A decade of European Supervisory Authorities and their Joint Committee. Is it time for a reform, or for giving continuity to the istitutional setup already in place?

Abstract

The Financial Crisis was a shock for the entire economic system. The European Union found itself fragile within the financial landscape, subject to systemic risks not well mitigate by the supervisory and regulatory framework in place. EU institutions were forced to act fast and came up with the establishment of three newly formed authorities, the European Supervisory Authorities (ESAs). After a decade, where the three ESAs and their Joint Committee were integral part of the financial system, an extensive debate on whether there should be a review, a relevant reform or they should be kept in the actual shape is ongoing. In the thesis, an analysis of their institutional setup, their powers, and their achievements over the years, as well as of their new role in the leading the financial innovation in Europe will be performed. In particular, the focus will be on the involvement of the Joint Committee in the process, and various considerations on the proposals for the future of these authorities will be made in the final chapter.