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2020 | OriginalPaper | Buchkapitel

3. The Establishment of the European System of Financial Supervision

verfasst von : Christos V. Gortsos

Erschienen in: European Central Banking Law

Verlag: Springer International Publishing

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Abstract

This chapter discusses the establishment of the European System of Financial Supervision (ESFS). The first section looks into the EU Treaties’ provisions on financial stability and, in particular, those of the most relevant article of the TFEU, Article 127(5), while the second provides an overview of the evolution, in four periods, of EU banking law before the establishment of the Banking Union; inter alia, it discusses the adoption, in 2001, of the ‘Lamfalussy process’ on making EU financial law (discussed in more detail in Appendix of Chap. 5) and the 2009 Report of the ‘de Larosière Group’, which was adopted after the recent (2007–2009) international financial crisis (also discussed in this chapter) and laid down the foundations for deepening the institutionalisation of EU arrangements with regard to the financial system’s micro-prudential supervision. Finally, the third section focuses on the establishment of the ESFS, which was based on the De LarosièreReport.

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Fußnoten
1
Authorisation requirements serve a screening function, aimed at preventing market entry by natural or legal persons whose management could lead to heavy losses in a bank and impair the reputation of the banking system as a whole (see Guttentag and Herring (1988), pp. 12–13). They also assure that the banking firm has sufficient financial resources to finance its initial investments and withstand temporary losses. Under EU banking law, standard requirements imposed in the context of the licensing procedure are the following: a minimum initial capital requirement (this is the first function of bank capital, the second being its loss-buffer function, pursued by the imposition of capital adequacy requirements); requirements on the organisational structure of the bank; specific fit-and-proper criteria for major shareholders and similar criteria for bank management (the ‘four-eyes principle’).
 
2
This principle is different from the principle of decentralisation under EU law, specifying the role of national authorities in relation to an EU institution to which specific powers have been transferred for the exercise of exclusive competences (see Chap. 5, Sect. 5.​1.​2).
 
3
Padoa-Schioppa (2004), p. 121.
 
4
Lastra (2006), p. 298. For a summary of the various proposals with regard to the creation of supranational financial supervisoryauthorities in the EU, see also Hadjiemmanuil (2006), pp. 818–828.
 
5
For more details on this Article, see Chap. 9, Sect. 9.3.
 
6
TEC, Article 116(3), second sentence.
 
7
On the historical evolution of this provision, see Smits (1997), pp. 334–338 and Padoa-Schioppa (2000).
 
8
This Article, carried over almost verbatim in the TFEU as Article 127(6), is discussed in more detail in Chap. 5, Sect. 5.​2.​2.
 
9
The content and scope of application of this Article, see Smits (1997, pp. 338–355, 2005), and Psaroudakis (2018), pp. 134–137.
 
10
It is noted that this provision applied (and still applies) to all Member States (Article 42.1 ESCB/ECB Statute, as in force), including the UK (Protocol No 15, paragraph 7).
 
11
According to Smits (1997), p. 344, the ECB’s advisory role also extends to other aspects of the single market’s operation, such as, for instance, legislation on the prevention of the use of the financial system for the purpose of money laundering.
 
12
During Stage Two of EMU, relevant competences were assigned to the EMI under Article 117(6) TEC.
 
13
OJ L 189, 3.7.1998, pp. 42–43; on the duty to consult the ECB (currently under Article 127(4) TFEU) and the Opinions submitted by the ECB, see Lambrinoc (2009).
 
14
See Smits (1997), pp. 339–343 and Andenas and Hadjiemmanuil (1997), pp. 398–399; see also, in particular, the argumentation in Smits (1997, pp. 339–350) on whether Article 25.1 ESCB/ECB Statute constitutes or not the only instrument for the implementation of the task created by means of Articles 105(5) TEC and 3.3 ESCB/ECB Statute.
 
15
Recommendations and Opinions are non-binding ECBlegal instruments (see Chap. 6, Sect. 6.​3.​1).
 
16
On this, see Smits (1997), pp. 347–348. It should be pointed out, however, that the legal basis for all opinions offered by the ECB bar none, either on its own initiative or upon request, is Article 127(4) TFEU and not of Article 25.1 ESCB/ECB Statute, in line with the above. See, in this regard, the ECB’s website, at: www.​ecb.​int/​ecb/​legal/​opinions/​htm/​inex.​en.​html.
 
17
See Smits (2010).
 
18
Article 127(5) TFEU does not apply to Member States with a derogation (Article 139(2), point 3 TFEU, and ESCB/ECB Statute, Article 42.1, respectively), including to the UK (Protocol (No 15), paragraphs 4 and 7); the other provisions apply to all Member States (see also Chap. 5, Sect. 5.​1.​2).
 
19
This aspect is discussed analytically in Chap. 4.
 
20
On the causes of this particular crisis, see, by means of mere indication (out of a vast existing literature), European Central Bank (2008), Kiff and Mills (2007), Borio (2008), pp. 1–13, Calomiris (2008), Eichengreen (2008), Gorton (2009, 2010), Swoboda (2008), Goodhart (2009), pp. 2–29, Norberg (2009), Lastra and Wood (2010), pp. 537–545, Posner (2010), pp. 13–245, Rajan (2010), Tirole (2010), pp. 11–47, Gortsos (2012), pp. 127–129, and Scott (2014). For a comparison of the recent crisis with the international financial crisis of 1931 (in terms of causes and regulatory reaction), see Moessner and Allen (2010). The author uses the term ‘recent’ (and not ‘current’) to denote that this crisis lasted from 2007 to 2009 and came to an ending. This is without prejudice either to the fact that the financial systems of certain states remain vulnerable as a result of this crisis, or that in certain cases (especially in the euro area periphery) the current malfunctioning of the banking system is a corollary of the ongoing fiscal crisis in the Eurozone, which occurred, at least to some extent, as a result of the international financial crisis (see Chap. 2, Sect. 2.​4.​4). For a most recent assessment of the impact of this crisis and the related policy implications, see Blanchard and Summers (2019).
 
21
On the related “financial instability hypothesis” of Minsky (1992, 2008, Chapter 8, pp. 194–196, and Chapters 9–10), which has been at the heart of academic discussions after the eruption of that crisis, see Krugman (2012), pp. 41–53 and (in more technical terms) Ferri (2019), pp. 177–194.
 
22
Honohan (1997), Sect. 1.​1.
 
23
See Gorton (1988), p. 5–7. On negative externalities and information asymmetries, see Mercuro and Medema (2006), pp. 60–67, Stiglitz and Walsh (2006), pp. 239–255 and in more detail Ippolito (2005), pp. 153–379.
 
24
See Norberg (2009), p. 134.
 
25
On regulatory failures, see the contribution of Kroszner in Kroszner and Shiller (2011).
 
26
See on this Committee on the Global Financial System (2010), Sect. 2.​1. This is the main element of the ‘time dimension’ of systemic risk, which necessitates the adoption of macro-prudential policies.
 
27
Guttentag and Herring (1987), pp. 48–50.
 
28
On this aspect, see Igan and Lambert (2019).
 
29
See Claessens et al. (2010), pp. 42–46 and in more detail Wiggins, Piontek and Metrick (2019).
 
30
Notable cases were those of the Swiss bank UBS (see by way of mere indication, Thévenoz (2010) Zulauf and Eggen (2013), pp. 117–118, Abegg et al. (2017), pp. 91–94, and Nobel (2019), pp. 451–465), the US-based insurance company AIG, the Belgium-based bank Fortis and the Dexia Bank (whose holding company was also seated in Belgium; see Claessens et al. (2010), pp. 46–51).
 
31
For an assessment of these measures in the EU, see Panetta et al. (2009), Gortsos (2009), Petrovic and Tutsch (2009) and De Meester (2010).
 
32
The most striking example in this case is Iceland; see Claessens et al. (2010), pp. 51–53, Zeissler et al. (2014a) and Norberg (2009), pp. 94–98.
 
33
The most striking example is that of Ireland. With a sole exception, all Irish credit institutions were exposed to insolvency after the financial crisis and needed to be recapitalised; on the Irish crisis, see Eichengreen (2015), Zeissler et al. (2014b) (in comparison to the Icelandic crisis), Hadjiemmanuil (2019), pp. 51–58 and Honohan (2019), pp. 312–338.
 
34
For more details, see Committee on the Global Financial System (2011).
 
35
For a brief overview of the evolution of European financial law, see Dermine (2003), pp. 33–50 (only with respect to EU banking law), Blair et al. (2009), pp. 98–102, Hadjiemmanuil (2006), pp. 786–804, Tridimas (2011), Jung and Bishof (2015) and Gortsos (2016, 2017b). On the various phases in the evolution of EU banking law before the establishment of the EBU, see Sousi-Roubi (1995), Schnyder (2005), Gortsos (2010b) and Tridimas (2011).
 
36
OJ L 322, 17.12.1977, pp. 30–37.
 
37
Directive 77/780/EEC, Articles 3, 8, 4, 9, 7 and 12, respectively.
 
38
OJ L 193, 18.7.1983, pp. 18–20.
 
39
On the original Basel Concordat of 1975, the 1983 Report and its subsequent supplements, see Gortsos (2012), pp. 238–250.
 
40
OJ L 386, 30.12.1989, pp. 1–13.
 
41
Directive 89/646/ΕEC, Articles 18, 4–5 and 17, 10–12 and 7, respectively.
 
42
Basel Committee on Banking Supervision (1988), July (available at: https://​www.​bis.​org/​publ/​bcbsc111.​htm). During the period 1991–1995, ‘Basel I’ was amended on five occasions in terms of individual technical points, which prompted tantamount amendments of EU Directives 89/299/EEC and 89/647/EEC. On the ‘Basel I’ framework, see Hausmann (1995), pp. 141–152 and 229–247, Norton (1995), pp. 171–241, and Gortsos (2012), pp. 250–252.
 
43
OJ L 386, 30.12.1989, pp. 14–22.
 
44
OJ L 124, 5.5.1989, pp. 16–20.
 
45
It is worth noting that this 8% capital adequacy requirement applies, in principle, also under the current regulatory framework.
 
46
OJ L 141, 11.6.1993, pp. 1–26. This Directive was based on the relevant proposals of the Basel Committee, which were finalised in January 1996 upon adoption of its Report entitled “Amendment to the Capital Accord to incorporate market risks”.
 
47
OJ L 141, 11.6.1993, pp. 27–46.
 
48
See Mauerhofer (1998), p. 92; on this model, see Chap. 1, Sect. 1.​1.​3.
 
49
OJ L 135, 31.5.1994, pp. 5–14; for a brief overview of this legal act, see Arnaboldi (2014), pp. 53–58 and Kleftouri (2015), pp. 64–75.
 
50
Accordingly, deposits taken by an EU credit institution through its branches established in other Member States were (and still are) covered by the DGS of its home Member State.
 
51
Already since 1999, when the euro was introduced, the creation of a single capital market became a top priority among EU institutions. The rationale behind it was that, within a single currency environment, conditions had greatly improved for further consolidation of national capital markets, with the elimination of currency risk for investments, as well as enhanced price transparency which enabled investors to compare the performance of listed companies on the basis of one single currency unit denominator, and, as a result, markets would become more liquid. Regarding the impact of the introduction of the euro on European capital markets, see Galati and Tsatsaronis (2003) and Freixas et al. (2004).
 
52
As mentioned in Chap. 2, among his other capacities in the international and European financial system, Lamfalussy served as Chairman of the EMI throughout its operation.
 
53
Both the initial report of 9 November 2000 and the final report are included in a single document, available at: https://​ec.​europa.​eu/​internal_​market/​securities/​lamfalussy/​index_​en.​htm.
 
54
Lamfalussy Report (2001), pp. 9–18; see also Table 3.1.
 
55
Ibid., pp. 19–42.
 
57
On these Committees, see Avgerinos (2003), pp. 95–98, and Ferran (2004), pp. 75–84.
 
58
Commission Decisions 2001/528/EC and 2001/527/EC (OJ L 191, 13.7.2001, pp. 45–46 and 43–44, respectively).
 
59
Cooperation between national supervisory/regulatory authorities in this field was informally established in 1985 within the “High Level Securities Supervisors Committee” and was further strengthened in 1997 within the “Forum of European Securities Commissions” (‘FESCO’) (see European Commission (2000), pp. 33–35 and 41–43) and Table 3.2).
 
60
Commission Decision 2004/5/EC (OJ L 3, 7.1.2004, pp. 28–29); cooperation between national banking supervisory authorities was informally established in 1972 within the “Groupe de Contact” and was further strengthened in 1998 within the “Banking Supervision Committee” (see European Commission (2000), pp. 11–16).
 
61
Commission Decisions 2004/9/EC and 2004/6/EC (OJ L 3, 7.1.2004, pp. 34–35 and 30–31, respectively); cooperation among Member States’ insurance supervisory authorities was informally established in 1957 within the “Conference of Insurance Supervisors of the Member States of the European Communities” (see European Commission (2000), pp. 27–29).
 
62
Commission Decisions 2004/7/EC and 2004/8/EC (OJ L 3, 7.1.2004, p. 32 and 33, respectively), amending Decisions 2001/527/EC and 2001/528/EC. In 2009, its Decisions establishing the CESR, the CEBS and the CEIOPS were repealed and replaced by Decisions 2009/77/EC, 2009/78/EC and 2009/79/EC, respectively (OJ L 25, 29.1.2009, pp. 18–32).
 
63
On the Lamfalussy process, see Ferran (2004), pp. 61–74 and 99–107, Lastra (2006), pp. 334–341, Hadjiemmanuil (2006), pp. 815–818 and Sousi-Roubi (2007), pp. 24–29; for a summary, see also Table 3.1.
 
64
COM/1999/232 final.
 
65
This led to the adoption of Directive 2003/48/EC “on taxation of savings income in the form of interest payments” (OJ L 157, 26.6.2003, pp. 38–48).
 
66
OJ L 125, 5.5.2001, pp. 15–23. ‘Winding up proceedings’ means collective proceedings opened and monitored by a Member State’s administrative or judicial authorities with the aim of realising assets under the supervision of those authorities, including where the proceedings are terminated by a composition or other, similar measure (Directive 2001/24/EC, Article 2, ninth point). On the other hand, ‘reorganisation measures’ means measures intended to preserve or restore the financial situation of a credit institution or an investment firm and which could affect third parties’ pre-existing rights, including measures involving the possibility of a suspension of payments, suspension of enforcement measures or reduction of claims, as well as application of the resolution tools and exercise of the resolution powers provided for in the BRRD (ibid., Article 2, seventh point, as amended by Article 117, point (2) BRRD); on this legal act, see Chap. 4, Sect. 4.​3.​2.
 
67
This Directive is analysed in Peters (2011) and Wessels (2017), who uses the abbreviation ‘CIWUD’ (Credit Institutions Winding-Up Directive).
 
68
Basel Committee on Banking Supervision (2004), June (available at: https://​www.​bis.​org/​publ/​bcbs107.​htm). On this framework, see the various contributions in Wiegand (2006) (and in particular Sigrist (2006)), Macht (2007), Gleeson (2010) and Gortsos (2012), pp. 252–253; on its cyclical implications, see Kashyap and Stein (2004), Jarrow (2007), Heid (2007) and Drumond (2009).
 
69
Directives 2006/48/EC relating to the taking up and pursuit of the business of credit institutions and 2006/49/EC on the capital adequacy of investment firms and credit institutions (OJ L 177, 30.6.2006, pp. 1–200 and 201–255, respectively). In 2007, certain articles of the first directive, mainly on the evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector, were amended by Directive 2007/44/EC of the European Parliament and of the Council (the ‘Qualifying Holdings Directive’, OJ L 247, 21.9.2007, pp. 1–16).
 
70
This was in force as codified by Directive 2000/12/EC (OJ L 126, 26.5.2000, pp. 1–59).
 
71
OJ L 35, 11.2.2003, pp. 1–27.
 
72
This Directive is analysed in Gortsos (2017a); on the Joint Forum, another international financial forum, see Gortsos (2019), pp. 100–102.
 
73
COM/2005/629 final.
 
74
These developments are presented in more detail in Sect. 3.3.
 
75
These two legal acts, which are an integral element of the Banking Union (hence a by-product of the ongoing fiscal crisis in the euro area), are presented in Chap. 4, Sect. 4.​2.​2.
 
76
This Report and this Directive are discussed in Chap. 4, Sect. 4.​3.​2.
 
77
On 4 September 2013, the Commission adopted a Communication on “Shadow Banking—Addressing New Sources of Risk in the Financial Sector”, setting out its roadmap to limit the emergence of risks in the unregulated or less regulated financial system, particularly risks of systemic nature through the shadow banking sector’s interconnectedness with the banking system through contagion risk (COM/2013/614 final). On the basis of this communication, several legislative acts have been adopted (the study of which is outside the reach of this book).
 
78
This is discussed in more detail in Chap. 4.
 
79
See Sect. 3.1.
 
81
Jacques de Larosière served as Managing Director of the IMF (1978–1987), Governor of the Central Bank of France (Banque de France, 1987–1993), and President of the European Bank for Reconstruction and Development (EBRD, 1993–1998).
 
82
The Report is available at: https://​ec.​europa.​eu/​commission_​barroso/​president/​pdf/​statement _​20090225_​en.​pdf. For an overview, see Ferrarini and Chiodini (2009), Gortsos (2010a) and Louis (2010).
 
83
De Larosière Report (2009), Chapter I, paragraphs 6–37 and Chapter II, paragraphs 38–218.
 
84
Ibid., paragraphs 171 and 172, first sentence.
 
85
Ibid., Chapter III, Section V.
 
86
Ibid., Chapter II, Section VI (“Crisis Management and Resolution”), paragraphs 125–143.
 
87
The BU is discussed in Chap. 4. In the author’s view, the term ‘European system of supervision and crisis management’ was used in an effort to demonstrate the close correlation, at European level, of financial supervision, the rules on exercising such supervision (i.e. prudential regulation) and crisis management mechanisms. Paragraph 192 (second to fifth sentences) makes the following remark: “Regulation, supervision and crisis management/resolution arrangements are intertwined. They form a continuum. There is no point in converging supervisory practices, if the principal financial regulations remain fragmented. And it will be impossible to revamp the organisation of European supervision without clarity as to how a crisis, should it break out, will be managed and resolved by competent authorities.”
 
88
De Larosière Report (2009), paragraphs 194–214.
 
89
OJ L 331, 15.12.2010, pp. 12–47, 48–83 and 84–119, respectively.
 
90
See Sect. 3.2.3.
 
91
As regards the reasons that led to this approach being adopted (even though there were proposals for the unification of the ESAs), see Louis (2010), p. 154.
 
92
See Chap. 4, Sect. 4.​2.​1.
 
93
OJ L 302, 17.11.2009, pp. 1–31. On this legal act, see by way of mere indication Moloney (2014), pp. 637–682, and Veil (2017) (both with extensive further references).
 
94
OJ L 201, 27.​7.​2012, pp.​ 1–59. On this legal act, see Aditya (2013), Ferrarini and Saguato (2013, 2014), Provino (2015) and Sethe et al. (2017, Hrsg.).
 
95
The role of the EBA is further discussed in Chap. 5, Sect. 5.​4.​1.
 
96
EBA/ESMA/EIOPA Regulations, Article 55(1).
 
97
Ibid., Article 54(2).
 
98
OJ L 331, 15.12.2010, pp. 1–11.
 
99
COM(2017) 538 final (20.9.2017).
 
100
OJ C 41, 14.2.2012, pp. 1–4; see Recommendation B, paragraph 1.
 
101
See Sect. 3.3.1.
 
102
De Larosière Report (2009), paragraph 172, second sentence, and paragraphs 173–182.
 
103
OJ L 331, 15.12.2010, pp. 162–164.
 
104
The role of the ESRB is further discussed in Chap. 5, Sect. 5.​4.​2.
 
105
Regarding this choice, see Louis (2010), p. 149; in relation to the EBA Regulation, see also its recital (17). Article 114 TFEU is detailed in Herrnfeld (2019).
 
106
See Chap. 4, Sect. 4.​2.​1; Article 127(6) TFEU is analysed in Chap. 5, Sect. 5.​2.​2.
 
107
See Leaven and Valencia (2008) and Reinhart and Rogoff (2008); see also Caprio and Klingebiel (1996, 1999), as well as Thiele (2014), pp. 563–569.
 
108
See Sect. 3.1.2.
 
109
This is a reasonable reaction on the part of the intervening body to—at least—appease society as a whole, and common in areas such as air transport, in case of accidents, healthcare, in case of epidemics, or in the financial system, in case of financial firminsolvencies. In due course, ‘excessive’ intervention measures tend to become lax, inert or are transgressed by the market itself. In this context and in realistic terms, expectations regarding current policy initiatives should be to minimise the eventuality of future crises of the magnitude and extent that we are experiencing today, and not to eliminate financial crises completely.
 
110
See on this Herring and Santomero (2000).
 
111
On this distinction, see Rini (2008), pp. 61–68.
 
112
See on this Swoboda (2008).
 
113
See on this the seminal work of North (1990, 1991), and Williamson (2000); see also, by way of mere indication, Joskow (2008) for a general review of new institutional economics.
 
114
This has been established empirically by La Porta et al. (1997, 1998).
 
115
See on this Levine (1998) and Aron (2000).
 
116
See Sect. 3.3.1.
 
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Zurück zum Zitat De Meester, B. (2010). The Global Financial Crisis and Government Support for Banks: What Role for GATS. Journal of International Economic Law, 13(1), March. Oxford: Oxford University Press, pp. 27–63. De Meester, B. (2010). The Global Financial Crisis and Government Support for Banks: What Role for GATS. Journal of International Economic Law, 13(1), March. Oxford: Oxford University Press, pp. 27–63.
Zurück zum Zitat Dermine, J. (2003). Banking in Europe: Past, Present and Future. In V. Gaspar, Ph. Hartmann, & O. Sleijpen (Eds.), The Transformation of the European Financial System, Second ECB Central Banking Conference, European Central Bank, May, pp. 31–95. Dermine, J. (2003). Banking in Europe: Past, Present and Future. In V. Gaspar, Ph. Hartmann, & O. Sleijpen (Eds.), The Transformation of the European Financial System, Second ECB Central Banking Conference, European Central Bank, May, pp. 31–95.
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Zurück zum Zitat Gleeson, S. (2010). International Regulation of Banking – Basel II: Capital and Risk Requirements. Oxford and New York: Oxford University Press. Gleeson, S. (2010). International Regulation of Banking – Basel II: Capital and Risk Requirements. Oxford and New York: Oxford University Press.
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Zurück zum Zitat Honohan, P. (1997). Banking System Failures in Developing and Transition Countries: Diagnosis and Prediction. BIS Working Papers No. 39, Bank for International Settlements, Monetary and Economic Department, January. Honohan, P. (1997). Banking System Failures in Developing and Transition Countries: Diagnosis and Prediction. BIS Working Papers No. 39, Bank for International Settlements, Monetary and Economic Department, January.
Zurück zum Zitat Honohan, P. (2019). Currency, Credit and Crisis: Central Banking in Ireland and Europe. Studies in Macroeconomic History. Cambridge: Cambridge University Press. Honohan, P. (2019). Currency, Credit and Crisis: Central Banking in Ireland and Europe. Studies in Macroeconomic History. Cambridge: Cambridge University Press.
Zurück zum Zitat Igan, D., & Lambert, Th. (2019). Bank Lobbying: Regulatory Capture and Beyond. In E. Avgouleas & D. C. Donald (Eds.), The Political Economy of Financial Regulation, International Corporate Law and Financial Market Regulation (Chapter 5, pp. 129–159). United Kingdom: Cambridge University Press. Igan, D., & Lambert, Th. (2019). Bank Lobbying: Regulatory Capture and Beyond. In E. Avgouleas & D. C. Donald (Eds.), The Political Economy of Financial Regulation, International Corporate Law and Financial Market Regulation (Chapter 5, pp. 129–159). United Kingdom: Cambridge University Press.
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Zurück zum Zitat Kashyap, A., & Stein, J. (2004). Cyclical Implications of the Basel II Capital Standard, Economic Perspectives, Federal Reserve Bank of Chicago. Kashyap, A., & Stein, J. (2004). Cyclical Implications of the Basel II Capital Standard, Economic Perspectives, Federal Reserve Bank of Chicago.
Zurück zum Zitat Kiff, J., & Mills, P. (2007). Money for Nothing and Checks for Free: Recent Developments in U.S. Subprime Mortgage Markets. IMF Working Paper, WP/07/188, International Monetary Fund. Kiff, J., & Mills, P. (2007). Money for Nothing and Checks for Free: Recent Developments in U.S. Subprime Mortgage Markets. IMF Working Paper, WP/07/188, International Monetary Fund.
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Zurück zum Zitat Lastra, R. M. (2006). Legal Foundations of International Monetary Stability. Oxford and New York: Oxford University Press. Lastra, R. M. (2006). Legal Foundations of International Monetary Stability. Oxford and New York: Oxford University Press.
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Zurück zum Zitat Levine, R. (1998). The Legal Environment, Banks and Long-Run Economic Growth. Journal of Money, Credit and Banking, 30, 596–620.CrossRef Levine, R. (1998). The Legal Environment, Banks and Long-Run Economic Growth. Journal of Money, Credit and Banking, 30, 596–620.CrossRef
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Zurück zum Zitat Moloney, N. (2014). EU Securities and Financial Markets Regulation, Oxford European Union Law Library (3rd ed.). Oxford: Oxford University Press. Moloney, N. (2014). EU Securities and Financial Markets Regulation, Oxford European Union Law Library (3rd ed.). Oxford: Oxford University Press.
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Zurück zum Zitat Norberg, J. (2009). Financial Fiasko: How America’s Infatuation with Home Ownership and Easy Money Created the Economic Crisis. Washington, DC: Cato Institute. Norberg, J. (2009). Financial Fiasko: How America’s Infatuation with Home Ownership and Easy Money Created the Economic Crisis. Washington, DC: Cato Institute.
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Zurück zum Zitat Padoa-Schioppa, T. (2000). EMU and Banking Supervision. In C. A. E. Goodhart (Ed.), Which Lender of Last Resort for Europe? (Chapter 1, pp. 13–29). London: Central Banking Publications. Padoa-Schioppa, T. (2000). EMU and Banking Supervision. In C. A. E. Goodhart (Ed.), Which Lender of Last Resort for Europe? (Chapter 1, pp. 13–29). London: Central Banking Publications.
Zurück zum Zitat Panetta, F., Faeh, Th., Grande, G., Ho, C., King, M., Levy, A., Signoretti, F. M., Taboga, M., & Zaghini, A. (2009). An Assessment of Financial Sector Rescue Programmes. BIS Papers No. 48, Bank for International Settlements, Basel, July. Panetta, F., Faeh, Th., Grande, G., Ho, C., King, M., Levy, A., Signoretti, F. M., Taboga, M., & Zaghini, A. (2009). An Assessment of Financial Sector Rescue Programmes. BIS Papers No. 48, Bank for International Settlements, Basel, July.
Zurück zum Zitat Peters, G. (2011). Developments in the EU. In R. M. Lastra (Ed.), Cross-Border Bank Insolvency (Chapter 6, pp. 128–160).Oxford and New York: Oxford University Press. Peters, G. (2011). Developments in the EU. In R. M. Lastra (Ed.), Cross-Border Bank Insolvency (Chapter 6, pp. 128–160).Oxford and New York: Oxford University Press.
Zurück zum Zitat Petrovic, A., & Tutsch, R. (2009). National Rescue Measures in Response to the Current Financial Crisis. Legal Working Paper Series, No. 8, European Central Bank, July. Petrovic, A., & Tutsch, R. (2009). National Rescue Measures in Response to the Current Financial Crisis. Legal Working Paper Series, No. 8, European Central Bank, July.
Zurück zum Zitat Posner, R. A. (2010). The Crisis of Capitalist Democracy. Cambridge, MA and London: Harvard University Press.CrossRef Posner, R. A. (2010). The Crisis of Capitalist Democracy. Cambridge, MA and London: Harvard University Press.CrossRef
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Zurück zum Zitat Psaroudakis, G. (2018). The Scope of Financial Stability Considerations in the Fulfilment of the Mandate of the ECB/Eurosystem. Journal of Financial Regulation, 4, 119–156.CrossRef Psaroudakis, G. (2018). The Scope of Financial Stability Considerations in the Fulfilment of the Mandate of the ECB/Eurosystem. Journal of Financial Regulation, 4, 119–156.CrossRef
Zurück zum Zitat Rajan, R. G. (2010). Fault Lines: How Hidden Fractures Still Threaten the World Economy. Princeton: Princeton University Press. Rajan, R. G. (2010). Fault Lines: How Hidden Fractures Still Threaten the World Economy. Princeton: Princeton University Press.
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Metadaten
Titel
The Establishment of the European System of Financial Supervision
verfasst von
Christos V. Gortsos
Copyright-Jahr
2020
Verlag
Springer International Publishing
DOI
https://doi.org/10.1007/978-3-030-34564-8_3