The single supervisory mechanism

Reversion to a prudential system of regulation within the eurozone

Daniel Cookman

Specific supervisory tasks that are crucial in ensuring a coherent and effective implementation of the European Union's policy relating to prudential supervision of credit institutions remain with the European Banking Authority (EBA) Council Regulation (EU) No 1024/2013, which identifies the European Central Bank (ECB) as the appropriate authority to perform certain tasks relating to the prudential supervision of credit institutions, and to contribute to the safety and soundness of credit institutions and the stability of the financial system within the Union, preventing regulatory arbitrage (Council Regulation (EU) No 1024/2013, p 10).