engleski

Oversight of European Payment Systems: Operational Arrangements and Governance

While the regulatory initiative in respect of payment systems rests with European political institutions, the task of monitoring regulatory compliance, i.e. oversight, falls in the domain of the ESCB and the ECB. Operationally, the ESCB’s competences are executed in line with the principle of decentralization and governed by a multi-tier and multilevel framework with complex layers of national and EU responsibilities. Against this background, this chapter analyzes the progress in the Eurosystem’s oversight competences in light of recent post-crisis reforms. Particular emphasis is placed on the evolution of the ECB’s statutory powers in the field of oversight and its implications on the policy capacity and responsibilities of other actors involved in this regulatory activity. Namely, in the post-crisis environment European actors representing the supranational layer are taking precedence in respect of national authorities in governance arrangements. Henceforth, it is interesting to assess how this development has been reflected in the governance framework for the oversight of payment systems, as well as on the competences and responsibilities of specific actors.

payment systems, governance, EU

nije evidentirano