Part V The Broader View and the Future of MiFID, 23 Investment-Based Crowdfunding: Is MiFID II Enough?

2017 ◽  
Author(s):  
Ferrarini Guido ◽  
Macchiavello Eugenia
Keyword(s):  
Economic Growth ◽  
Investor Protection ◽  
National Level ◽  
Member States ◽  
Trade Off ◽  
Regulatory Issues ◽  
Retail Investors ◽  
The Future ◽  
The Uk ◽  
The Eu

This chapter explores the policy and regulatory issues generated by investment-based crowdfunding in Europe. Firstly, it argues that crowdfunding raises serious investor protection concerns, particularly when directed to retail investors. As governments try to stimulate innovation and the formation of new enterprises, a trade-off is created between investor protection and economic growth. The laws of the EU and its Member States try to solve this trade-off in different ways, as the chapter shows with reference to MiFID and the laws of the UK, France, Italy, Spain and Germany. Secondly, it shows that MiFID II, while enhancing investor protection and furthering harmonization, does not create all the conditions needed for a pan-European crowdfunding market. At the same time, MiFID II narrows the potential for exemptions under which some Member States have adopted special regimes for crowdfunding, therefore restricting the scope for an enabling approach to investment-based crowdfunding at national level.

The EU during Brexit

2020 ◽  
pp. 9-34
Author(s):  
Federico Fabbrini
Keyword(s):  
European Union ◽  
The European Union ◽  
Military Cooperation ◽  
Member States ◽  
Decision To Leave ◽  
Policy Initiatives ◽  
Eu Membership ◽  
The Future ◽  
The Uk ◽  
The Eu

This chapter analyses the European Union during Brexit, explaining how the EU institutions and Member States reacted to the UK’s decision to leave the EU. It outlines how they went about this in the course of the withdrawal negotiations. The EU institutions and Member States managed to adopt a very united stance vis-à-vis a withdrawing state, establishing effective institutional mechanisms and succeeding in imposing their strategic preferences in the negotiations with the UK. Nevertheless, the EU was also absorbed during Brexit by internal preparations to face both the scenario of a ‘hard Brexit’—the UK leaving the EU with no deal—and of a ‘no Brexit’—with the UK subsequently delaying exit and extending its EU membership. Finally, during Brexit the EU increasingly started working as a union of 27 Member States—the EU27—which in this format opened a debate on the future of Europe and developed new policy initiatives, especially in the field of defence and military cooperation.

Brexit and the Future of the European Union

2020 ◽  
Author(s):  
Federico Fabbrini
Keyword(s):  
European Union ◽  
United Kingdom ◽  
European Integration ◽  
The European Union ◽  
Integration Process ◽  
Member States ◽  
The United Kingdom ◽  
The Future ◽  
The Uk ◽  
The Eu

This book examines how the European Union has changed during Brexit and because of Brexit, while also reflecting on the developments of the EU besides Brexit and beyond Brexit. It argues that the withdrawal of the United Kingdom from the EU—the first ever case of disintegration since the start of the European integration process—creates an urgent need to reform the EU. In fact, while the EU institutions and its Member States have remained united in their negotiations vis-à-vis the UK, Brexit has created transitional problems for the EU, and exposed other serious fissures in its system of governance which need to be addressed moving forward. As the EU goes through another major crisis in the form of the response to the Covid-19 pandemic, the case for increasing the effectiveness and the legitimacy of the EU grows stronger. In this context, the book analyses the plan to establish a Conference on the Future of Europe, considering its precedents and discussing its prospects.

scholarly journals Le Sommet UE-Afrique 2021 : Quo vadis, compte tenu du Brexit et de la Covid-19

2021 ◽  
Author(s):  
Dirk Kohnert
Keyword(s):  
Member States ◽  
Eu Member States ◽  
The Future ◽  
Islamic Terrorism ◽  
Premier Trimestre ◽  
Quo Vadis ◽  
Future Direction ◽  
The Uk ◽  
Economic Ties ◽  
The Eu

ABSTRACT & RÉSUMÉ : Every three years, the AU-EU summit reunites African and EU leaders to outline the future direction of cooperation. The 6th summit had been to reaffirm and renew the partnership between the two blocks already in October 2020, but it was pushed back to the first quarter of 2021 or even later due to COVID-19 crisis. Besides, Brussels had to deal with its own post-Brexit situation and its repercussions on EU-Africa relations, excluding the UK. African states, for their part, wanted to renegotiate the EU-Africa partnership and to balance it with new promising Post-Brexit visions of the British premier Johnson about increased economic ties with the African Angloshere. China and other global players compete with the EU and its member states in the new scramble for African resources. Given that Africa is increasingly courted by other partners it could be inclined to successively limit its relations with the EU and see it as a mere provider of aid and security against Islamic terrorism. This trend was reinforced by the fact that the new EU-Africa strategy still hasn't been approved by EU member states. And a timely replacement of the Cotonou Agreement, which expires in November 2021, is open to question. _________________________________________________________________________ RÉSUMÉ : Tous les trois ans, le sommet UA-UE réunit les dirigeants africains et européens pour définir l'orientation future de la coopération. Le 6e sommet devait réaffirmer et renouveler le partenariat entre les deux blocs déjà en octobre 2020, mais il a été repoussé au premier trimestre 2021, ou même plus tard, en raison de la crise du COVID-19. En outre, Bruxelles a dû faire face à sa propre situation post-Brexit, compte tenu l'exclusion du Royaume-Uni, et à ses répercussions sur les relations UE-Afrique. Les États africains, pour leur part, souhaitaient renégocier le partenariat UE-Afrique, et l'équilibrer avec les nouvelles visions post-Brexit prometteuses du Premier ministre britannique Johnson sur le renforcement des liens économiques avec l'Anglosphère africaine. La Chine et d'autres acteurs mondiaux sont en concurrence avec l'UE et ses États membre dans la nouvelle ruée vers les ressources africaines. Étant donné que l'Afrique est de plus en plus courtisée par d'autres partenaires, elle pourrait être encline à limiter successivement ses relations avec l'UE et à la considérer comme un simple fournisseur d'aide et de sécurité contre le terrorisme islamique. Cette tendance a été renforcée par le fait que la nouvelle stratégie UE-Afrique n'a toujours pas été approuvée par les États membres de l'UE. Et un remplacement opportun de l'accord de Cotonou, qui expire en novembre 2021, est sujet à caution.

Business braces for uncertainty as Brexit date nears

2019 ◽  
Keyword(s):  
Economic Growth ◽  
Conservative Party ◽  
Content Type ◽  
The Future ◽  
Near Term ◽  
The Uk ◽  
The Eu

Significance This leaves businesses uncertain about the future UK-EU trading agreement and preparing for the worst. Even assuming the exit terms are settled before the country’s scheduled March 29 departure from the EU, much will remain undecided. Impacts Technological solutions to the Irish border gridlock are possible, but not immediately. Conservative party splits will deepen regardless of the final Brexit deal. The UK economy will lose near term potential economic growth as a result of Brexit.

27. The Future of the EU

2016 ◽  
Author(s):  
Brigid Laffan
Keyword(s):  
United States ◽  
European Union ◽  
Leadership Role ◽  
The Political ◽  
The European Union ◽  
Member States ◽  
Future Scenario ◽  
The Future ◽  
The Uk ◽  
The Eu

This chapter discusses the future of the European Union by presenting four scenarios: Disintegration, Piecemeal Adjustment, Functional Federalism, and a United States of Europe. Although systemic disintegration is unlikely, the chapter argues that partial disintegration of the EU may occur because of the possible exit of the UK and the victories of secessionist movements in some member states. It also shows that the political battle concerning the future of the Union is between Piecemeal Adjustment and Functional Federalism. Moreover, it suggests that a United States of Europe is highly unlikely since the member states are not in favour of further federation while the degree of contestation about the future of the EU precludes a transformation of the system. The chapter concludes by considering the potential impact of Germany's leadership role on any future scenario for the EU.

EU Citizens’ Rights in Practice: Exploring the Implementation Gap in Free Movement Law

2019 ◽  
Vol 21 (3) ◽  
pp. 289-312
Author(s):  
Anthony Valcke
Keyword(s):  
National Level ◽  
The Other ◽  
Free Movement ◽  
Member States ◽  
Implementation Gap ◽  
The One ◽  
The Uk ◽  
Movement Rules ◽  
The Eu

Abstract The purpose of this article is to investigate how EU citizens’ free movement rights are applied and enforced in practice and determine whether the situation on the ground demonstrates the existence of a so-called ‘implementation gap’ involving a disconnect between, on the one hand, how the EU free movement rules are intended to operate and, on the other, their application in practice at the national level. Drawing upon a multitude of sources from Belgium, Ireland, Italy, France, Sweden and the UK, an exploration is undertaken of the ways in which this ‘implementation gap’ manifests itself through a review of the various instances where Member States have sought to restrict the exercise of free movement rights through the adoption of national measures relating to the transposition, application and enforcement of Directive 2004/38 on residence rights.

Braucht die Europäische Union ein neues Finanzsystem?

2001 ◽  
Vol 50 (1) ◽  
Author(s):  
Hans Fehr ◽  
Bernd Huber ◽  
Thomas Kuhn
Keyword(s):  
European Union ◽  
Incentive Compatibility ◽  
Europäische Union ◽  
Axiomatic Approach ◽  
The European Union ◽  
Financing System ◽  
Member States ◽  
The Future ◽  
The Uk ◽  
The Eu

AbstractThis economic policy forum is assigned to the question “Does the European Union need a new financial order?” Hans Fehr considers the recent development of the budget of the EU and discusses a number of reform options for the future. He shows that during the 90ies there has been considerable success in consolidating the budget and reforming its structure. The future challenge will be twofold. On one side the UK correction has to be further reduced and finally eliminated, since there are a number of countries with similar budgetary imbalances. In addition, the intended eastern enlargement of the EU creates a stronger reform pressure for the EU expenditure programs. Fehr argues that since there will be no new financing sources available in the medium term, one can be optimistic that the EU will continue its budget consolidation strategy also in the future.Bernd Huber analyzes the financing mechanism of the European Union. After presenting the current financing system, the paper studies the potential for reform. He remarks that in principle, the EU can be financed by contributions of member states or by taxes assigned to the EU. In a system of contributions, contributions should be imposed according to member states' GDP. In the current state of integration, the EU can only impose indirect taxes. Huber argues that a contribution system dominates EU financing via taxes.Thomas Kuhn studies the existence of schemes for fiscal equalization among regions in the EU. He focusses on designing schemes for the distribution of EU funds, which simultaneously meet allocative and redistributive objectives, given institutional constraints. Using an axiomatic approach, Kuhn finds that an allocation scheme assuring for fiscal equity and incentive compatibility does not exist. This is explained by the lack of institutions providing a link between the distribution of funds and the regional incidence of EU revenue raising, calling for a remodeling of the existing fiscal institutions of the EU. Otherwise, the potential for equalization may be restricted to a large extent, especially in the frame of the upcoming East European Enlargement of the EU.

scholarly journals The EU-Africa summit 2021 : Quo vadis, in the light of Brexit and Corona

2021 ◽  
Author(s):  
Dirk Kohnert
Keyword(s):  
Member States ◽  
Eu Member States ◽  
The Future ◽  
Islamic Terrorism ◽  
Premier Trimestre ◽  
Quo Vadis ◽  
Future Direction ◽  
The Uk ◽  
Economic Ties ◽  
The Eu

ABSTRACT & RÉSUMÉ : Every three years, the AU-EU summit reunites African and EU leaders to outline the future direction of cooperation. The 6th summit had been to reaffirm and renew the partnership between the two blocks already in October 2020, but it was pushed back to the first quarter of 2021 or even later due to COVID-19 crisis. Besides, Brussels had to deal with its own post-Brexit situation and its repercussions on EU-Africa relations, excluding the UK. African states, for their part, wanted to renegotiate the EU-Africa partnership and to balance it with new promising Post-Brexit visions of the British premier Johnson about increased economic ties with the African Angloshere. China and other global players compete with the EU and its member states in the new scramble for African resources. Given that Africa is increasingly courted by other partners it could be inclined to successively limit its relations with the EU and see it as a mere provider of aid and security against Islamic terrorism. This trend was reinforced by the fact that the new EU-Africa strategy still hasn't been approved by EU member states. And a timely replacement of the Cotonou Agreement, which expires in November 2021, is open to question. ________________________________________________________________________ RÉSUMÉ : Tous les trois ans, le sommet UA-UE réunit les dirigeants africains et européens pour définir l'orientation future de la coopération. Le 6e sommet devait réaffirmer et renouveler le partenariat entre les deux blocs déjà en octobre 2020, mais il a été repoussé au premier trimestre 2021, ou même plus tard, en raison de la crise du COVID-19. En outre, Bruxelles a dû faire face à sa propre situation post-Brexit, compte tenu l'exclusion du Royaume-Uni, et à ses répercussions sur les relations UE-Afrique. Les États africains, pour leur part, souhaitaient renégocier le partenariat UE-Afrique, et l'équilibrer avec les nouvelles visions post-Brexit prometteuses du Premier ministre britannique Johnson sur le renforcement des liens économiques avec l'Anglosphère africaine. La Chine et d'autres acteurs mondiaux sont en concurrence avec l'UE et ses États membre dans la nouvelle ruée vers les ressources africaines. Étant donné que l'Afrique est de plus en plus courtisée par d'autres partenaires, elle pourrait être encline à limiter successivement ses relations avec l'UE et à la considérer comme un simple fournisseur d'aide et de sécurité contre le terrorisme islamique. Cette tendance a été renforcée par le fait que la nouvelle stratégie UE-Afrique n'a toujours pas été approuvée par les États membres de l'UE. Et un remplacement opportun de l'accord de Cotonou, qui expire en novembre 2021, est sujet à caution.

Determinants of socio-economic transformations of technological systems: theoretical and methodical aspects

2020 ◽  
pp. 102-111
Author(s):  
Svitlana Shults ◽  
Olena Lutskiv
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Structural Changes ◽  
Member States ◽  
Social Transformations ◽  
Technological Basis ◽  
Eu Member States ◽  
Technological Paradigm ◽  
Technological Paradigms ◽  
The Eu

Technological development of society is of unequal cyclic nature and is characterized by changing periods of economic growth, stagnation phases, and technological crises. The new wave of technological changes and new technological basis corresponding to the technological paradigm boost the role of innovations and displace the traditional factors of economic growth. Currently, intellectual and scientific-technical capacity are the main economic development resources. The use of innovation and new knowledge change the technological structure of the economy, increase the elements of the innovative economy, knowledge economy, and digital economy, i.e. the new technological paradigm is formed. The paper aims to research the basic determinants of technological paradigms’ forming and development, and determining their key features, as well as to analyze social transformations of the EU Member States and Ukraine. The paper focuses attention on the research of the features of social transformations. The structural transformations are analyzed based on the Bertelsmann Transformation Index that estimates the quality of democracy, market economy, and political governance. The transformation processes are assessed on the example of the EU Member States and Ukraine. The authors argue that social transformations and structural changes in the economy are related to the change of technological paradigms that boost the economic modernization and gradual progressive development of humanity in general. The nature and main determinants of 5 industrial and 2 post-industrial technological paradigms are outlined. Their general features and main areas of basic technologies implementation emerging in the realization of a certain technological paradigm are explained. The conclusions regarding the fact that innovative technologies and available scientific-technological resources define the main vector of economic development are made. The new emerging technological paradigm is of strategic importance for society development.

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