FOCUS – Banco Popular (2022)

The Banking Union, incl. the SRM framework, has been highly criticised by economists, politicians and legal experts for being “flawed, incomplete and institutionally complex”. This criticism is expected since the Banking Union is one of the most drastic redistributions of competences from the national to the EU level in recent decades. Since the Spanish Banco Popular bank was a so-called ‘significant’ Eurozone bank, its collapse was considered to undermine financial stability in the Eurozone. Consequently, it had to be resolved at the EU level under the new framework. The General Court’s Banco Popular cases, dismissing the annulment actions in their entirety, deal with the first-ever banking resolution conducted by EU actors and clarifies some of the legal issues that arose following the SRM’s complex administrative procedure involving several authorities. This series aims at highlighting the most relevant findings from experts in the field, impacting the stability of the Banking Union, EU administrative law and the EU constitutional order as a whole. (Cases T-481/17T-510/17T-523/17T-570/17 and T-628/17). 

Series under the coordination of Jolien Timmermans (Ghent European Law Institute)