EUROPA

SUMMARY

The establishing of a supervisory and regulatory committee aims at further facilitating the completion of the single market for financial services.

The EBC

The European Banking Committee (CBE) replaces the Banking Advisory Committee (established by Directive 77/78/EC in 1978). It is run by the European Commission and represents “Level 2” in the current Financial Services Supervision and Committee Architecture.

The EBC has an advisory and legislative role. It is central to the preparation and implementation of European banking legislation. It advises the Commission on political issues concerning banking activities and issues opinions on the proposals they present.

The EBC is composed of various participants. Members are high-level representatives from Member States, most particularly from finance ministries. The European Central Bank and the European Banking Authority participate as observers. The Commission may invite other experts and observers, such as representatives of the European Economic Area (EEA) countries.

Context

The EBC contributes to improving banking regulation and to supervising the application of European legislation in this field. As a consultative body, the committee intervenes in the preparation and application of implementing measures for framework principles defined by Directives and Regulations.