European banking union
the new regime
- ISBN: 9789041152633
- Editorial: Wolters Kluwer Law & Business
- Fecha de la edición: 2015
- Lugar de la edición: Alphen aan den Rijn. Países Bajos
- Colección: International Banking and Finance Law Series
- Encuadernación: Cartoné
- Medidas: 22 cm
- Nº Pág.: 255
- Idiomas: Inglés
‘L’Europe se fera par la monnaie ou ne se fera pas’ [Europe will be made by currency or it will not be made], warned economist Jacques Rueff as long ago as 1949 – a prophetic remark that has become highly salient since the financial meltdown of 2008 severely threatened the European integration project. The depredations of the crisis quickly led to the development of the European Banking Union, with the goal of recapitalizing or otherwise resolving troubled banks in ways that minimize taxpayer cost and systemic risk. The bulk of the new institution, which contemplates a single supervisory system and a single recovery and resolution mechanism for troubled banks, is now established under European legislation.From a perspective both constructive and critical, this book provides a legal, economic, and political analysis of the European legislation enacted so far to implement the Banking Union. The twenty-one distinguished contributors include lawyers and economists, scholars and practitioners, European civil servants, think tank specialists, and private operators. Among the topics and issues elucidated are the following:
capital requirements for credit institutions;
-EU legislation on financial crime;
-the new system of banking supervision – the Single Supervisory Mechanism;
-the strengthened role of the European Banking Authority;
-the Single Resolution Mechanism;
-the European Stability Mechanism’s Direct Recapitalization Instrument;
-the new regulation of deposit guarantee schemes;
-the Maximum Harmonization Principle;
-the new rules for credit rating agencies;
-the position of Non-Euro Member States;
-the role of national authorities;
-specific rules for structured finance instruments;
-shadow banking as an unpredictable source of systemic risk; and
-the future economic and political implications of the Banking Union process.
