ANALISI DEI PROFILI E DELLE CONSEGUENZE DERIVANTI NELL'ORDINAMENTO DELL'UNIONE EUROPEA DALL'ISTITUZIONE DEL SINGLE RESOLUTION MECHANISM, CON PARTICOLARE RIFERIMENTO AL PRINCIPIO DI SUSSIDIARIETÁ E ALLA TUTELA GIURISDIZIONALE

The doctoral thesis aims to analyse the recent establishment of the Single Resolution Mechanism (SRM) which constitutes the second pillar of the European Banking Union, entrusted by the European legislator with the mission to ensure an orderly resolution of failing banks and groups, with minimum impact on the real economy and public finances of the participating Member States. The objective of this research is to highlight the main consequences arising from the establishment of such a mechanism within the EU framework. To this purpose, attention is paid, on the one hand, to the compatibility between the SRM regulation and the EU subsidiarity principle and, on the other hand, to the main problems related to the field of judicial protection. Chapter I recalls the historical-legal evolutionary process leading to the establishment of the Banking Union. Chapter II focuses on the analysis of the main provisions of the SRM regulation, with particular regard to the organizational and functional aspects of the entire mechanism; to the relationship between the SRB and the NRAs; to the decision-making process and, finally, to the powers they have been assigned with by both the SRM regulation and the BRRD. Once highlighted the SRM “working context”, analysis have been conducted in order to study the SRM regulation through the “legal filter” of the subsidiarity principle (Chapter III). In this regard, the latter has been connected to the provision of Article 114 TFEU and the agencification process, which, according to the doctrinal point of view, can be regarded as one of the latest concrete expression of the subsidiarity principle, if not even a way of legitimizing such a principle. On the basis of the the relevant case law, together with the specific and unique features of the banking resolution field and the powers the SRB has been entrusted with, conclusions have been drawn about the compatibility of the SRM regulation with the subsidiarity principle, although not traditionally understood. Moreover, the main purpose being also to get a preliminary understanding of the judicial protection’s effectiveness within the SRM, Chapter IV is devoted to identifying and illustrating the issues and challenges to be faced by those subjects which will be affected by resolution decisions. From this perspective, analysis have been carried out having regard to the allocation of competences outlined in the SRM regulation, namely a complex administrative (and therefore judicial) machinery, most of the time involving interrelations between the European and the national level. Finally, Chapter V attempts to summarize the main blocks of the research and to draw general conclusion on the SRM-related topics.