A Proposal for a Temporarily Amended Version of Precautionary Recapitalisation Under the Single Resolution Mechanism Regulation involving the European Stability Mechanism

2020 ◽  
Author(s):  
Christos Gortsos ◽  
Michele Siri ◽  
Marco Bodellini
Author(s):  
Francisco JAVIER DONAIRE VILLA

LABURPENA: Europako Ekonomia eta Diru Batasunean oinarrizko eskubideak zaintzen Europar Batasuneko Justizia Auzitegiak zer lan egiten duen aztertuko dugu artikulu honetan. Zehazki, aztertuko dugu zertan diren hauek guztiak: Europar Batasuneko Oinarrizko Eskubideen Gutuna betearazteko eta babesteko sortu den jurisprudentzia (oraindik parekatu gabea eta eskasa), Egonkortasunerako Mekanismo Europarraren esparru bakoitzean; estatu kideen gehiegizko defizit publikoek eragindako prozedura komunitarioak; finantza-zerbitzuak gobernatzeko Agentzia Europarrak; Europako Banku Zentralaren jarduna, Gainbegiratzeko Mekanismo Bakarrean, bai eta kontrol horren aspektu teorikoak ere, kontrola oraindik guztiz gauzatu ez bada ere, moneta-politikaren eta Ebazpenetarako Mekanismo Bakarraren testuinguruan. RESUMEN: Este artículo analiza el papel del Tribunal de Justicia de la Unión Europea (TJUE) respecto a la tutela de los derechos fundamentales en el ámbito de la Unión Económica y Monetaria (UEM). En particular, se examina la desigual y todavía escasa jurisprudencia generada en relación con la protección y observancia de la Carta de los Derechos Fundamentales de la UE (CDFUE) en los respectivos marcos del Mecanismo Europeo de Estabilidad (MEDE), de los procedimientos comunitarios por déficits públicos excesivos de los Estados miembros, de las Agencias Europeas de gobernanza de los servicios financieros, de la actuación del Banco Central Europeo (BCE) en el Mecanismo Único de Supervisión (MUS), así como los aspectos teóricos de ese control, aún no efectivamente ejercido, en el contexto de la política monetaria y en el del Mecanismo Único de Resolución (MUR). ABSTRACT: This article analyzes the role of the Court of Justice in the protection of fundamental rights in the field of economic and monetary union. It surveys the still scarce and unequal case law relating to the fulfilment of and the respect to the EU’s Charter of Fundamental Rights. In particular, it is surveyed herein the case law recently generated in relation to the Memorandum of Understanding in the framework of the European Stability Mechanism (ESM), the communautarian procedures of excessive déficits and of economic imbalances, the acts of the European Central Bank in the Single Supervision Mechanism (SSM), as well as the theoretical aspects of such control, not actually performed as yet, within the domains of the monetary policy and the Single Resolution Mechanism (SR


Author(s):  
C. Randall Henning

As the crisis evolved, euro-area governments first constructed two transitional financial facilities and then created a permanent fund. This chapter reviews the creation of the financial facilities of the euro area culminating in the establishment of the European Stability Mechanism. The ESM treaty contains a strong presumption, but not a strict legal requirement, that the International Monetary Fund (IMF) will also be involved in assistance to a member state. As a political matter, the Fund’s involvement is strongly favored in creditor countries of the euro area. The emergence of the ESM, a new institutional player in crisis finance, prompted a reconsideration of the institutional arrangements under which crisis programs are designed. The chapter reviews proposals from research institutes and the European Parliament to combine resources of the European Commission and the ESM into a European Monetary Fund.


Author(s):  
Agnieszka Smoleńska

AbstractCross-border banking presents a unique set of challenges in the EU from the perspective of arranging administrative oversight structures. Structuring cooperation between different EU and national authorities in a way which is conducive to trust-building and mutual engagement is an essential condition for overcoming disintegrative tendencies in the internal market. To assess how the existing EU arrangements fare in this regard in the context of EU resolution law, this article comparatively analyses the different models of multilevel administrative cooperation in the post-crisis EU framework. These are specifically the centralised model of the European Banking Union (Single Resolution Mechanism) and the relatively looser networked model of the resolution colleges. The multilevel cooperation under both models is nuanced given the distinct roles of the national resolution authorities, EU agencies and the differentiated status of non-euro area Member States in the EBU (Croatia, Bulgaria). The article’s findings allow to identify specific problems of constitutional nature pertaining to the accountability of administrative cooperation, equality of Member States and the implications of Meroni doctrine’s distortive effects.


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