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The chapter discusses the new regulatory tools for the European Banking Authority and will argue that such tools, while increasing the efficiency of the financial market regulation, pose a risk to the constitutional and institutional foundations of the EU. The Union’s constitutional and institutional framework provides normatively important limitations to the conferral of powers to agencies resulting from the principles of conferral (legal basis constraint), institutional balance (delegation constraint) and democratic legitimacy (process constraints). It is argued that the drive for greater efficiency in the regulation of financial services undermines these important constraints. This view has obvious implications for the interpretation of the legal provisions providing for such tools.
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- The Institutional Architecture of EU Financial Regulation: The Case of the European Supervisory Authorities in the Aftermath of the European Crisis
Gianni Lo Schiavo
- Palgrave Macmillan UK
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