Regulating and Supervising European Financial Markets

1. Front Matter

   Pages i-x

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2. More Risks than Achievements?

   • Mads Andenas, Gudula Deipenbrock

   Pages 1-9

3. The European System of Financial Supervision as Originally Introduced from the Institutional Perspective: Selected Aspects from the European, Comparative Law and Economic View

   1. Front Matter

      Pages 11-11

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   2. The European Securities and Markets Authority and Its Regulatory Mission: A Plea for Steering a Middle Course

      • Gudula Deipenbrock

      Pages 13-41

   3. Form and Function of the ESRB: A Critical Analysis

      • Trude Myklebust

      Pages 43-66

   4. Power and Accountability in the EU Financial Regulatory Architecture: Examining Inter-Agency Relations, Agency Independence and Accountability

      • Iris H.-Y. Chiu

      Pages 67-101

   5. The Regulatory Powers of the European Supervisory Authorities: Constitutional, Political and Functional Considerations

      • Georgina Tsagas

      Pages 103-138

   6. The Effects of the ESMA’s Powers on Domestic Contract Law

      • Federico Della Negra

      Pages 139-166

   7. Strengths and Weaknesses of the ESMA-SEC Supervisory Cooperation

      • Giuseppe Bianco

      Pages 167-191

   8. Sustainability Impact Assessment in ESAs

      • María Jesús Muñoz-Torres, Juana María Rivera-Lirio

      Pages 193-214

   9. Selected Aspects of International Regulation and Policy: Reforming International Financial Regulation Along Macro-Prudential Lines

      • Kern Alexander

      Pages 215-229

   10. The Federalisation of Financial Supervision in the US and the EU: A Historical-Comparative Perspective

       • Régis Bismuth

       Pages 231-250

4. The European Central Bank and Banking Supervision from the Institutional Perspective: Selected Aspects Covering the Legal and Economic View

   1. Front Matter

      Pages 251-251

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   2. The ECB and Banking Supervision: Does Single Supervisory Mechanism Provide an Effective Regulatory Framework?

      • Kern Alexander

      Pages 253-276

   3. The Role of the European Banking Authority (EBA) After the Establishment of the Single Supervisory Mechanism (SSM)

      • Christos V. Gortsos

      Pages 277-297

   4. The Single Supervisory Mechanism (SSM): Selected Institutional Aspects and Liability Issues

      • Raffaele D’Ambrosio

      Pages 299-336

   5. Judicial Review in the Eurozone: The Court System as Regulator? The Case of the Sovereign Debt Crisis

      • Maren Heidemann, Dania Thomas

      Pages 337-363

   6. The Management of Systemic Risk from a Legal Perspective

      • Jan H. Dalhuisen

      Pages 365-391

   7. Regulating SIFIs in the European Union: A Primer from an Economic Point of View

      • Andreas Horsch

      Pages 393-420

   8. Loss-Absorbing Capacity: The Last Remedy for European SIFI Regulation?

      • Jacob Kleinow

      Pages 421-437

The book analyses the institutions of the European financial market supervision and the challenges of financial markets. The current European supervisory structure for financial markets represents a major development in European supervisory history. Its operation however has to be explored and analysed critically. Has it gone far enough to provide a sufficiently comprehensive and resilient system to reduce or mitigate systemic risks and handle financial crises? Some claim it has gone too far already.


Fresh and rigorous critical legal and economic analysis from an independent scholarly perspective are needed to assess whether the institutional design of the European supervisory architecture has proved itself to be an efficient and effective model. This book discusses many dimensions of the structure and workings of the European system from various angles providing different dimensions. The book makes an important contribution to the limited literature onfinancial market supervision.

• European Central Bank
• European regulatory and supervisory regime
• European supervisory authorities
• European systemic risk board
• Single supervisory mechanism
• Systemic risk
• systemically important financial institutions

• Faculty of Law, University of Oslo, Oslo, Norway

  Mads Andenas

• HTW Berlin University of Applied Sciences, Berlin, Germany

  Gudula Deipenbrock

Mads Andenas is Professor of Law at Faculty of Law, University of Oslo, Oslo, Norway, and Institute of Advanced Legal Studies, School of Advanced Studies, University of London, London, United Kingdom.
Gudula Deipenbrock is Professor of Business Law at HTW Berlin, University of Applied Sciences, Berlin, Germany.

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