THE TRANSNATIONAL GOVERNANCE OF BANK RESOLUTION AND THE TREATMENT OF NATIONAL REGULATORY VARIATION IN THE EU

2021 ◽  
Vol 80 (1) ◽  
pp. 74-100
Author(s):  
Andromachi Georgosouli
Keyword(s):  
Financial Stability ◽  
Best Practice ◽  
Eu Law ◽  
Transnational Governance ◽  
Local Conditions ◽  
Implementation Evaluation ◽  
Policy Debates ◽  
Bank Resolution ◽  
Implementation Stage ◽  
The Eu

AbstractThe transnational governance of bank resolution must be well-designed to provide credible solutions to financial crisis management. While at policy level, there is a broad consensus on best practice, the implementation stage often leaves something to be desired. Focusing on the implementation of the relevant Financial Stability Board (FSB) recommendations in the EU, this article explores this issue and proposes certain reforms. It argues for closer EU control and scrutiny over national decision-making without, however advocating a “one-size-fits-all” approach. Its main insight is that the promotion of transnational convergence need not come at the expense of the distinctive attentiveness of EU law to local conditions nor indeed involve a massive shake-up of the existing EU architecture. Its aim is to contribute to scholarly and public policy debates in this field in anticipation of the EU response to the final conclusions of the post-implementation evaluation of the FSB recommendations, which is currently in progress.

EU Law (MiFID II) and effective regulation: a step towards financial stability?

2019 ◽  
Vol 26 (6) ◽  
pp. 833-848
Author(s):  
Mariia Domina Repiquet
Keyword(s):  
Financial Markets ◽  
Financial Stability ◽  
Financial Regulation ◽  
Duty Of Care ◽  
Eu Law ◽  
Systemic Risks ◽  
Two Sides ◽  
The Eu

This article examines to what extent EU law is effective in preserving global financial stability and, therefore, preventing financial crisis. A difference between macro- and micro-approaches to financial regulation is explained. Whilst the former is concerned with the minimization of systemic risks and maintaining of the financial stability, the latter is focused on the effective regulation of all financial markets’ players, whatever the size of their portfolios. These approaches are the two sides of the same coin, that is limiting the possibility that future financial crises will occur. This paper argues that the effective regulation of investment firms, especially their duty of care, helps to preserve overall financial stability. The choice of the MiFID II as a case study is explained by its appreciation as one of the biggest achievements of EU policymakers in the context of financial law so far. How does a duty to ‘know your customer’ affect global financial stability within the EU? What is the role of soft law in preserving the financial system? These are the questions that this paper seeks to answer.

scholarly journals Political images and perceptions at the interdisciplinary crossdoards. Introduction to the Special Issue "Ukraine-EU Relations: Verbal Narratives, Images, and Perceptions"

2018 ◽  
Keyword(s):  
Best Practice ◽  
Regional Governance ◽  
Academic Excellence ◽  
Special Issue ◽  
Policy Makers ◽  
Policy Debates ◽  
Societal Challenges ◽  
Academic Policy ◽  
Research Consortium ◽  
The Eu

This special issue presents findings of the transnational research project “Crisis, Conflict and Critical Diplomacy: EU Perceptions in Ukraine, Israel and Palestine” (C3EU) (2015-2018) focusing on Ukraine-specific results [C3EU, online]. Supported by the Erasmus+ of European Commission, C3EU united experienced and early careers scholars into a research team of 36 who studied and facilitated best practice in EU perceptions research. The results of the project contributed to policy debates on EU global and regional governance and fostered academic-policy-makers' dialogues in Ukraine and the EU. Leading to this extensive outreach to the stakeholders, the C3EU research consortium had consolidated academic excellence by gathering linguistic and non-linguistic information, and producing comprehensive and methodologically rigorous analyses of EU perceptions and narratives in Ukraine and Israel/Palestine reflecting major societal challenges. The articles published in this special issue focused on perceptions and images exposed in narratives on the EU, Ukraine and EU—Ukraine relations are interdisciplinary. They combine methodologies of cognitive and communicative linguistics with the findings of communication and media studies, cultural studies, political science, international relations, and European integration studies.

External Relations of the EU and Euro Area in the field of EMU

2020 ◽  
Author(s):  
Cremona Marise ◽  
Leino-Sandberg Päivi
Keyword(s):  
Euro Area ◽  
Financial Stability ◽  
Eu Law ◽  
The European Union ◽  
Member States ◽  
Policy Positions ◽  
The World Bank ◽  
External Relations ◽  
The International Monetary Fund ◽  
The Eu

This chapter will focus on the relations of the European Union (EU) and euro area with the main international financial institutions (IFIs) from the perspective of EU law. Among the IFIs the International Monetary Fund (IMF), the World Bank and the more informal groupings of the G20, the Organization for Economic Co-operation and Development (OECD) and the Financial Stability Board (FSB) will be highlighted. The aim, in a chapter of this length, is not to give an account of the activities of these bodies and the EU’s policy positions and priorities; rather it is to highlight, from the perspective of EU law, the legal-institutional questions and challenges that arise from EU participation. The unified representation of the euro area in the IFIs has surfaced repeatedly in the context of the on-going discussions concerning the development of the Economic Monetary Union (EMU) (see below in Section II). These discussions, however, primarily reflect the EU institutional interest (Commission, the European Central Bank (ECB)) to strengthen their institutional presence in the IFIs: something that is met with strong reluctance by the Member States. While the Member States ostensibly support increased EU influence in the IFIs, they are also concerned about preserving their own individual positions and status.

A refusal to grant access to a grid within the provision of crude oil transfer services as an example of a prohibited abuse of a dominant position in the EU and Polish competition law

2018 ◽  
Vol 5 (2) ◽  
pp. 199 ◽  
Author(s):  
Wojciech Paweł SZYDŁO
Keyword(s):  
Crude Oil ◽  
Competition Law ◽  
Eu Law ◽  
The European Union ◽  
Dominant Position ◽  
Oil Companies ◽  
Effective Competition ◽  
Oil Pipelines ◽  
Transfer Services ◽  
The Eu

Aim: The paper discusses cases in which a refusal by an energy enterprise to connect other enterprises to the network is treated as a prohibited abuse of the enterprise's dominant position and, equally, will represent behavior prohibited by art. 12 of the Treaty on the Functioning of the European Union and by art. 9 par. 2 item 2 of the Competition and Consumer Protection Law as well as legal consequences of such refusal. It is important to pinpoint such cases since the EU sectoral regulation does not provide for obligating any undertakings which manage and operate oil pipelines to enter into contracts with other undertakings such as contracts on connecting into their network or contracts on providing crude oil transfer services. Conditions for accessing oil pipelines and selling their transfer capacities are determined by the owners of the networks: private oil companies in the countries across which the pipelines are routed. These conditions are not governed by the EU law.  Furthermore, the very obligation of connecting other entities to own network by energy undertakings operating in the oil transfer sector in Poland will only arise from generally applicable provisions of the Polish competition law.  Design / Research methods: The purpose of the paper has been reached by conducting a doctrinal analysis of relevant provisions of Polish and EU law and an analysis of guidelines issued by the EU governing bodies. Furthermore, the research included the functional analysis method which analyses how law works in practice. Conclusions / findings: The deliberations show that a refusal to access the network will be a manifestation of a prohibited abuse of a dominant position and will be a prohibited action always when the dominant's action is harmful in terms of the allocation effectiveness. It will be particularly harmful when delivery of goods or services objectively required for effective competition on a lower level market, a discriminatory refusal which leads to elimination of an effective competition on the consequent market, a refusal leading to unfair treatment of consumers and an unjustified refusal. Originality / value of the article: The paper discusses the prerequisites which trigger the obligation to connect entities to own network by energy undertakings operating in the oil transfer sector. The obligation has a material impact on the operations of the oil transmitting undertakings, in particular on those who dominate the market. The regulatory bodies in the competition sector may classify a refusal of access to own network by other enterprises as a prohibited abuse of the dominant position, exposing such undertakings to financial consequences.Implications of the research: The research results presented in the paper may be used in decisions issued by the President of the OCCP and in judgement of Polish civil courts and EU courts. This may cause a significant change in the approach to classifying prohibited practices to prohibited behavior which represent abuse of the dominant position. The deliberations may also prompt the Polish and EU legislator to continue works on the legislation.

EU Non-Refoulement: (The Irrelevance of) Territoriality and Pre-Border Controls

2017 ◽  
Author(s):  
Violeta Moreno-Lax
Keyword(s):  
International Human Rights Law ◽  
Eu Law ◽  
Human Rights Law ◽  
Refugee Law ◽  
Functional Understanding ◽  
Scope Of Application ◽  
International Refugee Law ◽  
Border Controls ◽  
The Eu

This chapter identifies the content and scope of application of the EU prohibition of refoulement. Following the ‘cumulative standards’ approach, the analysis incorporates developments in international human rights law (IHRL) and international refugee law (IRL). Taking account of the prominent role of the ECHR and the Refugee Convention (CSR51) as sources of Article 19 CFR, these are the two main instruments taken in consideration. The scope of application of Articles 33 CSR51 and 3 ECHR will be identified in turns. Autonomous requirements of EU law will be determined by reference to the asylum acquis as interpreted by the CJEU. The main focus will be on the establishment of the territorial reach of EU non-refoulement. The idea that it may be territorially confined will be rejected. Drawing on the ‘Fransson paradigm’, a ‘functional’ understanding of the ‘implementation of EU law’ standard under Article 51 CFR will be put forward, as the decisive factor to determine applicability of Charter provisions. The implications of non-refoulement for the different measures of extraterritorial control considered in Part I will be delineated at the end.

A Union of Peoples

2020 ◽  
Author(s):  
Pavlos Eleftheriadis
Keyword(s):  
European Union ◽  
International Law ◽  
Political Theory ◽  
Domestic Institutions ◽  
Eu Law ◽  
The European Union ◽  
Rival Theory ◽  
Law Of Nations ◽  
Domestic Law ◽  
The Eu

This book offers a legal and political theory of the European Union. Many political and legal philosophers compare the EU to a federal union. They believe that its basic laws should be subject to the standards of constitutional law. They thus find it lacking or incomplete. This book offers a rival theory. If one looks more closely at the treaties and the precedents of the European courts, one sees that the substance of EU law is international, not constitutional. Just like international law, it applies primarily to the relations between states. It binds domestic institutions directly only when the local constitutions allow it. The member states have democratically chosen to adapt their constitutional arrangements in order to share legislative and executive powers with their partners. The legal architecture of the European Union is thus best understood under a theory of dualism and not pluralism. According to this internationalist view, EU law is part of the law of nations and its distinction from domestic law is a matter of substance, not form. This arrangement is supported by a cosmopolitan theory of international justice, which we may call progressive internationalism. The EU is a union of democratic peoples, that freely organize their interdependence on the basis of principles of equality and reciprocity. Its central principles are not the principles of a constitution, but cosmopolitan principles of accountability, liberty, and fairness,

Review by Constitutional Courts of the Obligation of National Courts of Last Instance to Refer a Preliminary Question to the Court of Justice of the EU

2015 ◽  
Vol 16 (6) ◽  
pp. 1663-1700 ◽  
Author(s):  
Clelia Lacchi
Keyword(s):  
European Union ◽  
Eu Law ◽  
The European Union ◽  
Constitutional Courts ◽  
Member States ◽  
Constitutional Review ◽  
National Courts ◽  
Court Of Justice ◽  
Judicial Remedy ◽  
The Eu

The Constitutional Courts of a number of Member States exert a constitutional review on the obligation of national courts of last instance to make a reference for a preliminary ruling to the Court of Justice of the European Union (CJEU).Pursuant to Article 267(3) TFEU, national courts of last instance, namely courts or tribunals against whose decisions there is no judicial remedy under national law, are required to refer to the CJEU for a preliminary question related to the interpretation of the Treaties or the validity and interpretation of acts of European Union (EU) institutions. The CJEU specified the exceptions to this obligation inCILFIT. Indeed, national courts of last instance have a crucial role according to the devolution to national judges of the task of ensuring, in collaboration with the CJEU, the full application of EU law in all Member States and the judicial protection of individuals’ rights under EU law. With preliminary references as the keystone of the EU judicial system, the cooperation of national judges with the CJEU forms part of the EU constitutional structure in accordance with Article 19(1) TEU.

scholarly journals The notion of ‘employer’: Towards a uniform European concept?

2021 ◽  
pp. 203195252199115
Author(s):  
Matthijs van Schadewijk
Keyword(s):  
Functional Approach ◽  
Working Relationships ◽  
Eu Law ◽  
Member States ◽  
Corporate Groups ◽  
European Legislation ◽  
Contractual Approach ◽  
First Time ◽  
The Eu ◽  
The Way

The growth in multilateral working relationships (e.g. agency work, chains of sub-contracting and corporate groups) is causing Member States to increasingly scrutinise their traditional, contractual approach to the notion of ‘employer’. So far, little attention has been paid to the boundaries and limits that EU law sets when defining the employer. The lack of attention may have come to an end with the recent AFMB judgment, in which the Court ruled, for the first time, that the concept of employer in a provision of EU law had to be given an autonomous and uniform interpretation throughout the EU. Starting from the AFMB judgment, the author analyses the concept of employer in EU law. The author finds that the concept of employer in EU law can be described as ‘uniform in its functionality’: in EU law, the national concept of the employer is never absolute, but the circumstances and the way in which the national concept must be set aside depend on the context and the objective of the European legislation in question. Through this functional approach, EU law partly harmonises the various national approaches to the concept of the employer. Nevertheless, a lack of specific reasoning on the part of the Court may grant the Member States considerable leeway to uphold their own views on the concept.

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