The ECB powers as a catalyst for change in EU Law. Part 2: SSM, SRM and fundamental rights Articles uri icon

publication date

  • January 2017

start page

  • 199

end page

  • 263

issue

  • 2

volume

  • 23

international standard serial number (ISSN)

  • 1076-6715

electronic international standard serial number (EISSN)

  • 1076-6715

abstract

  • This Article examines the EU framework of fundamental rights, including its scope of application, substantive rights, and procedural rights, in relation to the ECB's supervisory policies andpowers under the Single Supervisory Mechanism (SSM) and theSingle Resolution Mechanism (SRM). The picture shows that there are undesired "dark corners." Major uncertainty surrounds critical issues, such as: to what extent property rights can limit the ECB's functions as a "lender of last resort" and its supervisory interventions; to what extent the ECB is bound by the nondiscrimination principle in the exercise of its functions; to what extent the principles of certainty and legality of penalties have anybearing in the situations of banking groups; and the actual meaning and extent of judicial review of ECB acts. A major construction effort is needed for the sake of fundamental rights and to provide a sound orientation in the implementation of the SSM/SRM framework.