Die demokratische Legitimation der Europäischen Wertpapier- und Marktaufsichtsbehörde und ihrer Rechtsakte

The key matter of this book is a phenomenon not only at EU level which is now analyzed from a European and constitutional law perspective: Non-elected expert bodies are significantly involved in the legislative process. With respect to increasingly complex processes and detailed issues, and bearing in mind the experience of the financial crisis of 2008/2009, bodies like the European Commission and Parliament are relinquishing far-reaching powers. Regarding ESMA the question arises whether basic principles of democratic legitimacy have been violated. Therefore, which standard is to be applied at EU level? In other words: Is it the end that justifies the means?