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Raúl Ferrer
Raúl Ferrer
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16th September 2019
Banking & Finance Justice & Litigation

Analysis: “National Law as a Point of Law in Appeals at the Court of Justice. The case of Crédit Mutuel Arkéa/ECB” by Daniel Sarmiento

Last week the Court of Justice rendered its decision in the case of Crédit mutuel Arkéa/ECB, the second appeal in a direct action against the ECB’s acts in the context of the Single Supervisory Mechanism (SSM). The case raises a rather technical issue on the scope of supervisory tasks of the ECB, in particular the exercise of supervision on a consolidated basis of institutions affiliated to a central body when that body does not have credit institution status.

Despite the technical nature of the underlying issue, the case raises a tricky matter that has haunted the SSM since its inception: the role of national law in ECB supervisory activity. As is known, the SSM Regulation introduced for the first time the power of an EU Institut

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