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EMU : 25 years after Maastricht : historical challenges, economic ideas, political solutions

Policy Brief - 2017

Author(s): Gaby Umbach Wilhelm Lehmann

Description: The signature of the 1992 Maastricht Treaty was a major step in the development of the European Union (EU). It represented not only the key moment of the introduction of the single currency, but also the result of difficult negotiations during which important initial objectives fell by the wayside, notably the idea to accompany economic and monetary union (EMU) with stronger political integration. The financial and public debt crisis that started in 2008, as well as its later political fall-out, could hence be seen as the result of a political structure inadequate to foster economic and monetary integration. Therefore, a historical evaluation of the political context which led to this outcome of the 1991 Intergovernmental Conference (IGC) seems appropriate.

This publication follows the roundtable 'The political theory of and economic background to Economic and Monetary Union – 25 years after the signature of the Maastricht Treaty', jointly organised by the European Parliament and the EUI on the 31st of May 2017.

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Fines for misconduct in the banking sector – what is the situation in the EU?

Paper - 2017

Author(s): Elena Carletti

Description: In this paper for the Economic and Monetary Affairs Committee at the European Parliament, the author analyses the US system for addressing bank misconduct through fines, highlighting a number of lessons for the EU with regard to the design of bank enforcement architecture and the need to develop common approaches across national and EU levels with a view to avoiding regulatory arbitrage. In fact, following the crisis, the highest money penalties imposed on banks in the US related to mis-selling of financial products – a criminal offence falling under the remit of Department of Justice – rather than to breaches of prudential supervisory requirements.

This material was originally published in a paper provided at the request of the Committee on Economic and Monetary Affairs of the European Parliament and commissioned by the Directorate-General for Internal Policies of the Union and supervised by its Economic Governance Support Unit (EGOV). The opinions expressed in this document are the sole responsibility of the authors and do not necessairly represent the official position of the European Parliament. The original paper is available on the European Parliament's webpage: http://www.europarl.europa.eu/RegData/etudes/IDAN/2017/587402/IPOL_IDA(2017)587402_EN.pdf © European Union, 2017

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Macroprudential Policy Issues Arising from Low Interest Rates and Structural Changes in the EU Financial System

Research Report - 2016

Author(s): ESRB

Description: This report is prepared by the joint Task Force of the ESRB Advisory Technical Committee, the ESRB Advisory Scientific Committee and the ESCB Financial Stability Committee, chaired by Jacek Osiński, Elena Carletti and John Fell. The report proposes a holistic macroprudential policy approach aimed at enhancing financial stability and mitigating systemic risks in the low interest rate environment. This includes an assessment of risks, implications for the broader economy and considerations about the market structure in view of the Action Plan on Building a Capital Markets Union.

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Challenges and prospects of the new banking resolution regime

Policy Brief - 2016

Author(s): Matteo Gatti

Description: The consequences of the new banking resolution regime on the evolution of the European financial system were discussed at a Chatham House ‘Executive Seminar on Banking Resolution’ organized by the Florence School of Banking and Finance and held in Florence on 14-15 July 2016. The executive seminar brought together academics, EU policy-makers, investors, and industry practitioners to discuss the impact of the new resolution regime on banks, regulators and investors. Participants also exchanged views on liquidity support and exit strategies in the upcoming resolution phase.  

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The banking union and its implications for private law : a comment

Working Papers - 2015

Author(s): Christos Hadjiemmanuil

Description: This comment seeks to provide a conceptual framework for analysing the Banking Union’s implications for private law. After discussing how and in what form the Banking Union can engender potentially relevant regulatory norms, it identifies the general ways whereby these can be recognised in private law and translated into private rights and/or duties. It then responds to a common argument against translation, namely, that the public nature of the regulatory regime’s goals and concerns hinders its normative expansion in the realm of private law. On a more practical level, it provides a tentative catalogue of private legal relations likely to be affected by the Banking Union.

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