In this article the legal and institutional issues surrounding the transition to a European Central Bank (ECB) will be discussed. The transition to a single currency entails many legal and institutional issues, both at the European level and at member State level. I will focus on a few main themes.
Writing about developments in Europe's Economic and Monetary Union ("EMU") at this juncture in time is a bold endeavour and a hazardous undertaking. 'Bold' because the developments are manifold, highly technical in nature and deeply contested among the players and the public-between Greeks and Germans, between mainstream political parties and (emerging) parties taking a different view, and between politicians and the electorate. 'Hazardous' as developments go so fast that these lines shall be partially outdated the moment they appear in published form. And yet, there is a need to explore and explain. That's what this contribution seeks to do: to explore and explain the developments in EMU law. An occasional aside from the legal approach will be undertaken to broaden the perspective.
This article examines the administrative remedy provided by the Administrative Board of Review (ABoR) of the European Central Bank (ECB), as part of the broader issue of the right of defence of natural and legal persons vis-à-vis ECB supervisory decisions within the Single Supervisory Mechanism (SSM). After presenting an overview of the review panels established in the financial sector in the EU, the article describes the experience with the ABoR by analysing its composition, its mandate and scope of review, the main procedural aspects and the relationship with judicial proceedings before the European Court of Justice. Particular This article is based on the presentation René Smits gave at a workshop on The Single Supervisory Mechanism
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