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Subsidiarity: Mechanisms for monitoring compliance

12-07-2018

The principle of subsidiarity requires decisions to be taken at the lowest practical level of government without, however, jeopardising mutually beneficial cooperation at the supranational level. Recent decades have seen efforts to strengthen the subsidiarity principle in EU law, including the introduction of the well-known early warning mechanism (EWM) for national parliaments. At the same time, the principle of subsidiarity remains a contested notion. This has important implications for the regulatory ...

The principle of subsidiarity requires decisions to be taken at the lowest practical level of government without, however, jeopardising mutually beneficial cooperation at the supranational level. Recent decades have seen efforts to strengthen the subsidiarity principle in EU law, including the introduction of the well-known early warning mechanism (EWM) for national parliaments. At the same time, the principle of subsidiarity remains a contested notion. This has important implications for the regulatory, political and judicial bodies monitoring compliance with the principle. In this context, commentators have called for a better (and shared) understanding of the principle and have formulated a number of suggestions as to how to monitor compliance with the principle more effectively.

Proportionality test for new national regulations for professions

08-06-2018

In the EU, professions are regulated at either Union or Member State level. In the latter case, qualification requirements can differ widely between Member States, due to their respective historical development and experience. This can lead to a lack of clarity on the criteria used, and result in fragmentation of the single market. The proposed directive on a proportionality test before adoption of new regulation of professions, tabled by the European Commission, intends to harmonise the way in which ...

In the EU, professions are regulated at either Union or Member State level. In the latter case, qualification requirements can differ widely between Member States, due to their respective historical development and experience. This can lead to a lack of clarity on the criteria used, and result in fragmentation of the single market. The proposed directive on a proportionality test before adoption of new regulation of professions, tabled by the European Commission, intends to harmonise the way in which proportionality tests are carried out before Member States introduce new regulation on professions. The directive will supplement provisions of Directive 2005/36/EC on the recognition of professional qualifications, last amended by Directive 2013/55/EU. The European Parliament proposes a specific status for healthcare services, and explicitly addresses gold-plating practices (unnecessary national requirements). With a text agreed between Parliament and Council in trilogue in March, Parliament is due to vote on whether to confirm this text in June. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure. Please note this document has been designed for on-line viewing.

Parlamento Europeu: relações com os parlamentos nacionais

01-01-2018

Os progressos rumo à integração europeia transformaram o papel dos parlamentos nacionais. A fim de assegurar um controlo democrático eficaz da legislação europeia a todos os níveis, foram criados vários instrumentos de cooperação entre o Parlamento Europeu e os parlamentos nacionais. Esta tendência foi reforçada por novas disposições introduzidas pelo Tratado de Lisboa.

Os progressos rumo à integração europeia transformaram o papel dos parlamentos nacionais. A fim de assegurar um controlo democrático eficaz da legislação europeia a todos os níveis, foram criados vários instrumentos de cooperação entre o Parlamento Europeu e os parlamentos nacionais. Esta tendência foi reforçada por novas disposições introduzidas pelo Tratado de Lisboa.

The role of the Basel Committee on Banking Supervision (BCBS)

20-10-2017

This briefing gives an overview of the role of the Basel Committee on Banking Supervision (BCBS) in setting international standards in banking regulation and supervision. It also raises the questions on how the preparatory work is organised in the European Union in order to enhance transparency and co-operation.

This briefing gives an overview of the role of the Basel Committee on Banking Supervision (BCBS) in setting international standards in banking regulation and supervision. It also raises the questions on how the preparatory work is organised in the European Union in order to enhance transparency and co-operation.

Revision of the 'Eurovignette' directive

26-09-2017

The IA contains a wealth of information, data and research, both internal and external, but some parts of the complex analysis lack clarity and coherence. The extensive quantitative estimations are not always comparable in structure and thus difficult to relate to each other. The potential contribution of the options to the reduction of CO2 emissions and to the REFIT exercise remains vague, as well as their impact on SMEs. The IA concludes that higher revenues, better road quality and considerable ...

The IA contains a wealth of information, data and research, both internal and external, but some parts of the complex analysis lack clarity and coherence. The extensive quantitative estimations are not always comparable in structure and thus difficult to relate to each other. The potential contribution of the options to the reduction of CO2 emissions and to the REFIT exercise remains vague, as well as their impact on SMEs. The IA concludes that higher revenues, better road quality and considerable environmental and social benefits would compensate for the regulatory and compliance costs of the initiatives. At the same time, it acknowledges that under all options the impacts of the proposals are uncertain because the introduction of tolls remains voluntary and subject to national policy orientations.

Proportionality test before adoption of new regulation of professions

12-05-2017

In general, the IA appears to set out logical reasoning linking the problem, its underlying drivers, the objectives and the policy options to tackle the problem. It seems to be based on sound research and analysis, while nevertheless recognising that there are still data gaps to be filled. With regard to the analysis of impacts, a more targeted analysis of the likely impacts on SMEs might have been desirable. Also, the IA does not seem to identify operational objectives for its preferred policy option ...

In general, the IA appears to set out logical reasoning linking the problem, its underlying drivers, the objectives and the policy options to tackle the problem. It seems to be based on sound research and analysis, while nevertheless recognising that there are still data gaps to be filled. With regard to the analysis of impacts, a more targeted analysis of the likely impacts on SMEs might have been desirable. Also, the IA does not seem to identify operational objectives for its preferred policy option and corresponding monitoring indicators. More generally, a proof-reading of the final text, and different choices as to its organisation and presentation, would almost certainly have considerably improved the IA's clarity and readability and its effectiveness in supporting the policy choices made in the proposal.

The European services e-card

05-05-2017

The overall impression is that the IA provides a thorough analysis of the current problems encountered. The IA indicates the likely costs and benefits of the proposed options, which are grouped into four packages. The Commission makes clear that, where possible, quantitative estimations were provided of the impacts of reducing administrative burden and/or regulatory obstacles, but underscores that there are nevertheless many other factors which influence the levels of cross-border trade and investment ...

The overall impression is that the IA provides a thorough analysis of the current problems encountered. The IA indicates the likely costs and benefits of the proposed options, which are grouped into four packages. The Commission makes clear that, where possible, quantitative estimations were provided of the impacts of reducing administrative burden and/or regulatory obstacles, but underscores that there are nevertheless many other factors which influence the levels of cross-border trade and investment in services. While stakeholder consultation was broad, stakeholder support for most options is not readily apparent from the IA.

Banks' Internal Rating Models - Time for a Change? The System of Floors as Proposed by the Basel Committee

03-11-2016

We provide an assessment of the BCBS proposal on restricting the IRB approach and introducing RWA floors. If well enforced, risk-sensitive capital regulation results in a more efficient credit allocation compared to the SA. Thus, IRB should be maintained. Further, the use of IRB output floors potentially results in unintended negative side effects. Input floors are likely a valuable tool to achieve RWA comparability. Finally, the proposed measures have a potential detrimental impact for European ...

We provide an assessment of the BCBS proposal on restricting the IRB approach and introducing RWA floors. If well enforced, risk-sensitive capital regulation results in a more efficient credit allocation compared to the SA. Thus, IRB should be maintained. Further, the use of IRB output floors potentially results in unintended negative side effects. Input floors are likely a valuable tool to achieve RWA comparability. Finally, the proposed measures have a potential detrimental impact for European banks as compared to others.

Autor externo

Rainer Haselmann and Mark Wahrenburg

Banks' Internal Rating Models - Time for a Change? The "System of Floors" as Proposed by the Basel Committee

03-11-2016

This briefing paper reviews evidence showing that the adoption of an International Ratings Based (IRB) approach to estimating risk weights by banks has been associated with reductions in average reported risk weights. Several economic studies find that the lower reported risk weights using the IRB methodology to some extent reflect downward risk manipulation by banks. In a system of floors, the purpose of an aggregate output floor should be to prevent wholesale bank-level downward risk weight manipulation ...

This briefing paper reviews evidence showing that the adoption of an International Ratings Based (IRB) approach to estimating risk weights by banks has been associated with reductions in average reported risk weights. Several economic studies find that the lower reported risk weights using the IRB methodology to some extent reflect downward risk manipulation by banks. In a system of floors, the purpose of an aggregate output floor should be to prevent wholesale bank-level downward risk weight manipulation, giving rise to effective bank undercapitalization and a heightened probability of bank failure. Input floors can play a useful role alongside an aggregate output floor, if they are targeted to address the problem of potential mismeasurement of risk.

Autor externo

Harry Huizinga

Banks' Internal Rating Models - Time for a Change? The "System of Floors" as Proposed by the Basel Committee

03-11-2016

In this note, we discuss the proposal for a reform of internal rating models outlined by the Basel Committee. We first present internal rating models (which currently generate roughly 50% of supervisory capital in the European Union) and the reasons why they have been increasingly criticised. We then review the key proposals circulated by the Basel Committee: the removal of internal models for “low-default portfolios” (where defaults are too infrequent to allow adequate calibration); additional constraints ...

In this note, we discuss the proposal for a reform of internal rating models outlined by the Basel Committee. We first present internal rating models (which currently generate roughly 50% of supervisory capital in the European Union) and the reasons why they have been increasingly criticised. We then review the key proposals circulated by the Basel Committee: the removal of internal models for “low-default portfolios” (where defaults are too infrequent to allow adequate calibration); additional constraints on internal models’ estimates (“input floors”); an “output floor” tying the capital requirements generated by internal ratings to those that would emerge from the standardised approach. We than explain why, in our opinion, floors represent a technically flawed answer, and suggest a number of supervisory actions that may be pursued, instead, to restore internal models’ credibility, without causing an excessive burden for banking authorities. Such actions, which have already been explored by the EU in the last few years, should be embraced wholeheartedly by supervisors, to ensure that increased transparency on implementation and validation practices may restore market confidence in internal models.

Autor externo

Andrea Resti

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