union acts

Alexander H. Türk, Napoleon Xanthoulis

Research output: Contribution to journalArticlepeer-review

7 Citations (Scopus)
275 Downloads (Pure)

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.
Original languageEnglish
Pages (from-to)138-151
Number of pages14
JournalMaastricht Journal of European and Comparative Law
Volume26
Issue number1
Early online date8 May 2019
DOIs
Publication statusE-pub ahead of print - 8 May 2019

Keywords

  • Accountability
  • European banking union
  • European central bank
  • Judicial review
  • Legal effects
  • Single supervisory mechanism

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