The European Central Bank’s duty of care for the unity and integrity of the internal market

Author (Person)
Series Title
Series Details Vol.42, No.1, February 2017, p3-26
Publication Date February 2017
ISSN 0307-5400
Content Type

Abstract

As a result of the establishment of the Single Supervisory Mechanism, the European Central Bank (ECB) was vested with significant supervisory tasks in the prudential field.

The ECB exercises these tasks with a view to contributing to the safety and soundness of credit institutions and the stability of the financial system. Besides its objectives, the ECB is, when exercising its tasks, also subject to a specific duty of care for the unity and integrity of the internal market.

The fact that the ECB was vested with this duty is noteworthy. It is neither at first obvious why the ECB ought to be subject to such a special duty; nor is it clear what this duty precisely entails. The aim of this article is to examine the ECB’s duty of care and its raison d’être. In this process, it will offer suggestions on how the ECB ought to discharge it.

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