You are invited to attend the next Sheffield Institute of Corporate and commercial Law (SICCL) seminar: Institutional design for the EU Economic and Monetary Union: Financial Supervision and Financial Stability. A seminar by Professor Jennifer Payne, University of Oxford.
Date: 14 June 2017
Location: Moot Court
This paper examines the institutional design of the EU European and Monetary Union. Specifically, it analyses five different institutions that have been set up in the post-financial crisis period, namely the three European Supervisory Authorities (ESMA, EBA and EIOPA), the European Financial Stability Fund (EFSF) and the European Stability Mechanism (ESM). The creation of these organisations reflects two different strands of reaction to the financial crisis and the sovereign debt crisis which followed it. The first is a recognised need to bolster and strengthen EU-level integration and oversight of the financial markets. The second is a requirement for financial stability mechanisms to address the difficulties of the worst-hit countries, not only to provide emergency assistance, but also to avert contagion and to enhance confidence in the euro area’s financial markets. There are some important similarities between these five bodies, but also some notable differences, not least their different institutional models: the ESAs are supranational agencies in all but name, whereas the EFSF and ESM are intergovernmental bodies. This institutional distinction has important consequences for the nature and remit of the powers of the various entities, and the institutional constraints faced by these bodies impacts on their ability to perform their roles effectively and well. This paper examines these issues and explores the ways in which these bodies might seek to overcome these challenges, in order to ensure that the institutional model of the EMU is fit for purpose.