Impact of national legislation of EU member states on the powers of the European Central Bank: Analysis of conflicts and overlaps
The purpose of the study was to analyse the impact of the national legislation of EU member states on the powers of the European Central Bank and identify legal conflicts and overlaps of competencies between it and national financial regulators. To achieve this goal, special legal methods were used,...
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| Format: | Article |
| Language: | English |
| Published: |
National Academy of Internal Affairs
2025-05-01
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| Series: | Юридичний часопис Національної академії внутрішніх справ |
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| Online Access: | https://lawjournal.com.ua/journals/tom-15-2-2025/impact-of-national-legislation-of-eu-member-states-on-the-powers-of-the-european-central-bank-analysis-of-conflicts-and-overlaps |
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| Summary: | The purpose of the study was to analyse the impact of the national legislation of EU member states on the powers of the European Central Bank and identify legal conflicts and overlaps of competencies between it and national financial regulators. To achieve this goal, special legal methods were used, in particular, comparative legal analysis, formal legal method, system approach method, and legal modelling method. The study showed that there are significant legal conflicts between national legislation and regulatory mechanisms of the European Union regarding the supervisory powers of the European Central Bank. Overlaps in the functions of national financial regulators and the European Central Bank were revealed, which can lead to legal contradictions and inefficient functioning of supervisory institutions. The analysis of coordination mechanisms between national regulators and the European Central Bank has shown that the lack of a unified approach to the implementation of European norms in national legislation creates legal difficulties in the harmonisation of financial law. It was also revealed that the existing mechanisms of interaction between the European Central Bank and national regulators need to be improved, in particular, in the field of supervision of systemically important banks. The analysis helped to formulate recommendations for strengthening coordination of supervisory functions of the European Central Bank and national regulators, and to suggest ways to eliminate legal conflicts and overlaps of powers. The proposals developed included improving information exchange mechanisms, expanding the role of the European Central Bank in overseeing the banking sector, and creating effective legal mechanisms to resolve contradictions between European and national financial supervisors |
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| ISSN: | 2519-4216 2519-4313 |