European Central Bank emphasizes accountability in banking supervision

Claudia Buch: Claudia Buch is the Chair of the Supervisory Board of the ECB, leading banking supervision efforts across the euro area. She delivered the keynote speech at the Watching European Financial Market Regulation and Supervision Conference, advocating for comprehensive policy evaluations, a broader community of watchers, and improved data and analytical frameworks. Her remarks connect supervisory independence directly to the requirements of accountability and evidence-based decision-making. European Commission: The European Commission acts as the executive arm of the European Union, proposing and enforcing legislation including rules on banking regulation and competitiveness. It recently published a report on the competitiveness of the European banking sector, which is cited in the speech as an opportunity to adopt a holistic perspective on the prudential framework's impacts on growth, integration, and resilience. The Commission also conducts periodic reviews of the SSM Regulation and manages consultations involving diverse stakeholders. European Central Bank: The European Central Bank serves as the central bank of the euro area, responsible for conducting monetary policy and exercising prudential supervision over significant banks in the banking union. Through its Supervisory Board, it emphasizes independence in supervision while stressing the need for accountability and transparency to the public, banks, and broader society. In this speech, the ECB highlights its role in fostering evaluations of regulatory effects and building infrastructure for informed debate on financial stability. European Banking Authority: The European Banking Authority is an EU agency tasked with ensuring consistent prudential regulation and supervision across the European banking sector. It supports transparency through tools like its Pillar 3 data hub for bank disclosures and is developing an EU-wide repository of supervisory data requests. In the speech, it is referenced for contributions to data access, reporting coordination, and evaluations of supporting factors in capital regulation. Accountability: European banking supervision operates under explicit accountability to the European Parliament, the Council of the European Union, and external bodies including the European Court of Auditors and the IMF's Financial Sector Assessment Program. Data Infrastructure: Recent initiatives by the EBA and ECB are expanding access to granular bank-level data and supervisory information while preserving confidentiality, supporting more rigorous independent assessments of regulatory impacts. Evaluation Frameworks: Bodies such as the Financial Stability Board and the Basel Committee on Banking Supervision maintain dedicated frameworks for evaluating the effects of post-crisis regulatory reforms on resilience, lending, and systemic risk.