engleski

The Single Resolution Board: What About Accountability?

Since 2016, the Single Resolution Board (SRB), an EU agency, acts as the executive entity of the Single Resolution Mechanism (SRM), managing the resolution of unviable banks across the Euro area. The Board’s authority is substantial given that it practically determines banks’ business prospects and exerts important redistributive effects within SRM-participating member. The SRB can make discretionary decisions based on interpretative benchmarks, (such as the “public interest” criteria), which brings the agency closer to the political sphere. This development challenges doctrinal limitations to agency powers and underscores the importance of accountability arrangements as legitimation mechanisms. Against this background, the paper examines the problematic aspects of individual arrangements of political and judicial review in order to suggest advancements toward more meaningful account giving practices.

Agency powers, Single Resolution Board, Accountability, Democratic oversight, Legal review

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