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Review of ECB decisions – legal protection in the Euro Area

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Speaker: René Smits, Professor of the Law of Economic and Monetary Union at the University of Amsterdam
Event date: Tuesday, 14 October 2014, 18:00 - 20:00
Place: University of Luxembourg
Salle Tavenas
102, avenue Pasteur
L-2310 Luxembourg

Introduction: André Prüm, Professor in Law at the University of Luxembourg

Abstract

‘Banking union’ makes the issue of legal protection against decisions of the ECB topical. In the new supervisory landscape in the Euro Area, the ECB takes all supervisory decisions in respect of the 120 significant banks it will directly supervise. The ECB will, also, be the guardian of the banking market, as it will be responsible for granting and withdrawing authorisations of banks and of holdings in banks. The methods of review of supervisory decisions will be central in this presentation. The speaker will give a comparative overview of the review mechanisms (ECB versus EBA). At the same time, the ‘unconventional measures’ adopted by the ECB in its capacity as monetary authority and guardian of the single currency, are subject to judicial challenges. On the very day of the presentation, the European Court of Justice will hear arguments in the case referred by the German Constitutional Court (C-62/14, Gauweiler) concerning Outright Monetary Transactions. The speaker will discuss wider accountability mechanisms that the ECB is subject to when exercising its powers.

René Smits is professor of the Law of the economic and monetary union (EMU) at the University of Amsterdam and a consultant on EMU law and EU banking regulation. He is an Alternate Member of the ECB’s Administrative Board of Review, a panel that is to give an independent review of contested supervisory decisions.

Registration mandatory via www.aljb.lu

Access map to Salle Tavenas

Data: Invitation_14-10-2014_René Smits.pdf 67.57 kB