The European Central Bank’s duty of care for the unity and integrity of the internal market

Schammo, P.

The European Central Bank’s duty of care for the unity and integrity of the internal market

Schammo, P.

Authors

Professor Pierre Schammo pierre.schammo@durham.ac.uk
Professor

Abstract

As a result of the establishment of the Single Supervisory Mechanism, the European Central Bank (ECB) was vested with significant supervisory tasks in the prudential field. The ECB exercises these tasks with a view to contributing to the safety and soundness of credit institutions and the stability of the financial system. Besides its objectives, the ECB is, when exercising its tasks, also subject to a specific duty of care for the unity and integrity of the internal market. The fact that the ECB was vested with this duty is noteworthy. It is neither at first obvious why the ECB ought to be subject to such a special duty; nor is it clear what this duty precisely entails. The aim of this article is to examine the ECB’s duty of care and its raison d’être. In this process, it will offer suggestions on how the ECB ought to discharge it.

Citation

Schammo, P. (2017). The European Central Bank’s duty of care for the unity and integrity of the internal market. European law review, 42(1), 3-26

Journal Article Type	Article
Acceptance Date	Sep 5, 2016
Online Publication Date	Jan 1, 2017
Publication Date	Jan 1, 2017
Deposit Date	Sep 5, 2016
Publicly Available Date	Jan 1, 2018
Journal	European Law Review
Print ISSN	0307-5400
Publisher	Sweet and Maxwell
Peer Reviewed	Peer Reviewed
Volume	42
Issue	1
Pages	3-26
Publisher URL	http://www.sweetandmaxwell.co.uk/catalogue/productdetails.aspx?recordid=427&productid=6968

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Copyright Statement
This is a pre-copyedited, author-produced version of an article accepted for publication in European Law Review following peer review. The definitive published version Schammo, P. (2017). The European Central Bank’s duty of care for the unity and integrity of the internal market. European Law Review 42(1): 3-26 is available online on Westlaw UK or from Thomson Reuters DocDel service.