What is European Banking Authority (EBA)?

The EBA or European Banking Authority is an independent EU Authority that regulates the European banking sector. By setting European-wide regulatory standards, the EBA aims to maintain financial stability in the EU, as well as the efficiency and integrity of the European banking sector. It also has the power to overrule national regulators if they fail to properly regulate their banks. While an independent body, the EBA is accountable to the European Parliament, the European Council of the European Union and the European Commission.