The ECB’s Supervisory Board Under the Single Supervisory Mechanism (SSM): A Comparison with European Agencies

Abstract

This article is about the institutional localization of the Supervisory Board which was established as the main EU actor within the Single Supervisory Mechanism (SSM). Organizationally belonging to the European Central Bank (ECB), it operates separately from the rest of the ECB, so as not to interfere with its monetary branch which shall be independent according to primary law. This distinctive position in conjunction with its personal composition and the fact that the tasks/powers are exercised in cooperation with national supervisors bear resemblance to European agencies. A comparison with this category of EU bodies in terms of legal basis and tasks/powers, composition, independence, and accountability reveals a number of similarities. The Supervisory Board’s peculiar legal basis, its belonging to the ECB and, consequently, its lacking of legal personality clearly distinguish it from European agencies. The Board remains to be unique in the administrative space of the EU. In some respects, however, – for example the internal organization of the Board or the way of sharing powers between the EU and the Member State level – the arrangements underlying the Board, and the SSM more generally, may serve as a source of inspiration for future agencies.