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6
THE NEW EU DIRECTIVE (2014/49/EU) ON DEPOSIT GUARANTEE SCHEMES
the
de Larosière
Report,
13
in the wake of the recent (2007-2009) internation-
al financial crisis.
14
It is, however, noteworthy that, even in this narrower
field, the Report concluded that:
• the micro-prudential supervision of financial firms should remain a re-
sponsibility of national authorities, and
• in any case, it should not be assigned to the ECB.
15
On the contrary, the Report proposed the creation of a ‘European System
of Financial Supervisors’.
16
Its by-product was, indeed, the creation of the
‘European System of Financial Supervision’ (hereinafter the ‘ESFS’), which
entered into operation on 1 January 2011 and consists of two elements:
17
(i)
The first element comprises the three ‘European Supervisory Author-
ities’ (the ‘ESAs’), which were established by Regulations of the European
Parliament and of the Council of 24 November 2010:
• the European Banking Authority (hereinafter the ‘£¢A’) under
Regula-
tion (EU) No 1093/2010
“establishing a European Supervisory Author-
ity (European Banking Authority)(...)”
,
18
• the European Insurance and Occupational Pensions Authority (‘EIOPA’)
under
Regulation (EU) No 1094/2010
“establishing a European Super-
13.
The High-Level Group on Financial Supervision in the EU, Chaired by Jacques de
Larosière,
Report
, Brussels, 25 February 2009. This Report is available at: http://
ec.europa.eu/commission_ barroso/president/pdf/statement_20090225_en.pdf.
14. On this crisis, see indicatively
Lastra and Wood (2010)
, and
Gortsos (2012)
, pp. 127-
129, with extensive further references.
15.
De Larosière Report (2009)
, paragraph 146. This Report (Chapter III, Section V
“Reviewing and possibly strengthening the European System of Financial Supervi-
sion”
) also includes a proposal on the eventuality of moving towards a system which
would rely only on two Authorities, mainly following a ‘functional approach’ in rela-
tion to the institutional set-up of the financial system’s micro-prudential supervision
(currently in use in the Netherlands and, as of April 2013, in the United Kingdom). As
regards this approach, as well as its alternatives,
i.e
. the ‘sectoral approach’ and the
‘full integration approach’ for supervisory authorities of the financial system, see
Lastra (2006)
, pp. 324-328,
Group of Thirty (2008)
,
Seelig and Novoa (2009)
, and
Central Bank Governance Group (2011)
.
16. For an analysis of this Report, see
Gortsos (2010)
.
17. On the EFSF, see
Louis (2010)
,
Gortsos (2011
, with particular emphasis on the role of
the European Banking Authority), and
Wymeersch (2012)
.
18. OJ L 331, 15.12.2010, pp. 12-47.