On 2 July 2014, the European Court of Auditors (ECA) published a report assessing whether the Commission and the European Banking Authority (EBA) had satisfactorily carried out their responsibilities in setting up the new arrangements for the regulation and supervision system of the banking sector and to examine how successfully those new arrangements were functioning.

The report contains a number of findings:

  • While the Commission had been timely when drafting banking sector legislation, strict deadlines reduced the time available for external stakeholders to provide input through public consultation. Furthermore there has been no cross-sectoral assessment of the impact of the whole package of proposals.
  • Questions arise over the ECB's future role in the supervision of banks, as its role is limited to coordinating and facilitating national supervisory authorities' work and it lacks the power to impose specific decisions on NSAs.
  • To avoid the risk of overlapping and unclear responsibilities in some areas between the ECB, NSAs and EBA, the EU auditors recommend that roles and responsibilities be further clarified in legislation or memoranda of understanding.