The Legal Nature and Character of Memoranda of Understanding as Instruments used by the European Central Bank

• Autores: Anastasia Karatzia, Theodore Konstadinides
• Localización: European law review, ISSN 0307-5400, Nº 4, 2019, págs. 447-467
• Idioma: inglés
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• Dialnet Métricas: 1 Cita
• Resumen

  • In recent years the use of instruments characterised as “atypical acts” or “soft law” has proliferated in EU law. Memoranda of Understanding (MoUs) provide a good case in point as they comprise a convenient way to conclude what are perceived as non-binding agreements negotiated and adopted bilaterally by EU Institutions and third parties. This article will focus on the nature, characteristics, and legal effects of MoUs signed between the European Central Bank (ECB) and third parties. The ECB has been selected as the institution of study for two reasons: first, owing to historically making active use of MoUs and, secondly, owing to its new role of banking supervisor for the Euro area and the specific role accorded to MoUs in banking supervision. For instance, the ECB’s central role within the EU Banking Union, which requires a high level of co-operation between the ECB and national supervisory authorities, has increased the use of MoUs as co-operation tools. Taking stock of these developments, the article will provide the first comprehensive mapping-out exercise of the legal nature and character of MoUs as instruments used by the ECB. It will provide an empirical analysis of the respective MoUs and will establish a legal framework that should assist our understanding of their nature, operation, and legal consequences.