The Legal Status of Macro-Prudential Authorities in the EU Member States

Abstract

The study examines the main components of the organizational framework for macro-prudential management in the Member States of the European Union. The organizational design of macro-prudential management is a competence of the Member States, which can themselves be grouped into different models. First, the study provides an overview of the international and EU standards and recommendations on the legal status of macro-prudential bodies in the Member States. Then, it lists those basic features of the legal status of macro-prudential bodies which are relevant with a view to the present inquiry before finally turning to address those very features. The study concludes that there is a tendency for the EU macro-prudential body to standardize the basic elements of the legal status of the Member State macro-prudential bodies. However, the process of standardization, in terms of the content of the institutional framework, is still at an early stage and a variety of legal solutions may be identified for each of the substantive aspects. As such, we claim that the institutional framework of macro-prudential policy is best described by a coordinated standardization of the substantive pillars with different formal features and with different legal solutions.