The ECBs half-baked supervision mandate

Jakob Vestergaard, Stine Quorning

Research output: Contribution to journalJournal articleResearchpeer-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.
Original languageEnglish
JournalJournal of Economic Policy Reform
Pages (from-to)1-15
Number of pages15
Publication statusE-pub ahead of print - 27 Dec 2020


  • Banking union
  • Shadow banking
  • Europen central bank

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