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The paper distinguishes two contrasting models of accountability, one based on principal-agent relations, which is backward-looking, the other a dynamic and forward-looking model. The paper argues that this second model of accountability is more appropriate for independent bodies like the ECB/SSM and the SRB, operating in technically complex, rapidly evolving environments under conditions of high uncertainty, where parliaments and other political authorities have very limited sanctioning powers. ...

Investment firms play an important role in capital markets, facilitating savings and investment flows across the EU. However, the current EU rules are seen as fragmented, overly complex, inconsistently applied and often a poor fit for the actual risks taken by the various types of investment firms. The Commission proposed a new regulation on the prudential requirements of investment firms and a new directive on the prudential supervision of investment firms. These proposals update the framework for ...

Gold-plating describes additional rules and regulatory obligations that go beyond the European Structural and Investment Funds (ESIF) requirements set out at European Union (EU) level, and that make the implementation of ESIF more costly and burdensome for programme bodies and beneficiaries. The study analyses gold-plating in all five funds and discusses the presence, reasons and effects of gold-plating in ESIF. It concludes with pointers for action to reduce gold-plating in the current 2014-2020 ...

The projected growth in demand for transport will magnify the challenges – such as congestion, decarbonisation and the digital transition – faced by the EU transport sector. Small and medium-sized enterprises (SMEs) in this sector are confronted by these evolving trends but can also play a vital role in addressing them and building new business opportunities. The EP's Committee on Transport and Tourism has adopted an own-initiative report on new opportunities for small transport businesses, including ...

The study looked into the impact - on both EU and national budgets - of transferring responsibilities/tasks from the national to the European level following the creation of EU agencies and also examined possible synergies and duplications between them. The study focused on two growing EU agencies - the European Aviation Safety Agency and the European Medicines Agency - which cooperate with the national agencies in different ways. The study covers all 27 Member States and provides an analysis of ...