The Establishment of the European System of Financial Supervision

  • Christos V. Gortsos
Part of the Palgrave Macmillan Studies in Banking and Financial Institutions book series (SBFI)


This chapter discusses the establishment of the European System of Financial Supervision (ESFS). The first section looks into the EU Treaties’ provisions on financial stability and, in particular, those of the most relevant article of the TFEU, Article 127(5), while the second provides an overview of the evolution, in four periods, of EU banking law before the establishment of the Banking Union; inter alia, it discusses the adoption, in 2001, of the ‘Lamfalussy process’ on making EU financial law (discussed in more detail in Appendix of Chap. 5) and the 2009 Report of the ‘de Larosière Group’, which was adopted after the recent (2007–2009) international financial crisis (also discussed in this chapter) and laid down the foundations for deepening the institutionalisation of EU arrangements with regard to the financial system’s micro-prudential supervision. Finally, the third section focuses on the establishment of the ESFS, which was based on the De Larosière Report.

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Authors and Affiliations

  • Christos V. Gortsos
    • 1
  1. 1.Law SchoolNational and Kapodistrian University of AthensAthensGreece

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