The ECBs half-baked supervision mandate

Jakob Vestergaard, Stine Quorning

Publikation: Bidrag til tidsskriftTidsskriftartikelForskningpeer review


In debates on the need to "complete” the banking union, there has
been little attention to the omission of shadow banks from the
supervision mandate given to the European Central Bank with the
establishment of the Single Supervisory Mechanism (SSM). We
argue that there can be no completion of the banking union without
dedicated pan-European supervision of all non-banking financial
institutions. We identify four explanatory modalities for the
omission of shadow banking from the SSM mandate and discuss
organizational options for institutionalizing European supervision
of its shadow banking sector
TidsskriftJournal of Economic Policy Reform (Online)
Sider (fra-til)1
Antal sider15
StatusUdgivet - 27 dec. 2020


  • Financial supervision
  • Systemic risk
  • European Central Bank
  • Institutional theory

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