ABSTRACT
Starting from the introduction of the Euro as a common currency, significant changes in the architecture of bank supervision in Europe have occurred. In particular, exogenous events such as the global crisis, the sovereign debt crisis in some European countries and recently the shock given by the pandemic have produced noticeable changes in the architecture of bank supervision in Europe. As a result, the authorities in charge of the responsibility for monetary and financial stability have changed in many countries and a trend toward more cross-border cooperation between supervisors has emerged. The evolution in the bank supervisory architecture gradually have empowered the European Central Bank (ECB) of greater and greater powers, in particular regarding the largest banks in the Eurozone. All this considered, this chapter aims to analyze the causes and the consequences of these changes focusing on the critical issues concerning the new role played by the ECB which has to find a new balance between independence and accountability maintaining the effectiveness of its action as bank supervisor.
