The Accountability of the European Supervisory Authorities: Law and Practice

This article considers the accountability regime of the three European Supervisory Authorities (ESAs) to date – in law and practice. It takes into account the reforms that have been adopted since their creation in 2011, and applies an accountability framework that focuses upon vertical, horizontal and diagonal accountability channels. It finds that accountability is ensured through a myriad of channels, which may each still need to be reinforced, but which nonetheless point to the existence of some degree of accountability when considered together. This article also reveals that the level of accountability is largely similar in practice across the three authorities despite one of them – the European Securities and Markets Authority (ESMA) – having significantly more power than the other two – the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA).