The accountability of the ECB as banking supervisor
While much research has analysed the creation of banking union and the ECB’s assumption of bank supervisory responsibilities, less attention has been paid to the modalities of the ECB’s accountability in this context. This paper provides an overview and explanation of the modalities for discharging accountability by the ECB for banking supervision which it fully assumed in November 2014. On this basis, it discusses the accountability framework and provides an overview from the perspective of the broad benchmark provided by the Basel Committee on Banking Supervision (BCBS) in its 2012 Core Principles for Effective Banking Supervision, also by considering the practices of other (central bank) supervisors as they are analysed in the IMF’s Financial Sector Assessment Programmes (FSAP).
Key words: European Central Bank, EMU, banking supervision, accountability, banking union, BCBS core principles
JEL codes: E52, E58, F15, F36, G28, N24, N4
Demosthenes Ioannou, Cyril Max Neumann, Carina Stubenrauch