EU Law After the Financial Crisis

EU Law After the Financial Crisis
Author: Jessica Schmidt
Publisher:
Total Pages: 333
Release: 2014
Genre: Financial crises
ISBN: 9781780685205

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The Role of Financial Stability in EU Law and Policy

The Role of Financial Stability in EU Law and Policy
Author: Gianni Lo Schiavo
Publisher: Kluwer Law International B.V.
Total Pages: 328
Release: 2016-04-24
Genre: Law
ISBN: 9041186123

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Since the outbreak of the 2008 financial crisis, European Union (EU) institutions and Member States have engaged in a major effort to repair the architecture of economic governance of the European Economic and Monetary Union (EMU). This book takes as its starting point the unclear notion of financial stability, which only recently has received a more detailed legal analysis. It examines the evolution of the concept of financial stability during the financial crisis and provides a conceptual framework in order to demonstrate that financial stability has become a foundational objective in Europe and has set a new normative framework in EU law and policy. Arguing that financial stability is a foundational objective in EU law and policy based on certain normative instruments, this ground-breaking book provides an in-depth and original understanding of the newly developed framework to attain supranational financial stability. In its analysis of the legal implications of these new instruments, the study examines topics and issues such as the following: - the concept and normative instruments of financial stability at European level; - the renewed economic governance in Europe; - the financial assistance mechanisms developed in Europe; - the new regulatory environment for banks at European level; - the Single Supervisory Mechanism and the role of the European Central Bank (ECB) therein; and - the new framework for banking resolution, with specific focus on the Single Resolution Mechanism. The author shows in detail how an appropriate level of supranational regulation, supervision, burden-sharing and rescue measures strengthen financial stability. Thereby, the book will appeal to officials in EU institutions and agencies as well as lawyers and academics in EU law and in banking/financial law to gain a clear understanding of role of financial stability and its normative instruments in EU law and policy. Gianni Lo Schiavo is currently working as a lawyer at the ECB. He obtained a PhD in EU Law at King's College, London, and has written numerous articles and chapters in EU administrative law, EU financial/banking law and EU competition law.

Financial Regulation in the European Union After the Crisis

Financial Regulation in the European Union After the Crisis
Author: Domenica Tropeano
Publisher: Routledge
Total Pages: 174
Release: 2018-01-12
Genre: Business & Economics
ISBN: 1317211448

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In the wake of the financial crisis, new regulatory measures were introduced which, along with changes in monetary and macroeconomic policy, have transformed the global financial structure. However, this new financial structure displays various fragilities. A new shadow banking system has grown both inside and outside the traditional banks and the divergence between core and periphery countries’ banks has increased further due to both the new regulations and the European Central Bank’s very peculiar interventions. Following Minsky’s approach, this volume explores the interplay between monetary policy, regulation and institutions in the aftermath of the great financial crisis. Minsky’s insights are used to interpret the recent regulatory changes and consider how they have affected the evolution of banks and financial markets. The unfortunate conclusion is that the changes in financial regulation introduced in various jurisdictions and inspired by the work of the Basel Committee, have not succeeded in thwarting the instability of the economic system. Instead, the mix of policies implemented so far has brought about increased fragility in the financial system. Minksy’s work on financial stability offers alternative solutions which policy-makers need to consider to resolve these issues. Financial Regulation in the European Union After the Crisis is an important volume for those who study political economy, banking and monetary economics.

The European Union’s External Action in Times of Crisis

The European Union’s External Action in Times of Crisis
Author: Piet Eeckhout
Publisher: Bloomsbury Publishing
Total Pages: 621
Release: 2016-12-01
Genre: Law
ISBN: 150990056X

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The Lisbon Treaty modified the legal framework of EU external action and these innovations must be applied in a period of deep economic and financial crisis interacting with other more specific crises affecting the EU's external activities. This volume investigates the recent institutional and substantive developments in EU external relations law and practice in this context of multiple crises for the EU. The economic and financial crisis has a major impact on EU external action, but other crises too affect this sensitive area of the EU's activity and the book takes them into account. For instance, there is a crisis in the relationship between EU law and international law after the ECJ judgement in the Kadi case. In addition to exploring these questions, the volume also examines questions of legitimacy in fields such as foreign investment protection and arbitration. Representing the output of a powerful research team composed of leading scholars in the field this comprehensive collection will appeal to both an expert and non-expert readership.

From Saviour to Guarantor

From Saviour to Guarantor
Author: Fabio Bassan
Publisher: Springer
Total Pages: 168
Release: 2015-08-25
Genre: Business & Economics
ISBN: 1137441569

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State guarantees commonly function as financial panacea, allowing states to consolidate banking systems and create intergovernmental funds. Rules surrounding state guarantees were relaxed during the 2007-2008 financial crisis, allowing states to use them for financing small and medium-sized enterprises (SMEs) and workers' severance payments. Despite many multi-level interventions in many areas after the financial crisis, from international treaties to EU regulations, no specific regulation has been put in place to control state guarantees. This book addresses the subject of state guarantees in the Eurozone, and questions the stability of the instruments implemented so far by states and by the European Union. Using a methodology combining law and finance, it examines the tools adopted by European institutions and Member States in the EU's evolving institutional context, in order to evaluate the effectiveness of the tools themselves as well as of the new European institutional framework. It also addresses the unconventional measures adopted by the European Central Bank, its role as safeguard for European state guarantees and its interaction with the European Union and national courts. In From Saviour to Guarantor the authors suggest that the absence of specific regulatory interventions and the variety and vagueness of existing rules has resulted in state guarantees further destabilising public international finance.

EU Securities and Financial Markets Regulation

EU Securities and Financial Markets Regulation
Author: Niamh Moloney
Publisher: Oxford University Press
Total Pages: 993
Release: 2023-03-25
Genre: Law
ISBN: 0192583425

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Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime.

The Economic and Financial Crisis and Collective Labour Law in Europe

The Economic and Financial Crisis and Collective Labour Law in Europe
Author: Niklas Bruun
Publisher: Bloomsbury Publishing
Total Pages: 521
Release: 2014-09-18
Genre: Law
ISBN: 1782254455

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The current economic and financial crisis erupted several years ago. Its effects impacted deeply upon society, in which legal rules and social patterns have developed to enable the establishment of civilisation, justice and peace. Over time it has become more and more obvious that policy, financial and economic actors have adopted austerity measures as a main tool to solve the ensuing problems, and that these measures have hit social policy standards sometimes dramatically. Recent analyses have dealt with several aspects of this issue. This book focuses on one important element: the impact on collective labour law. It seeks to add to the debate by presenting mainly legal arguments derived from different sources and backgrounds, examining the EU and 'Troika' measures, the economic and political background and the sometimes dramatic consequences of austerity measures on democracy, collective bargaining and the right to strike. Against the framework of EU law, the relevant ILO Conventions, (Revised) European Social Charter and European Convention on Human Rights provisions, the non-compliance of these measures is analysed and demonstrated. The book is also dedicated to procedural questions, and in particular, how legal approaches may be used to challenge austerity measures.

The Evolution of EU Law

The Evolution of EU Law
Author: Paul Craig
Publisher: Oxford University Press
Total Pages: 1024
Release: 2021-08-19
Genre: Law
ISBN: 0192661809

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This last decade has been particularly turbulent for the EU. Beset by crises - the financial crisis, the rule of law crisis, the migration crisis, Brexit, and the pandemic - European Law has had to adapt and change in a way not previously seen. First published in 1999, the goal then was to reflect on the important developments that had been made since the creation of the EEC. That goal has not changed. From EU Administrative Law through to the Regulation of Network Industries, each chapter in this seminal work assess the legal and political forces that have shaped the evolution of EU law. With new chapters covering the Rule of Law, Judicial Reform, Brexit, Constitutional and Legal Theory, Refugee and Asylum law, and Data Governance, this third edition of The Evolution of EU Law is a must read for any student or academic of EU law.

After the Financial Crisis

After the Financial Crisis
Author: Pablo Iglesias-Rodriguez
Publisher: Springer
Total Pages: 365
Release: 2016-10-14
Genre: Social Science
ISBN: 1137509562

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This international collection studies how the financial crisis of 2007 and the ensuing economic and political crises in Europe and North America have triggered a process of change in the field of economics, law and politics. Contributors to this book argue that both elites and citizens have had to rethink the nature of the market, the role of the state as a market regulator and as a provider of welfare, the role of political parties in representing society’s main political and social cleavages, the role of civil society in voicing the concerns of citizens, and the role of the citizen as the ultimate source of power in a democracy but also as a fundamentally powerless subject in a global economy. The book studies the actors, the areas and the processes that have carried forward the change and proposes the notion of ‘incomplete paradigm shift’ to analyse this change. Its authors explore the multiple dimensions of paradigm shifts and their differentiated evolution, arguing that today we witness an incomplete paradigm shift of financial regulations, economic models and welfare systems, but a stillbirth of a new political and economic paradigm.

Resolution in Europe: The Unresolved Questions

Resolution in Europe: The Unresolved Questions
Author: Andreas Dombret
Publisher: Walter de Gruyter GmbH & Co KG
Total Pages: 186
Release: 2019-04-15
Genre: Law
ISBN: 3110644061

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The work draws conclusions of the fourth conference in a series on the subject of "too big to fail", hosted by the Institute for Law and Finance at Goethe University, Frankfurt am Main on April 23, 2018. It presents the views of key European Union officials as well as senior executives from the financial sector on where Europe stands in this crucial area.