A Romanian, Calu Monica, consumer law expert, has taken over a three-year term as member of the European Banking Authority based in Paris as of mid-May, more precisely as part of the Banking Stakeholder Group of EBA.
According to the CV posted on the EBA website, Calu has been a Consumer Law Expert Pro Consumatori Association, Bucharest (Romania) since April 2016 until present days. She graduated in Economy, the Faculty of Accounting and Management Information Systems- Academy of Economic Studies in Bucharest in 1999 and in Law in 2007. Calu has worked as legal consultant at Pro Consumatori Association and Parakletos Association NGO and she represented the Pro Consumers Association at the European Economic and Social Council in June 2016 in the debate on consumer over-indebtedness in the European Union and in the Polish Parliament on 7 October 2016 on the issue of consumer credit in the European Union.
The European Banking Authority (EBA) is an independent EU Authority which works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector.
The main task of the EBA is to contribute to the creation of the European Single Rulebook in banking whose objective is to provide a single set of harmonised prudential rules for financial institutions throughout the EU. The Authority also plays an important role in promoting convergence of supervisory practices and is mandated to assess risks and vulnerabilities in the EU banking sector.
The EBA was established on 1 January 2011 as part of the European System of Financial Supervision (ESFS).
The EBA’s Banking Stakeholder Group is composed of 30 members appointed to represent in balanced proportions credit and investment institutions operating in the Union, their employees’ representatives as well as consumers, users of financial services, academics and representatives of SMEs. The Group’s role is to help facilitate consultation with stakeholders in areas relevant to the tasks of the EBA.
In particular, the Group shall be consulted on actions concerning regulatory technical standards and implementing technical standards and, guidelines and recommendations, to the extent that these do not concern individual financial institutions. The Group may also submit opinions and advice to the Authority on any issue related to the tasks of the Authority, with particular focus on common supervisory culture, peer reviews of competent authorities and assessment of market developments.
The Group may also submit a request to the Authority, as appropriate, to investigate the alleged breach or non-application of Union law.
The BSG is formally qualified as the EBA’s stakeholder group in Article 37 and Recital 48 of the EBA’s Founding Regulation which also describe it as a group of interested parties due to the variety of perspectives and expertise that its diverse membership brings to the Authority’s work on regulatory or implementing technical standards, guidelines and recommendations. As such, it can be considered as the major EBA’s advisory group.