EIOPA, the European Insurance and Occupational Pensions Authority is a special member of the family of EU financial supervisors. The products and institutions the agency regulates are in may countries closely linked to the welfare state, to old age income security and even to redistribution across generations and across members. This is a policy area that is highly salient and national competencies are carefully guarded by member state governments. This paper analyses the impact of the welfare-link on the behavior of the agency, taking also into account the financial crisis.
