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Multilevel Banking Regulation: an Assessment of the Role of the EC in the Light of Coherence and Democratic Legitimacy

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Chapter Summary

This chapter briefly delineates the concepts of coherence and democratic legitimacy. It addresses the two international institutions - Basel Committee on Banking Supervision, International Accounting Standards Board (IASB) - that play a central role in developing banking regulation. The chapter discusses the development of the new Basel capital accord in the Basel Committee and the development of accounting standards in the IASB. Specific attention is paid to the potential impact of Basel II and the international accounting standards. The chapter then considers for both institutions the mechanisms through which the European Community (EC) tries to influence the standard-setting at the international level. The European Commission claims that it should play a prominent role in international standard-setting, but it is not evident how the EC could legally adopt such role. Finally, the author considers how the international standards are implemented in the EC.

Keywords:banking regulation; Basel Committee on Banking Supervision; democratic legitimacy; European Commission (EC); International Accounting Standards Board (IASB)



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