By focusing on the field of EU financial law and regulation, this chapter will argue that the EU financial rule-making process confirms the following proposition: the legislative choice between Article 290 and Article 291 TFEU is mostly made on the basis of political and practical considerations, and not on the basis of the evanescent conceptual distinction between “supplementing” and “implementing” measure. This political discretion is supported by EU Treaty rules and their judicial interpretation. It logically mirrors the EU legislators’ freedom to choose in what detail they want to regulate a certain matter themselves, and – consequently – how much, if any, they want to leave to national implementation.
EU delegation of powers in the field of financial markets regulation
Matteo Ortino
2018-01-01
Abstract
By focusing on the field of EU financial law and regulation, this chapter will argue that the EU financial rule-making process confirms the following proposition: the legislative choice between Article 290 and Article 291 TFEU is mostly made on the basis of political and practical considerations, and not on the basis of the evanescent conceptual distinction between “supplementing” and “implementing” measure. This political discretion is supported by EU Treaty rules and their judicial interpretation. It logically mirrors the EU legislators’ freedom to choose in what detail they want to regulate a certain matter themselves, and – consequently – how much, if any, they want to leave to national implementation.
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