Constitutive powers of EU agencies

The paper analyses the shortcomings of characterizing the precisely delineated powers of market intervention of the EU regulatory and supervisory agencies by reference to the degree of precision of the enabling norms. It argues that, even if by reference to statutorily indicated goals, and constrained by a series of regulatory requirements and tightly knit procedures, EU agencies endowed with a combination of instrumental and final, formal and informal powers, get to identify and interpret the socially desirable goals of public action and shape legal relationships accordingly. They build the normative understandings that shape the legal relationships under their jurisdiction. Theirs are constitutive powers, which inhere in their function and accommodate various degrees of discretion within the limits of Meroni.