The European Banking Authority (EBA, for its acronym in English) is an agency of the European Union (EU) that was established in 2011 with the objective of guaranteeing financial stability in the EU. The EBA is based in Paris and works closely with the European Central Bank (ECB) and the European Commission.
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Functions of the European Banking Authority
The European Banking Authority has several main functions, including:
- banking supervision
The EBA is responsible for supervising banking activities in the EU and ensuring that banks comply with EU financial rules and regulations. It is also responsible for coordinating banking supervision activities between the different EU countries.
- Development of financial policies
The EBA works closely with the European Commission in the development of financial policies in the EU. The EBA provides technical advice and assistance in developing policies to ensure financial stability in the EU.
European Banking Authority and financial regulation
The EBA plays an important role in EU financial regulation. It has developed a number of financial regulations, such as the Payment Services Directive 2 (PSD2), which sets standards for payment services in the EU and promotes innovation and competition in the financial services market.