ECB Powers in a Hybrid Banking Union

Like the European Monetary Union (EMU), the European Banking Union was constructed as a hybrid, with supranational and national and intergovernmental parts. This generates uncertain outcomes that need urgent study. Does the European Central Bank (ECB) gain more power over the European Banking Authority (EBA) and national supervisors or not? The paper reviews the outcome of the first Asset Quality Review and the European bank stress tests to get an insight into this question.