Разпределение на правомощията в Единния надзорен механизъм
Distribution of Powers Within the Single Supervisory Mechanism

Author(s): Kaloyan Simeonov
Subject(s): Economy, Supranational / Global Economy, Financial Markets
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Single Supervisory Mechanism; Banking Union; Euro Area; Reform
Summary/Abstract: The creation of the Single Supervisory Mechanism is one of the most important elements for the establishment of the Banking Union for the Member States of the Euro area and for the other future participant Member States under the form of close cooperation. An essential issue in the analyses of the most significant characteristics of the Single Supervisory Mechanism is the distribution of powers between the European Central Bank and the national supervisory authorities of the participating Member States. The European Central Bank becomes the responsible supervisory institution for the supervision over the more significant credit institutions as well as for the Single Supervisory Mechanism as a whole. The national supervisory authorities from the participating Member States also keep some powers in relation to the supervision of the credit institutions. Bulgaria also may begin its participation within the Single Supervisory Mechanism before its Euro area entry. This may take the form of close cooperation with the ECB. It is very difficult to assess whether the powers between the ECB and the national supervisory authorities are distributed in a balanced way. The issue with the Bulgarian participation in the Banking Union is also not an easy one. It shall be highlighted that the participation in that union before the adoption of the euro has its positive and negative consequences.

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