EU Post-crisis Economic and Financial Market Regulation

Embedding Member States’ Interests Within “More Europe”
  • Pieter Van CleynenbreugelEmail author


In the wake of financial and economic crisis, the European Union took unprecedented steps to build an institutional framework for financial market governance in Europe. This chapter will examine the EU law techniques used to integrate the interests of the Member States in setting up and operating that framework. Following a brief overview and recapitulation of the developments having taken shape in the wake of crisis brining “more Europe” in this policy domain, the chapter will look at how Member States’ interests have been embedded directly into the post-crisis EU regulatory framework. It will be submitted that two different and complementary kinds of “interest-inclusion” techniques can be identified, more or less explicitly, within the newly created financial market supervision frameworks. This inclusion and presumed safeguarding of Member States’ interests by virtue of administrative law tools is not entirely unproblematic. There are clear challenges associated with such solutions for “interest-inclusion” which question whether there is a modest way forward in attempting to improve the legitimacy of such arrangements.


  1. Borger, V. (2013). The ESM and the European Court’s predicament in Pringle. German Law Journal, 14, 113–140.Google Scholar
  2. Council of the European Union. (2014). Agreement on the transfer and mutualisation of contributions to the Single Resolution Fund (SRF), 8457/14.Google Scholar
  3. ESM. (2012). Treaty establishing the ESM. Retrieved October 18, 2017, from
  4. European Commission. (1985). Commission’s White Paper on the completion of the internal market COM 85(310) 1985.Google Scholar
  5. European Commission. (1999). Implementing the framework for financial markets: Action plan COM(1999) 232 final.Google Scholar
  6. European Commission. (2009). Commission Communication: European financial supervision COM(2009) 252 final.Google Scholar
  7. European Commission. (2014). Transposition of financial services action plan directives (archived in 2014). Retrieved October 18, 2017, from
  8. European Council. (2012). Treaty on stability, coordination and governance in the Economic and Monetary Union. Retrieved October 18, 2017, from
  9. Fabbrini, F. (2016). Economic governance in Europe: Comparative paradoxes and constitutional challenges. Oxford: Oxford University Press.CrossRefGoogle Scholar
  10. Ferrarini, G. (2015). Single supervision and the governance of banking markets: Will the SSM deliver the expected benefits? European Business Organization Law Review, 16, 513–537.CrossRefGoogle Scholar
  11. High Level Group on Financial Supervision. (2009). The High Level Group on Financial Supervision in the EU. Report. Retrieved October 18, 2017, from
  12. Hofmann, H., & Türk, A. (2006). Conclusions: Europe’s integrated administration. In H. Hofmann & A. Türk (Eds.), EU administrative governance (pp. 573–595). Cheltenham: Edward Elgar.CrossRefGoogle Scholar
  13. Lefterov, A. (2015). The single rulebook. Legal issues and relevance in the SSM context. ECB Legal Research Paper. Retrieved October 18, 2017, from
  14. McPhilemy, S. (2014). Integrating rules, disintegrating markets: The end of national discretion in European banking? Journal of European Public Policy, 21, 1473–1490.CrossRefGoogle Scholar
  15. Merlin, M. (2002). Le plan d’action sur les services financiers. Revue du droit de l’Union Européenne, 4, 687–709.Google Scholar
  16. Milward, A. (2000). The European rescue of the nation state. London: Routledge.Google Scholar
  17. Moloney, N. (2010). EU financial market regulation after the global financial crisis: “More Europe” or more risks? Common Market Law Review, 47, 1317–1383.Google Scholar
  18. Moloney, N. (2011). The European securities and markets authority and institutional design for the EU financial market – A tale of two competences. Part (1) Rule-Making. European Business Organization Law Review, 12, 41–86.CrossRefGoogle Scholar
  19. Pan, E. (2009). Four challenges to financial regulatory reform. Villanova Law Review, 55, 743–772.Google Scholar
  20. Roes, T. (2016). Limits to loyalty: The relevance of Article 4(3) TEU. Cahiers de Droit Européen, 253–284.Google Scholar
  21. Schammo, P. (2011). EU prospectus law. New perspectives on regulatory competition in securities markets. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  22. Tridimas, T. (2012). Financial supervision and agency power. In N. Nic Shuibhne & L. Gormley (Eds.), From single market to economic union. Essays in memory of John A. Usher (pp. 55–83). Oxford: Oxford University Press.CrossRefGoogle Scholar
  23. Van Cleynenbreugel, P. (2010). Individuele rechtsbescherming, Europese netwerken van nationale toezichthouders en Lamfalussy-convergentie. SEW – Tijdschrift voor Europees en Economisch Recht, 13–31.Google Scholar
  24. Van Cleynenbreugel, P. (2014). Market supervision in the European Union. Integrated administration in constitutional context. Leiden/Boston: Brill/Nijhoff.Google Scholar
  25. Van Cleynenbreugel, P. (2015). Conduct of business rules in EU financial services regulation: Behavioural rules devoid of behavioural analysis? In A. Alemanno & A. L. Sibony (Eds.), Nudge and the law: A European perspective (pp. 255–275). Oxford: Hart Publishing.Google Scholar
  26. Van den Bogaert, S., & Cuyvers, A. (2016). Of carrots and sticks – What direction to take for the Economic and Monetary Union? In B. Steunenberg, W. Voermans, & S. Van den Bogaert (Eds.), Fit for the future? Reflections from Leiden on the functioning of the EU (pp. 125–145). The Hague: Eleven International Publishing.Google Scholar
  27. Van Gerven, W. (2006). Bringing (private) laws closer to each other at the European level. In F. Caffagi (Ed.), The institutional framework of European private law (pp. 37–77). Oxford: Oxford University Press.Google Scholar
  28. Wolfers, B., & Voland, T. (2014). Leveling the playing field: The new supervision of credit institutions by the European Central Bank. Common Market Law Review, 51, 1463–1496.Google Scholar
  29. Wymeersch, E. (2012). The European Financial Supervisory Authorities or ESAs. In E. Wymeersch, K. Hopt, & G. Ferrarini (Eds.), Financial regulation and supervision. A post-crisis analysis (pp. 232–317). Oxford: Oxford University Press.CrossRefGoogle Scholar

Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  1. 1.University of Liège, Faculté de Droit, de Science Politique et de CriminologieLiègeBelgium

Personalised recommendations