I controversi rapporti tra l’ordinamento dell’Unione e quello degli Stati membri nell’ambito del Meccanismo di vigilanza unico

The Single Supervisory Mechanism (SSM), which is a pillar of the banking union, was established in response to the financial crisis that began in 2008. Like other instruments launched in emergency situations, the SSM contains some critical points, arising from the fact that it was created, rather quickly, to deal with a temporary situation. Among the various aspects that could have been analysed, this work is focused on the relations between the European Union and its member States, particularly on to the distribution of competences between the European Central Bank (ECB) and the national supervisory authorities (NSA). In fact, the SSM is characterized by a very complex allocation of competences between the European Union and its member States, which could further complicate as consequence of a judgement issued by the German Federal Constitutional Court in July 2019. Furthermore, the cited ruling, which is a new episode of the German constitutional case-law concerning the relations between the European Union and Germany, could even open a new jurisdictional dispute between the Bundesverfassungsgericht and the Court of Justice of the European Union.