Under the Treaty, in the cases where the ESAs are considered to have overstepped their bounds in interpreting the delegation or have issued rules inconsistent with the first-order principles, the Commission and the co-legislators, the European Council and Parliament, can revoke the regulations issued by the ESAs and legislate at a higher level – either with primary legislation or with a delegated regulation, assigned to the Commission with the support of high-level committees of member states.
The Eurosystem  1  I wish to thank Iddo de Jong for his contribution to this speech. I remain solely responsible for the opinions contained herein. BIS central bankers’ speeches  1  continues to monitor and support the work in this field. Special attention is being paid to the migration to the new SEPA instruments.