Financial Regulation In The European Union After The Crisis
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Author | : Anu Bradford |
Publisher | : Oxford University Press |
Total Pages | : 425 |
Release | : 2020-01-27 |
Genre | : Law |
ISBN | : 0190088591 |
For many observers, the European Union is mired in a deep crisis. Between sluggish growth; political turmoil following a decade of austerity politics; Brexit; and the rise of Asian influence, the EU is seen as a declining power on the world stage. Columbia Law professor Anu Bradford argues the opposite in her important new book The Brussels Effect: the EU remains an influential superpower that shapes the world in its image. By promulgating regulations that shape the international business environment, elevating standards worldwide, and leading to a notable Europeanization of many important aspects of global commerce, the EU has managed to shape policy in areas such as data privacy, consumer health and safety, environmental protection, antitrust, and online hate speech. And in contrast to how superpowers wield their global influence, the Brussels Effect - a phrase first coined by Bradford in 2012- absolves the EU from playing a direct role in imposing standards, as market forces alone are often sufficient as multinational companies voluntarily extend the EU rule to govern their global operations. The Brussels Effect shows how the EU has acquired such power, why multinational companies use EU standards as global standards, and why the EU's role as the world's regulator is likely to outlive its gradual economic decline, extending the EU's influence long into the future.
Author | : Sharyn O'Halloran |
Publisher | : Columbia University Press |
Total Pages | : 454 |
Release | : 2019-10-08 |
Genre | : History |
ISBN | : 0231549997 |
The 2008 crash was the worst financial crisis and the most severe economic downturn since the Great Depression. It triggered a complete overhaul of the global regulatory environment, ushering in a stream of new rules and laws to combat the perceived weakness of the financial system. While the global economy came back from the brink, the continuing effects of the crisis include increasing economic inequality and political polarization. After the Crash is an innovative analysis of the crisis and its ongoing influence on the global regulatory, financial, and political landscape, with timely discussions of the key issues for our economic future. It brings together a range of experts and practitioners, including Joseph Stiglitz, a Nobel Prize winner; former congressman Barney Frank; former treasury secretary Jacob Lew; Paul Tucker, a former deputy governor of the Bank of England; and Steve Cutler, general counsel of JP Morgan Chase during the financial crisis. Each poses crucial questions: What were the origins of the crisis? How effective were international and domestic regulatory responses? Have we addressed the roots of the crisis through reform and regulation? Are our financial systems and the global economy better able to withstand another crash? After the Crash is vital reading as both a retrospective on the last crisis and an analysis of possible sources of the next one.
Author | : Eilís Ferran |
Publisher | : Cambridge University Press |
Total Pages | : 433 |
Release | : 2012-11-15 |
Genre | : Law |
ISBN | : 1139851780 |
The EU and the US responded to the global financial crisis by changing the rules for the functioning of financial services and markets and by establishing new oversight bodies. With the US Dodd–Frank Act and numerous EU regulations and directives now in place, this book provides a timely and thoughtful explanation of the key elements of the new regimes in both regions, of the political processes which shaped their content and of their practical impact. Insights from areas such as economics, political science and financial history elucidate the significance of the reforms. Australia's resilience during the financial crisis, which contrasted sharply with the severe problems that were experienced in the EU and the US, is also examined. The comparison between the performances of these major economies in a period of such extreme stress tells us much about the complex regulatory and economic ecosystems of which financial markets are a part.
Author | : Scott James |
Publisher | : Oxford University Press |
Total Pages | : 330 |
Release | : 2020-02-06 |
Genre | : Political Science |
ISBN | : 019256420X |
The UK and Multi-level Financial Regulation examines the role of the United Kingdom (UK) in shaping post-crisis financial regulatory reform, and assesses the implications of the UK's withdrawal from the European Union (EU). It develops a domestic political economy approach to examine how the interaction of three domestic groups - elected officials, financial regulators, and the financial industry - shaped UK preferences, strategy, and influence in international and EU-level regulatory negotiations. The framework is applied to five case studies: bank capital and liquidity requirements; bank recovery and resolution rules; bank structural reforms; hedge fund regulation; and the regulation of over-the-counter derivatives. It concludes by reflecting on the future of UK financial regulation after Brexit. The book argues that UK regulators pursued more stringent regulation when they had strong political support to resist financial industry lobbying. UK regulators promoted international harmonisation of rules when this protected the competitiveness of industry or enabled cross-border externalities to be managed more effectively; but were often more resistant to new EU rules when these threatened UK interests. Consequently, the UK was more successful at shaping international standards by leveraging its market power, regulatory capacity, and alliance building (with the US). But it often met with greater political resistance at the EU level, forcing it to use legal challenges to block reform or secure exemptions. The book concludes that political and regulatory pressure was pivotal in defining the UK's 'hard' Brexit position, and so the future UK-EU relationship in finance will most likely be based on a framework of regulatory equivalence.
Author | : Domenica Tropeano |
Publisher | : Routledge |
Total Pages | : 179 |
Release | : 2018-01-12 |
Genre | : Business & Economics |
ISBN | : 131721143X |
In the wake of the financial crisis, new regulatory measures were introduced which, along with changes in monetary and macroeconomic policy, have transformed the global financial structure. However, this new financial structure displays various fragilities. A new shadow banking system has grown both inside and outside the traditional banks and the divergence between core and periphery countries’ banks has increased further due to both the new regulations and the European Central Bank’s very peculiar interventions. Following Minsky’s approach, this volume explores the interplay between monetary policy, regulation and institutions in the aftermath of the great financial crisis. Minsky’s insights are used to interpret the recent regulatory changes and consider how they have affected the evolution of banks and financial markets. The unfortunate conclusion is that the changes in financial regulation introduced in various jurisdictions and inspired by the work of the Basel Committee, have not succeeded in thwarting the instability of the economic system. Instead, the mix of policies implemented so far has brought about increased fragility in the financial system. Minksy’s work on financial stability offers alternative solutions which policy-makers need to consider to resolve these issues. Financial Regulation in the European Union After the Crisis is an important volume for those who study political economy, banking and monetary economics.
Author | : Paul van den Noord |
Publisher | : |
Total Pages | : 0 |
Release | : 2011 |
Genre | : European Union countries |
ISBN | : 9789279153631 |
The European economy is emerging from its deepest recession since the 1930s. This volume, which brings together economic analysis from the European Commission services, explains how swift policy response avoided a financial meltdown. Europe also needs an improved co-ordinated crisis-management framework to help it respond to any similar situations that may arise in the future. Economic Crisis in Europe is a much-anticipated volume which shows that the beginnings of such a crisis-management framework are emerging, building on existing institutions and legislation and complemented by new initiatives.
Author | : Christian Schweiger |
Publisher | : Edward Elgar Publishing |
Total Pages | : 233 |
Release | : 2014-05-30 |
Genre | : Political Science |
ISBN | : 1781003890 |
This authoritative book offers a complete breakdown of the EUês political economy in the wake of the global financial crisis and will therefore appeal to students of European politics, international political economy and European studies, as well as po
Author | : Mr.Stijn Claessens |
Publisher | : International Monetary Fund |
Total Pages | : 39 |
Release | : 2014-03-14 |
Genre | : Business & Economics |
ISBN | : 1484336658 |
We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into regulations agents’ incentives so as to align them better with societies’ goals; and acknowledging that risks of crises will always remain, in part due to (unknown) unknowns – be they tipping points, fault lines, or spillovers. Corresponding to these three tenets, specific areas for further reforms are identified. Policy makers need to resist, however, fine-tuning regulations: a “do not harm” approach is often preferable. And as risks will remain, crisis management needs to be made an integral part of system design, not relegated to improvisation after the fact.
Author | : Diego Valiante |
Publisher | : Centre for European Policy Studies |
Total Pages | : 0 |
Release | : 2016 |
Genre | : Capital market |
ISBN | : 9781786600448 |
This book builds on a year-long discussion with a group of academics, policy-makers and industry experts to provide a long-term contribution to the Capital Markets Union project, launched by the European Commission in 2015. It identifies 36 cross-border barriers to capital mar...
Author | : Piet Eeckhout |
Publisher | : Bloomsbury Publishing |
Total Pages | : 650 |
Release | : 2016-12-01 |
Genre | : Law |
ISBN | : 1509900578 |
The Lisbon Treaty modified the legal framework of EU external action and these innovations must be applied in a period of deep economic and financial crisis interacting with other more specific crises affecting the EU's external activities. This volume investigates the recent institutional and substantive developments in EU external relations law and practice in this context of multiple crises for the EU. The economic and financial crisis has a major impact on EU external action, but other crises too affect this sensitive area of the EU's activity and the book takes them into account. For instance, there is a crisis in the relationship between EU law and international law after the ECJ judgement in the Kadi case. In addition to exploring these questions, the volume also examines questions of legitimacy in fields such as foreign investment protection and arbitration. Representing the output of a powerful research team composed of leading scholars in the field this comprehensive collection will appeal to both an expert and non-expert readership.