EU Banking and Insurance Insolvency

2017 ◽  
Author(s):  
Gabriel Moss QC ◽  
Bob Wessels ◽  
Matthias Haentjens
Keyword(s):  
Global Financial Crisis ◽  
Court Cases ◽  
The European Union ◽  
Insolvency Law ◽  
New Approach ◽  
High Profile ◽  
European Banking ◽  
The Global Financial Crisis ◽  
Insurance Insolvency ◽  
The Eu

Following the chaotic effects of the global financial crisis on European financial markets, the legislative regime introduced by the European Union (EU) represents a dramatic new approach to bank insolvency law, and will have a profound effect on the way banks function. The second edition of EU Banking and Insurance Insolvency evaluates these important developments and their implications for the Eurozone countries. A comprehensive general introduction sets out the EU insolvency law framework and the principles which govern financial institutions. The book provides detailed commentary on the Bank Recovery and Resolution Directive (BRRD) and Single Resolution Mechanism Regulation (SRMR), the legislative instruments central to the EU's response to the crisis, intended to harmonize Member States law. It considers the new powers given to government authorities under the BRRD to write down shares and debt instruments issued by banks, and the function of the newly created 'Single Resolution Board'. Commentary on the Winding-Up Directive (2001/24/EC) and the Insurance Insolvency Directive (2001/17/EC) discusses the significant changes these statutes have undergone as a consequence of the adoption of the BRRD and SRMR, as well as several high-profile court cases decided on the interpretation of these two statutes, including the Landsbanki and Kaupthing cases, and the Lehman Brothers, Isis Investments, and Heritable Bank cases. This is an invaluable practitioner guide to the new European banking insolvency regime, written by experts in the field.

Kryzys modernizacyjny a działania Unii Europejskiej na rzecz wzrostu gospodarczo-społecznego

2015 ◽  
pp. 96-121
Author(s):  
Justyna Miecznikowska
Keyword(s):  
European Union ◽  
Global Financial Crisis ◽  
National Level ◽  
Policy Instruments ◽  
Economic Downturn ◽  
The European Union ◽  
National Interests ◽  
Territorial Expansion ◽  
The Global Financial Crisis ◽  
The Eu

The purpose of the analysis is to demonstrate, in the historical perspective covering the period between 2000 and 2014, the series of modernisation efforts, undertaken within the European Union, which aimed at increasing the rationality of economic and social processes occurring in the single European market. The assumption was that a thorough examination of the current process of EU reforms would allow for the identification of sources of the modernisation crisis. The adopted research hypothesis assumes that the present modernisation crisis is a consequence of the weakness of European governance and insufficient adaptation of the EU policy instruments to the constantly changing political and economic challenges, such as globalisation, territorial expansion and the global financial crisis. Effective modernisation of the European Union is hindered by the manner of implementation of EU’s tasks and objectives at the national level (based on the open method of coordination) and challenged by the interstate competition escalating within the EU in times of economic downturn and arising from the divergent interpretations of national interests. The present modernisation crisis manifests itself in the failure to comply with the adopted economic and social development strategies and the threat of regressive changes.

scholarly journals Comparative Analysis of Financial Stability Policy of The National Bank of Serbia and The European Central Bank

2015 ◽  
Vol 53 (2) ◽  
pp. 142-161
Author(s):  
Mirjana Jemović ◽  
Borko Krstić
Keyword(s):  
European Union ◽  
Financial Services ◽  
Financial Stability ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
System Stability ◽  
The European Union ◽  
National Bank ◽  
The Global Financial Crisis ◽  
The Eu

AbstractThe Republic of Serbia has successfully completed the first part in the European Union integration process, being granted candidate status for membership in the European Union (EU). The stage of accession negotiations is in progress, and it includes the full harmonization with the EU acquis, whereby the analytical review of legislation, the so-called screening is being carried out in 35 chapters. The global financial crisis that affected our country in 2008 has required a timely reaction of the National Bank of Serbia (NBS) in order to preserve the financial system stability, especially the banking sector as its most important segment. As the financial services sector adjusts within chapter 9, the aim of this paper is to assess the level of compliance of national legislation with the EU legislation regarding banking sector. Along with the regulatory initiatives in the field of preserving financial stability in the EU countries, the NBS has paid great attention to the harmonization of its financial stability policy with the financial stability policy of the European System of Central Banks (ESCB).

scholarly journals Fiscal Policy in the EU Countries Most Affected by the Crisis: Greece, Ireland, Portugal, and Spain

2014 ◽  
Vol 17 (3) ◽  
pp. 5-27
Author(s):  
Anna Krajewska
Keyword(s):  
Fiscal Policy ◽  
Financial Crisis ◽  
Euro Area ◽  
Financial Support ◽  
International Institutions ◽  
Global Financial Crisis ◽  
The European Union ◽  
Negative Effect ◽  
The Global Financial Crisis ◽  
The Eu

The global financial crisis which began in 2007-2008 had a negative effect on the economy of the European Union, mainly in selected countries of the euro area: Greece, Ireland, Portugal and Spain. These peripheral euro zone countries come out of recession and the financial crisis largely due to the great financial support of the international institutions. Hundreds of billions of euro were spent to save these economies. At the same time, however, these countries were characterized by the lowest level of fiscal policy - measured by share of taxes in GDP - among the countries of the euro area. In this paper I will try to answer the following questions:1. What were the causes of the downturn in those countries, and what restructuring actions were taken;2. What changes were introduced in the tax system under the policy to repair public finances;3 .How have these changes affected the level and the structure of budget revenues from taxes, and to what extent has the crisis affected the change in the tax burden on consumption, labour, and capital.

The Euro Area In Crisis, 2008–18

2020 ◽  
Author(s):  
Christos Hadjiemmanuil
Keyword(s):  
European Union ◽  
Gross Domestic Product ◽  
Euro Area ◽  
Global Financial Crisis ◽  
The European Union ◽  
The Us ◽  
The World ◽  
The Global Financial Crisis ◽  
Deep Recession ◽  
The Eu

In autumn 2008, just as the euro was approaching its tenth anniversary, the European Union (EU) became embroiled in the Global Financial Crisis (GFC). Elsewhere in the world, including in the US, where it originated, the GFC caused a very deep recession but then receded, and was essentially over by the end of 2009. In the EU, however, it took a double-dip form, with the EU-28 area’s real gross domestic product (GDP) suffering a -4.4 per cent fall in 2009 and another -0.5 per cent fall in 2012. The timing and impact of the crisis differed significantly across Member States, and the recovery was uneven. Taken as a whole, the euro area (EA19) performed worse than the rest of the EU, especially in 2012–13, when it lost -1.3 per cent of GDP, and only returned to its 2007 GDP level in 2015.

scholarly journals Promoting Bank Stability through Compensation Reform: Lessons from Iceland

2015 ◽  
Vol 11 (2) ◽  
pp. 333 ◽  
Author(s):  
Jay Cullen ◽  
Guðrún Johnsen
Keyword(s):  
Financial Institutions ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Banking System ◽  
Compensation Reform ◽  
European Banking ◽  
Economic Analyses ◽  
The Global Financial Crisis ◽  
Considerable Body ◽  
The Eu

This article argues that the program of compensation reform at financial institutions – despite recent wide-ranging changes – remains incomplete. A considerable body of theoretical and empirical research has been developed which, for the most part, suggests that compensation incentives embedded in compensation contracts at banks encouraged risk-taking behaviour which contributed to the Global Financial Crisis. Extensive reforms to compensation rules at financial institutions have been implemented across the globe, including increased use of deferral, mandatory capping of bonuses and the introduction of claw-back powers. Relying on observations on the failures of Icelandic and UK banks, and legal and economic analyses of compensation reforms in each jurisdiction, this paper argues that some elements of the Icelandic and UK reform programs ought to be transposed to the EU level. Arguably, these recommendations will help improve the resilience of the European banking system and contribute to greater financial stability.

scholarly journals Ireland, Europe and the Global Crisis

2016 ◽  
Vol 22 (1) ◽  
pp. 177-201 ◽  
Author(s):  
Maurice Coakley
Keyword(s):  
European Union ◽  
European Integration ◽  
Global Financial Crisis ◽  
The European Union ◽  
Eurozone Crisis ◽  
Power Structures ◽  
Fully Integrated ◽  
The Global Financial Crisis ◽  
Integration Project ◽  
The Eu

For Ireland – along with Spain, Portugal and Greece – membership of ‘Europe’ was seen as an opportunity to escape their historical legacy of ‘underdevelopment’ and become fully integrated into core positions in the global system. Each of these states, and especially Ireland experienced significant growth in the European Union but once the global financial crisis struck, they suffered a deep economic and social crisis, and came to be categorised once again as ‘peripheral’ to Europe. This acute recurrence of a core-periphery divide in the European Union has been accompanied by a rapid diminution of democracy in the EU and its transformation into an increasingly coercive formation. The deprivation programmes imposed by the EU on the peripheral societies has not only damaged growth in the European economy, they have hugely diminished the legitimacy of the European integration project. The essay explores the roots of Europe’s changing power structures and assesses the implications of the Eurozone crisis for the future of the European integration project.

scholarly journals THE EFFICIENCY OF MANUFACTURING TRADE BETWEEN TURKEY AND THE EUROPEAN UNION

2019 ◽  
Vol 7 (2) ◽  
pp. 591-608
Author(s):  
Memduh Alper DEMİR ◽  
Mustafa BİLİK ◽  
Utku UTKULU
Keyword(s):  
European Union ◽  
Global Financial Crisis ◽  
Stochastic Frontier ◽  
Trade Flow ◽  
Efficiency Score ◽  
Trade Flows ◽  
The European Union ◽  
Manufacturing Trade ◽  
The Global Financial Crisis ◽  
The Eu

In this study, the manufacturing trade efficiency of Turkey with the European Union-25 (EU-25) is examined by applying stochastic frontier gravity model over the period of 2006–2016. In addition, this study is analyzed whether there is a convergence in efficiency of manufacturing trade between Turkey and the EU-25. Findings show that Turkey’s average trade efficiency score is 56,3% and it ranged from 0,01% to 92,5% for all countries. Manufacturing trade flow of Turkey is significantly affected by income, market size of the trading partner and the distance between them. The findings also suggest that trade flows are affected by the global financial crisis.

7. European banking supervision and regulatory architecture

2019 ◽  
pp. 281-328
Author(s):  
Iris H-Y Chiu ◽  
Joanna Wilson
Keyword(s):  
Financial Services ◽  
Global Financial Crisis ◽  
Financial Supervision ◽  
Banking Union ◽  
Banking Supervision ◽  
Regulatory Governance ◽  
Regulatory Architecture ◽  
European Banking ◽  
The Global Financial Crisis ◽  
The Eu

This chapter explores the European banking supervision and regulatory architecture. The aim of the introduction of European policy and law in bank regulation is was to build a single market in financial services and to give effect to the freedom of movement of capital. In the midst of the global financial crisis in 2008, the European Commission established a high-level group of experts chaired by Jacques de Larosière to recommend a blueprint for financial supervision in the EU going forward. The de Larosière Report provided a comprehensive analysis of the weaknesses in the financial sector in the EU and recommended stronger regulatory governance in many areas. The chapter then considers the Banking Union, a policy that introduces a new supervisory architecture for euro-area banks.

scholarly journals The Rise of the EU in International Tax Policy

2018 ◽  
Author(s):  
Rasmus Corlin Christensen
Keyword(s):  
Tax Policy ◽  
Global Financial Crisis ◽  
Illustrative Case ◽  
The European Union ◽  
Policy System ◽  
International Tax ◽  
Policy Agendas ◽  
The Global Financial Crisis ◽  
International Tax Policy ◽  
The Eu

Historically, the OECD has been the dominant forum for international tax policy-making and cooperation. Since the global financial crisis, however, the European Union has become a key challenger to the OECD. This chapter explores the evolution of policy networks in and around EU tax policy. I discuss how tax networks have moved from an ‘embryonic’ expert setting to a highly heterogeneous, contested and unstable setting, with broad public and political involvement. In the context of the crisis, the salience of international tax policy has exploded, and the EU tax policy system has proved highly adaptive in adjusting to this unprecedented attention. This new EU setting has successfully produced radical policy agendas and outputs in direct competition with the OECD. The chapter examines these dynamics in the illustrative case of corporate tax transparency, a controversial and contested policy area where the EU and OECD agendas have critically diverged.

Ocena antykryzysowej polityki gospodarczej Stanów Zjednoczonych i wybranych państw członkowskich Unii Europejskiej w latach 2005–2014

2016 ◽  
pp. 26-46
Author(s):  
Marcin Jan Flotyński
Keyword(s):  
United States ◽  
European Union ◽  
Financial Markets ◽  
Global Economy ◽  
Global Financial Crisis ◽  
The United States ◽  
The European Union ◽  
High Volatility ◽  
The Global Financial Crisis ◽  
Domestic Products

The global financial crisis in 2007–2009 began a period of high volatility on the financial markets. Specifically, it caused an increased amplitude of fluctuations of the level of gross domestic products, the level of investment and consumption and exchange rates in particular countries. To address the adverse market circumstances, governments and central banks took actions in order to bolster the weakening global economy. The aim of this article is to present the anti-crisis actions in the United States and selected member states of the European Union, including Poland, and an assessment of their efficiency. The analysis conducted indicates that generally the actions taken in the United States in response to the crisis were faster and more adequate to the existing circumstances than in the European Union.

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