EZB-Aufsichtsbeschlüsse

Under the Single Supervisory Mechanism (SSM), the European Central Bank (ECB), provided with farreaching guarantees of independence, enters the field of intervention administration (Eingriffsverwaltung), which is clearly different from the task of conducting monetary policy. The study shows for ECB supervisory decisions how banking supervision is democratically legitimated and controlled in the SSM and why the multi-level composite procedure integrating the national supervisory authorities proves to be sufficiently clear in terms of responsibility. Furthermore, it is demonstrated that the judicial review of SSM supervision is rightly characterised by a denser control approach compared to the review of monetary policy measures.