Introduction

Mario Quagliariello

“We few, we happy few, we band of brothers”, Henry V

In 2013, Mazars, a consulting company, was commissioned by the European Parliament to assess the performance and effectiveness of the European supervisory authorities (ESAs) in the context of the then new EU supervisory architecture, established following the recommendations of the de Larosière’s group. Mazars delivered a comprehensive report covering the different areas of activity of the European Banking Authority (EBA), including the identification of vulnerabilities and risk assessment of EU banks. The report concluded that:

The frequency and quality of individual NCAs [national competent authorities’] market oversight work varies significantly within the EU. Although the EBA’s work is not equal in quality to the best-in-class produced at a member state level, it is considered of sufficient quality and frequency to add value to the risk assessment process within the [European System of Financial Supervisors]. It serves two important purposes. It facilitates discussion of risk amongst NCAs... Most important, it creates the opportunity for supervisory or policy responses where these would be merited.

Although some may

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