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Christiana Stilianidou 23 • 09 • 2021

Non-conformity of Greek legislation with Directive 2014/59/EU (Bank Resolution and Recovery Directive) INFR(2021)2129

Christiana Stilianidou
Non-conformity of Greek legislation with Directive 2014/59/EU (Bank Resolution and Recovery Directive) INFR(2021)2129
23 • 09 • 2021

The European Commission sent a letter of formal notice to Greece in the context of infringement proceedings as per Article 258 TFEU, as it considered that the country has not correctly transposed into its national law Directive 2014/59, the Bank Resolution and Recovery Directive

Each Member State of the European Union shall apply EU law and take appropriate action to that end. The European Commission is the body responsible for detecting possible breaches of EU law.

In the event that a Member State does not apply Union law and fails to fulfill any of the obligations laid down in the EU Treaties, the European Commission may initiate formal infringement proceedings under Articles 258 and 260 TFEU (details of infringement proceedings here).

Where is the problem with the rule of law?

 The application of EU law is an obligation of the Member States of the European Union. If possible breaches of EU law are detected, the European Commission may take a series of actions against that Member State to ensure the correct and full application of EU law by initiating infringement proceedings in accordance with Articles 258 and 260 of the TFEU.

In this case, the European Commission sent a letter of formal notice, calling on Greece to ensure the correct transposition of Directive 2014/59, the Bank Resolution and Recovery Directive, as it considered that the provisions related to the conditions for the exclusions to bail-in had not been properly transposed into national law.

Christiana Stilianidou
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