Towards a more integrated primary issuance market for securities in the EU: Legal and policy issues

2020 ◽  
Vol 27 (2) ◽  
pp. 137-157
Author(s):  
Phoebus Athanassiou
Keyword(s):  
European Union ◽  
21St Century ◽  
Securities Markets ◽  
The European Union ◽  
Policy Issues ◽  
Securities Law ◽  
European Central ◽  
Regulated Markets ◽  
The Creation ◽  
The Eu

In the wake of the second decade of the 21st Century, European securities markets remain fragmented along national borders in terms of the rules, procedures and practices that regulated markets in different Member States apply for the primary issuance and distribution of transferable securities. This paper explores how the creation of a European Central Securities Depository for the primary issuance and distribution of securities across the European Union could help overcome fragmentation in the primary issuance market. We conclude that, even if desirable, the creation of a European Central Securities Depository could only achieve its objectives in combination with the introduction of a de minimis body of European private securities law to complement and render its creation meaningful and effective. It is the introduction of precisely such a body of law that would represent the most significant (even if only indirect) contribution of a European Central Securities Depository towards more harmonisation in primary issuance processes across the European Union.

The European Central Bank

2018 ◽  
Author(s):  
Chiara Zilioli ◽  
Phoebus Athanassiou
Keyword(s):  
European Union ◽  
Central Bank ◽  
Monetary Union ◽  
European Central Bank ◽  
Central Banks ◽  
The European Union ◽  
European Central ◽  
European System ◽  
The Eu

The provisions on Monetary Union (MU), of the Treaty on the functioning of the European Union (TFEU or the Treaty), as well as the Statute of the European System of Central Banks and of the European Central Bank (the Statute), are important in their own right, and are amongst those from which any student of the European Union (EU) can learn a great deal with regard to the EU.

scholarly journals Znaczenie Turcji dla gospodarki i bezpieczeństwa Unii Europejskiej

2018 ◽  
pp. 91-104
Author(s):  
Artur Pohl
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Economic Crisis ◽  
21St Century ◽  
International Security ◽  
The European Union ◽  
Fast Growing ◽  
Security Enhancement ◽  
Growing Economy ◽  
The Eu

In the second decade of 21st century the European Union will have to face the economic crisis and a problem of its domestic and international security enhancement. In both cases, the Turkish access to the organization can be a cure for European problems. Fast-growing economy, with young, well-educated society as well as big market may be an impulse to the economic growth of the EU. Economic surroundings and geostrategic location of Turkey, with its strongand modern army, can positively affect the security of the organization.

scholarly journals Die EU und ihre Nachbarschaftsbeziehungen: etablierte Assoziierungsmodelle und neue Grundformen

IG ◽  
2019 ◽  
Vol 42 (2) ◽  
pp. 83-96 ◽  
Author(s):  
Barbara Lippert
Keyword(s):  
European Union ◽  
European Economic Area ◽  
The European Union ◽  
European Economic ◽  
Economic Area ◽  
The Creation ◽  
The Eu

In this article, the author presents established models of association of the European Union (EU) with European third countries. She shows their different strategic perspectives, outlines benefits and problems, and examines the potential for developing these relations. Basically, these can go in the direction of expanding or dismantling partial sectoral integration. In addition, new basic forms of EU neighbourhood relations are discussed: the introduction of a new status of partial membership in the EU and - inspired by the European Economic Area - the creation of a European political and economic area.

Negative and Positive Integration in EU Economic Law: Between Strategic Denial and Cognitive Dissonance?

2012 ◽  
Vol 13 (8) ◽  
pp. 979-1012 ◽  
Author(s):  
Pedro Caro de Sousa
Keyword(s):  
European Union ◽  
Market Integration ◽  
Due Process ◽  
Political Process ◽  
Prima Facie ◽  
Internal Market ◽  
The European Union ◽  
Degree Of Control ◽  
The Creation ◽  
The Eu

It is a generally held assumption that the EU economic free movement rights are tools in the creation of a European internal market; and that their main goal is the (negative) market integration of different national markets. Yet these freedoms do not determine how market integration is to proceed, or which kind of integrated European market will emerge. The resulting market may be more or less regulated, and the creation of the relevant regulatory rules may be allocated to a variety of sources. These options are reflected in the different proposed tests used to determine whether a national measure prima facie infringes one of the market freedoms. The proposed tests fall into two main categories—broad tests and narrow tests—and each type has its own implications for European integration. Broad tests, usually associated with obstacle tests or even with economic due process clauses, tend to be seen as having three main outcomes. One result of broad tests is centralization, implying that ultimate decisions concerning the legitimacy of national law rests with EU institutions, and particularly with the Court of Justice of the European Union (“the Court” or “CJEU”). Another outcome of broad tests is the possible harmonization of national laws through the European political process by increasing the amount of national legislation susceptible to being harmonized under Articles 114 to 118 on the Treaty on the Functioning of the European Union (“TFEU”). A third consequence of broad tests is deregulation through the elimination of national rules creating obstacles to trade. Alternatively, narrow approaches-usually associated with discrimination or typological tests-are usually coupled with regulatory pluralism via a greater degree of control of the harmonization competences of the EU, decentralization through the protection of a greater sphere of Member States' autonomy, and economic agnosticism. Views on the potential outcomes of broad and narrow tests are, in turn, related to normative debates about the ideal levels of centralization, harmonization, and regulation in the internal market.

EUROPEAN UNION FINANCIAL POLICY IN THE POST-SOVIET SPACE AT THE BEGINNING OF THE 21ST CENTURY. EXPERIENCE AND PROSPECTS

2020 ◽  
pp. 10-28
Author(s):  
Vitalii F. Ershov ◽  
Keyword(s):  
European Union ◽  
21St Century ◽  
Economic Life ◽  
Financial Policy ◽  
The European Union ◽  
Legal Standards ◽  
European Values ◽  
Soviet Space ◽  
The Eu ◽  
Post Soviet Space

The paper deals with the formation of a modern style of financial relations between the European Union and post-Soviet states. The author explores the objectives and features of the implementation of two main components of the European financial policy in the post-Soviet space: investment in the development and commercial activities of private capital. The EU financial policy in the post-Soviet states advances in the context of pan-European humanitarian, geopolitical and energy concepts established at the beginning of the 21st century. Despite certain differences that exist in the approaches of the European Union to dialogue with groups of countries within the frameworks of the Eastern Partnership and the EU Strategy for Central Asia, a common line is seen here on investments in promoting the education, European values, legal standards of banking. At the same time, in relations between Europe and the post-Soviet countries there is a tendency towards the adoption of the principles of financial pragmatism and a desire for long-term investment ties. The expanding role of the European banks and investment companies in economic life in the post-Soviet space is in direct connection with the realization of the modernization potential in post-Soviet states.

4. An Institutional Anatomy and Five Policy Modes

2020 ◽  
pp. 67-106
Author(s):  
Helen Wallace ◽  
Christine Reh
Keyword(s):  
European Union ◽  
European Central Bank ◽  
Institutional Design ◽  
Policy Coordination ◽  
European Council ◽  
The European Union ◽  
European Central ◽  
Regulatory Mode ◽  
Patterns Of Interaction ◽  
The Eu

This chapter examines the European Union’s institutional design and how its institutions interact with national institutions in five different policy modes. The chapter first considers the evolving role and internal functioning of the European Commission, Council of the EU, European Council, European Parliament, and Court of Justice of the European Union (CJEU). It also discusses quasi-autonomous agencies, in particular the European Central Bank (ECB), institutionalized control and scrutiny, and non-state actors. The chapter then offers an analysis of five policy modes that capture the different patterns of interaction between the EU and its member states: the classical Community method, the regulatory mode, the distributional mode, policy coordination, and intensive transgovernmentalism.

2. The Foundations of European Union Intellectual Property Law

2019 ◽  
pp. 36-66
Author(s):  
Justine Pila ◽  
Paul L.C. Torremans
Keyword(s):  
European Union ◽  
European Central Bank ◽  
Legal Order ◽  
Property Law ◽  
The European Union ◽  
European Central ◽  
Court Of Justice ◽  
Union Section ◽  
The Eu

This chapter discusses the role of the EU in the IP field before and since the introduction of the Lisbon Treaty. To that end it introduces the EU legal order itself, including its founding Treaties, institutions, and authority to act (competence), with a focus on IP. The chapter is organized as follows. Section 2.2 traces the establishment of the European Economic Community and its development to the European Union. Section 2.3 describes the seven EU institutions: the European Council, European Commission, European Parliament, Council, Court of Justice of the EU, European Central Bank, and Court of Auditors. Section 2.4 explains the legal authority of the EU, in relation particularly to IP. Section 2.5 covers EU measures and their legal effects. And Section 2.6 discusses the actions of the Court of Justice.

scholarly journals Democratic Legitimacy and Soft Law in the EU Legal Order: A Theoretical Perspective

2021 ◽  
Vol 17 (1) ◽  
Author(s):  
Danai Petropoulou Ionescu ◽  
Mariolina Eliantonio
Keyword(s):  
Decision Making ◽  
European Union ◽  
Theoretical Perspective ◽  
Legal Order ◽  
Democratic Legitimacy ◽  
Soft Law ◽  
The European Union ◽  
Policy Issues ◽  
Empirical Assessment ◽  
The Eu

The increased recourse to soft law by the European Union (EU) as a flexible solution to complex social and policy issues has raised several questions about the democratic legitimacy of decision-making at the EU level. With the aim to provide a normative direction for future empirical assessment of EU soft law, this article explores the democratic credentials that EU soft law measures should fulfil to ensure their legitimacy. Drawing from the intersections of liberal, republican and deliberative conceptions of democracy, this article proposes four democratic legitimacy standards for the evaluation of soft law measures in practice: parliamentary involvement, transparency, participatory quality and reviewability.

scholarly journals The Problem of Gibraltar in British-Spanish Relations in the Context of Brexi

2020 ◽  
Vol 99 (6) ◽  
pp. 64-75
Author(s):  
Natalia Anikeeva ◽  
◽  
Natalia Kapitonova ◽  
Keyword(s):  
European Union ◽  
European Commission ◽  
Regional Cooperation ◽  
European Council ◽  
Controversial Issues ◽  
The European Union ◽  
Freedom Of Movement ◽  
The Creation ◽  
The Uk ◽  
The Eu

The article deals with the problem of Gibraltar in British-Spanish relations in light of Brexit. The provisions of the Treaty of Utrecht in 1713 do not allow the UK and Spain to reach a compromise and move forward in resolving the dispute over Gibraltar. From Britain’s perspective, the Gibraltar issue appears to be a permanent and irritating element in relations with Spain. Gibraltar does not seek to return to the jurisdiction of Spain, as indicated by the results of referendums held in Gibraltar in 1967 and 2002. During the negotiations on regional cooperation in 2004, the parties announced the creation of the Forum "Dialogue on Gibraltar". In 2006, within the framework of the first ministerial meeting of the Forum, the Cordoba agreement was signed, which does not mention the problem of sovereignty, as well as other controversial issues of the Gibraltar problem, but specifically settles inter alia the problem of freedom of movement according to one of the fundamental principles of the EU. Spain considered Brexit as an opportunity to resolve a long-running historic dispute with London. According to Madrid, all parties lose from Brexit. At the same time, Spain managed to strengthen its position on the Gibraltar issue, having enlisted the support of the European Commission and the European Council. The UK as a whole voted to leave the European Union. This puts the Gibraltar in a difficult position: they do not want to leave the EU, but at the same time intend to keep belonging to the British crown.

scholarly journals Globalne uwarunkowania wzrostu konkurencyjności Unii Europejskiej w XXI wieku

2018 ◽  
pp. 71-94
Author(s):  
Zdzisław W. Puślecki
Keyword(s):  
European Union ◽  
21St Century ◽  
The European Union ◽  
Research Issues ◽  
Political Issues ◽  
Early 21St Century ◽  
External Relations ◽  
The Usa ◽  
The Eu

The paper aims to present the global determinants of the increased competitiveness of the European Union in the 21st century. Its detailed purpose was to determine the position of the European Union vis-à-vis the USA and Japan, to indicate the role of innovation and employment in the increased competitiveness of the EU, the position of the Common Agricultural Policy under the circumstances of increased competition, the increased importance of ser- vices, the position of the European Union as compared to the competitiveness of BRIC, and how the EU functions within WTO principles. The analysis of these research issues indicates that the European Union is facing a number of significant challenges in the early 21st century. Those related to the prices of goods and resources are particularly worth pointing out. They are closely, mutually related and concern political issues in the field of financial markets, de- velopment, trade, industry and external relations.

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