scholarly journals Deposit insurance systems in the European union: legal regulation and development prospects

2019 ◽  
pp. 156-162
Author(s):  
N. M. Alsov
Keyword(s):  
European Union ◽  
Financial Stability ◽  
Deposit Insurance ◽  
Banking Sector ◽  
Legal Regulation ◽  
Banking Union ◽  
The European Union ◽  
Insurance Policy ◽  
The Third ◽  
The Eu

The paper provides a historical, substantive and functional analysis of the legal regulation of deposit insurance systems (hereinafter referred to as DIS) in the European Union based on Directive 2014/49 / EC of the European Parliament and of the Council of April 16, 2014. “On Deposit Insurance Systems” (revised). The author considers the contribution of DIS to improving the financial stability of the EU banking sector. The paper shows a conducted assessment of the measures implemented and planned for implementation initiated by the European Commission and the European Central Bank for the implementation of a single European DIS as the third pillar of the Banking Union. The author concludes that the third Directive “On DIS” allows for a qualitative step forward towards the creation of the third pillar of the Banking Union. Despite some unresolved and controversial issues, it creates uniform rules of the game for national DIS in a deposit insurance policy. Further development and movement towards European DIS will make it possible to increase the effectiveness of the EU deposit insurance policy by reducing costs, overcoming administrative barriers in national DISs, increase the level of protection of depositors’ rights, and strengthen confidence in the banking sector and its stability.

scholarly journals Assessment of the European banking regulatory framework in light of its significance for the Republic of Serbia

Bankarstvo ◽  
2020 ◽  
Vol 49 (3) ◽  
pp. 77-101
Author(s):  
Kristijan Ristić ◽  
Aleksandar Živković
Keyword(s):  
European Union ◽  
Financial Markets ◽  
Financial Stability ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Regulatory Framework ◽  
Banking Union ◽  
The European Union ◽  
The Eu

The debt crisis in the European Union is known to be caused by the interdependence of banking and state financial stability, and, together with the non-existence of the fiscal union, it has taken on the existential dimensions of the EU project itself. Under the guise of financial fragmentation within the financial markets of the Eurozone, and from the aspect of the outbreak of the crisis, EU member states resorted to national interventions, thus closing national banking and financial markets, which ultimately resulted in deepened and stronger structural foundation of the crisis and its economic and financial consequences. In that context, the Banking Union is the regulatory and institutional response of the EU after the global financial crisis, about which the first proposals have found a place in institutional controversies since 2012. In addition to the key moment and motive for establishing such an institutional regulatory arrangement, the reason for its creation is more to create a union that is connected with the creation of a single market for financial services and free money circulation, and certainly with the tendency of fuller monetary integration. However, certain questions which arose remained relevant to date: whether these established and instrumentalized frameworks, mechanisms and procedures are in fact sufficient; whether the EU banking union, conceptually designed, really represents banking integration; and whether the "centralized-common" and "sovereign-national" relationships continued in the EU financial architecture, the use of the principle "one measure for all" in the implementation of the Basel III, non-inclusion of all types of banks, and the conflict of emission and supervisory roles of the Central Bank, be a structural conflict in achieving the desired financial stability, which is the ultimate goal. In the broader context of the functioning of the EU, financial stability can also be interpreted as a factor in the survival of the common currency and the European Union itself, regardless of the intertwined contradictions and construction conflict. In this paper, we analyze the functional scope of the regulatory framework for banking supervision in the EU during the five-year existence to date, and finally the effects and impact that this framework has had on the regulatory adjustment of the Serbian banking sector.

15 The Operation of the Single Resolution Mechanism in the Context of the EU State Aid Regime

2016 ◽  
Author(s):  
Kokkoris Ioannis ◽  
Olivares-Caminal Rodrigo
Keyword(s):  
Crisis Management ◽  
Financial Stability ◽  
Banking Sector ◽  
Critical Appraisal ◽  
State Aid ◽  
Management Tool ◽  
Banking Union ◽  
The European Union ◽  
Single Resolution Mechanism ◽  
The Eu

This chapter addresses the initiatives of the European Commission to maintain the financial stability of the banking sector. It analyses the regulatory reforms on bank recovery and resolution introduced by the EU aimed at creating a Banking Union, and provides an overview of the Bank Recovery and Resolution Directive (BRRD) by taking into account the crisis management tool innovations. It also offers a critical appraisal of the Single Resolution Mechanism (SRM). The initiatives examined here are envisaged in a two-pronged approach: through the uniform rules of the Banking Union and in a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism (SRM) and a Single Resolution Fund (SRF) on one hand, and its interrelation with the state aid rules of the Treaty for the Functioning of the European Union (TFEU) on the other.

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 European Deposit Insurance Scheme(s) – Consequences for the EU’s Financial Stability

2021 ◽  
Vol 24 (4) ◽  
pp. 123-136
Author(s):  
Klaudia Zielińska-Lont
Keyword(s):  
Financial Stability ◽  
Deposit Insurance ◽  
Banking Union ◽  
The European Union ◽  
Target Level ◽  
Insurance Scheme ◽  
National Implementation ◽  
Deposit Guarantee Schemes ◽  
Limited Scope ◽  
The Eu

The aim of this paper is to evaluate the potential consequences that the shortcomings in harmonising the national deposit guarantee schemes may have on the financial stability of the European Union. The relevance of this subject is underlined both by the European Commission’s intention to revive the European Deposit Insurance Scheme project in 2021 and the recent signals from Germany that they are willing to support the initiative. The paper presents a review of the discussions on establishing a European Deposit Insurance Scheme, the reasons for the project’s failure and the consensus solution that took the form of the Deposit Guarantee Scheme Directive (DGSD). The limited scope of deposit guarantee scheme harmonisation under this directive is discussed in the context of the related EBA opinions pointing to different areas of potential improvements. Differences in national implementation are also reviewed in terms of their potential impact on financial stability. Apart from a careful literature review, statistical analysis of the available financial information characterizing the largest national deposit schemes of the euro is performed to quantify their progress towards the target level of the available financial means. The results prove that most national schemes are still far from reaching the 0.8% target level of readily available funds and that potentially desirable amendments to the DGSD may drag them even further away from reaching that target by 2024. The author concludes that from the perspective of financial stability, the EU should focus on establishing a single scheme at an international level that would complete the project of establishing a banking union. The results contribute to the ongoing discussion on the need to further integrate the national deposit guarantee schemes inside the EU.

scholarly journals Fiscal Policy in European Union Countries in Time of the Economic Crisis – Attempt to Estimation

2015 ◽  
Vol 16 (1) ◽  
pp. 39-50
Author(s):  
Agnieszka Jachowicz
Keyword(s):  
European Union ◽  
Fiscal Policy ◽  
Financial Markets ◽  
Financial Stability ◽  
The European Union ◽  
The Public ◽  
Eu Countries ◽  
The Third ◽  
European Union Countries ◽  
The Eu

AbstractIn this article, stability of fiscal policy and its impact on fiscal market have been analyzed. The issue appears especially important in times of the financial crisis which has affected all the European Union countries, although to a different extent. To achieve this, the author presented the aims, the tools and the aspects of financial stability to confront them with the situation that has occurred in the EU countries. To present the issue profoundly, the scientific research related to fiscal policy and its impact on financial markets were used in two opening units. In the third unit, the statistic data was cited to show the condition of the EU countries, the changes to it and the attempts aimed at improving the state of the public finance and therefore stabilizing financial markets.

scholarly journals LEGAL REGULATION OF TOBACCO AND TOBACCO PRODUCTS IN THE SLOVAK REPUBLIC AND IN THE EUROPEAN UNION

2013 ◽  
Vol 2 (2) ◽  
pp. 44-53
Author(s):  
Barbara Pavlíková
Keyword(s):  
European Union ◽  
Slovak Republic ◽  
Legal Regulation ◽  
The European Union ◽  
Negative Consequences ◽  
Tobacco Products ◽  
Excise Duty ◽  
Analysis And Synthesis ◽  
Regulatory Instruments ◽  
The Eu

Abstract The contribution deals with the Slovak and the EU legal regulation of tobacco and tobacco products. Its primary purpose is to point out the Slovak and European legal acts which constitute the main regulatory instruments in this field using the method of analysis and synthesis. Rules of production, distribution and conditions of use of tobacco and products thereof are in the Slovak Republic contained mainly in two acts - the Act No 335/2011 Coll. on Tobacco Products and the Act No 377/2004 Coll. on the Protection of Non-smokers, as well as in special Decree No 212/2012 Coll., regulating tobacco products. Regulation of excise duty on tobacco products can be found in the Act with the same name - Act No 106/2004 Coll.. Another objective of the paper is also to draw attention to the amendment of Act on Protection of Non-smokers which entered into force on 1 July 2013. The European Union struggles with the negative consequences of smoking at the supranacional level and its institutions - the European Commission, the European Parliament and the Council of the EU - are already for several years adopting legal acts to facilitate uniformity and easier interpretation of European law also in the field of legal regulation of tobacco and tobacco products. The predominant part of the existing legislation deals with the approximation of laws in areas that are closely related to the manufacture, presentation and sale of tobacco products, but also to the collection of taxes from these products.

17. Competition Law

2021 ◽  
pp. 717-778
Author(s):  
Robert Schütze
Keyword(s):  
European Union ◽  
Market Power ◽  
Competition Law ◽  
The European Union ◽  
The Third ◽  
Merger Regulation ◽  
Eu Competition Law ◽  
The Eu

This chapter assesses the EU competition law on private undertakings. The relevant Treaty section is here built upon three pillars. The first pillar deals with anticompetitive cartels and can be found in Article 101 of the Treaty on the Functioning of the European Union (TFEU). The second pillar concerns situations where a dominant undertaking abuses its market power and is found in Article 102. The third pillar is unfortunately invisible, for when the Treaties were concluded, they did not mention the control of mergers. This constitutional gap has never been closed by later Treaty amendments, yet it has received a legislative filling in the form of the EU Merger Regulation.

Judicial Legitimacy in the European Union

2020 ◽  
pp. 125-154
Author(s):  
Jan Komárek
Keyword(s):  
European Union ◽  
Political System ◽  
Dual Role ◽  
Judicial System ◽  
The European Union ◽  
Legal Tradition ◽  
Judicial Interpretation ◽  
Fourth Section ◽  
The Third ◽  
The Eu

The chapter begins with some reflections on the concept of legitimacy, as it is used in the debates on the EU and its judicial system, particularly the ECJ. In the following section, it seeks to present a framework for studying the ECJ’s legitimacy, which does justice to its dual role: to decide particular cases and at the same time to fulfil much wider functions in the EU political system. The third section then focuses on the perennial problem of judicial legitimacy in the Western legal tradition: how to legitimize creative moments of judicial interpretation of law, which are at the same time unavoidable and deeply problematic for what is sometimes called the liberal doctrine of politics. The fourth section looks in some detail at the recent turn to semantic pragmatism and its relationship to the democratic theory and discusses some of its shortcomings.

Approximating Ukraine’s Laws to Those of the European Union Concerning Meat and Meat Products Cold Chain

2020 ◽  
Vol 9 (3) ◽  
pp. 978
Author(s):  
Kateryna O. RODIONOVA ◽  
Volodymyr M. STESHENKO ◽  
Ivan V. YATSENKO
Keyword(s):  
European Union ◽  
Meat Products ◽  
Legal Regulation ◽  
Cold Chain ◽  
The European Union ◽  
Meat Processing ◽  
Processing Industry ◽  
Eu Legislation ◽  
The Eu

The main objectives of the research were such: to define the concept of cold chain as an object of legal regulation; to find out the content and features of the EU legislation on the safety and quality of meat and meat products during cold chain and its use in Ukraine; to characterize the legal bases of the current legislation of Ukraine on ensuring the safety and quality of meat and meat products during cold chain, to formulate proposals and recommendations aimed at improving the national legislation of Ukraine by approximating it to the EU legislation, which sets requirements for the safety and quality of meat and meat products throughout cold chain. To achieve the abovementioned objectives, the following methods were used: comparative legal, analytical, systemic, dialectical, generalizing, specific-search, structural-functional, semantic, methods of deduction and induction, etc. The content and features of the legal regulation of the safety and quality of meat and meat products in the current legislation of the European Union and Ukraine have been clarified. For the first time, the definition of the term 'cold chain' has been proposed by reference to it in author's editorial, which should influence its clearer scientific and practical understanding. It is determined that the temperature regimes of cold processing, storage and transportation of meat and meat products in Ukraine are regulated by a large number of legal acts, in particular: national standards of Ukraine (DSTU), technical regulations, technological instructions, rules of transportation, etc. It is found that national legal acts do not provide a systematic understanding of the particularities of cold chain legal regulation in the meat processing industry in order to ensure the safety and quality of meat and meat products. As a result of departmental inconsistency, the existing storage temperature parameters for the same product type in different legal acts differ from each other, which does not allow to determine the actual storage periods at different stages of the cold chain. In addition, current legal acts in Ukraine do not provide for constant monitoring of the temperature of cold-processed meat and meat products throughout all cold chain units and the hygienic condition of refrigerators throughout the shelf life. As a result, the cold chain is very difficult to be controlled and requires a large number of factors to be taken into account in order to bring safe and high-quality meat and meat products to the end consumer. According to the results of the research, proposals and recommendations are formulated to improve the national legislation of Ukraine governing the cold chain in the meat processing industry.

Caught Between National and Supranational Values: Limitations to Judicial Cooperation in Criminal Matters as Part of the Area of Freedom, Security and Justice within the European Union

2008 ◽  
Vol 10 (1) ◽  
pp. 51-72
Author(s):  
Olivia den Hollander
Keyword(s):  
European Union ◽  
Legal Framework ◽  
The European Union ◽  
Judicial Cooperation ◽  
Member States ◽  
Eu Member States ◽  
The Third ◽  
The One ◽  
Criminal Matters ◽  
The Eu

AbstractCurrently, the European Union is based on both supranational (first pillar) and international (second and third pillar) law. The third pillar signifies police and judicial cooperation in criminal matters and although formally based on international law, it has been under increasing "supranational pressure" by the developments in the "Area of Freedom, Security and Justice". This Area is focused on a set of common values and principles closely tied to those of the single market and its four "freedoms". The main argument of this article is that the legal framework of the third pillar is an impediment to judicial cooperation in criminal matters in general, and to the coordination of conflicts of jurisdiction and the principle of ne bis in idem in particular. The legal framework of the third pillar finds itself in the middle of an identity crisis, since it can neither be identified as a traditional intergovernmental, nor as a supranational institutional framework. Criminal law is a politically sensitive matter, which on the one hand explains why the EU member states are reluctant to submit their powers over the issue to the European level and on the other hand, it implies that if the EU member states really want to cooperate on such an intensive level, they will have to submit some of their powers in order to strengthen EU constitutional law. The article suggests a reform of the third pillar through the method of "communitization", which is exactly what will happen in case the EU Reform Treaty will enter into force. This would offer the ingredients for a true international community in which the ambitious agenda of the Area of Freedom, Security and Justice can realise its aim of a common set of values and principles which supersedes those of each of the member states individually.

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