scholarly journals Executive authorities in Euroland during the financial crisis. A comparison between European commission and national governments.

2019 ◽  
Author(s):  
Christos Kallandranis ◽  
Panagiotis Kaldis
Keyword(s):  
Financial Crisis ◽  
European Commission ◽  
National Governments

Die demokratische Legitimation der Europäischen Wertpapier- und Marktaufsichtsbehörde und ihrer Rechtsakte

2021 ◽  
Author(s):  
Dominik Stolz
Keyword(s):  
Financial Crisis ◽  
European Commission ◽  
Constitutional Law ◽  
Democratic Legitimacy ◽  
Legislative Process ◽  
Basic Principles ◽  
Complex Processes ◽  
Demokratische Legitimation ◽  
Financial Crisis Of 2008

The key matter of this book is a phenomenon not only at EU level which is now analyzed from a European and constitutional law perspective: Non-elected expert bodies are significantly involved in the legislative process. With respect to increasingly complex processes and detailed issues, and bearing in mind the experience of the financial crisis of 2008/2009, bodies like the European Commission and Parliament are relinquishing far-reaching powers. Regarding ESMA the question arises whether basic principles of democratic legitimacy have been violated. Therefore, which standard is to be applied at EU level? In other words: Is it the end that justifies the means?

Austerity and State Rescaling

2021 ◽  
pp. 71-90
Author(s):  
Jonathan S. Davies
Keyword(s):  
Financial Crisis ◽  
Local Governments ◽  
Global Financial Crisis ◽  
Local State ◽  
Fiscal Rules ◽  
Place Marketing ◽  
Political Capacity ◽  
Revenue Streams ◽  
The Global Financial Crisis ◽  
National Governments

The story of austerity is entwined with experiments in city-regionalism, authoritarianism, fiscal and political centralisation and downloading or scalar dumping. Interpenetrating institutional, territorial and scalar restructurings have significant implications for politics and governing cultures, and relations between local states and citizens. This chapter focuses on the evolving powers and liabilities accruing to sub-national governments in the period since the Global Financial Crisis, read through revenue streams, fiscal rules and changes to spatial and jurisdictional capacities. The key finding across the eight cities is that municipalities face a variable and increasing mix of upward and downward constraints undermining their political capacity. Considered from the standpoint of governability, state rescaling in the period since the Crisis has tended to consolidate disciplinary neoliberalism, creating additional pressures on local governments to reinforce their tax bases through place-marketing. These processes also make cities more governable for national and provincial elites, pushing local state mechanisms into closer alignment with the administrative and financial priorities of upper tier apparatuses.

scholarly journals Reflections on English Law Schemes of Arrangement in Distress and Proposals for Reform

2018 ◽  
Vol 15 (3) ◽  
pp. 472-502 ◽  
Author(s):  
Sarah Paterson
Keyword(s):  
Financial Crisis ◽  
European Commission ◽  
Debt Restructuring ◽  
Reform Agenda ◽  
Crucial Question ◽  
The Future ◽  
Corporate Insolvency ◽  
The Government ◽  
The Uk

The English scheme of arrangement process has, in many ways, proved a reliable friend to distressed companies and their majority finance creditors in the decade following the financial crisis. However, experience of using the scheme process to achieve a debt restructuring has highlighted a number of areas where it could be improved for the present, or to make it more adaptable in the future. This article was written at a time when the Insolvency Service had launched a review of the corporate insolvency framework in the UK (and published many of the responses which it has received to the consultation), and the European Commission had published a proposal for a new Directive setting minimum harmonisation standards for restructuring law. Both the consultation and the proposal have significant implications for the reform agenda, and the Government has published its response to the UK consultation just as this article is going to press. This paper focuses on the introduction of a preliminary moratorium as a gateway to restructuring efforts, the crucial question of how to value the enterprise if a cram down mechanism is introduced and the role of the insolvency practitioner in the scheme context.

Section III. Prospects for Europe

1998 ◽  
Vol 166 ◽  
pp. 44-56
Author(s):  
Nigel Pain ◽  
Florence Hubert ◽  
Dirk te Velde ◽  
Dawn Holland ◽  
Véronique Genre
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
European Commission ◽  
Global Financial Crisis ◽  
Future Prospects ◽  
The Global Financial Crisis ◽  
The Eu

Economic growth in the EU area rose markedly last year. Output expanded by more than 3 per cent in over half of the member countries, although growth was notably slower in the larger economies. The outlook continued to improve in the first half of this year. Growth in the first quarter was particularly buoyant. Eurostat figures indicate that output in the EU was some 3.3 per cent higher in the first quarter of 1998 than a year earlier. Although output rose by only 0.2 per cent in the second quarter, this was partly due to statistical distortions arising from the different number of working days in the quarter. Italy is the sole economy where growth has proved to be weaker than initially expected. The global financial crisis and slowdown in worldwide demand is expected to dampen EU growth somewhat next year, and we continue to be less optimistic than the European Commission about future prospects. Growth in the EU economies is projected to slow from 2¾ per cent this year to around 2¼ per cent in 1999.

Part II The Financial Crisis of 2007–2011, 9 The Initial Response to the Financial Crisis by the EU and Elsewhere

2018 ◽  
Author(s):  
Mccormick Roger ◽  
Stears Chris
Keyword(s):  
Financial Crisis ◽  
European Commission ◽  
Financial Stability ◽  
Financial Regulation ◽  
Initial Response ◽  
Banking Supervision ◽  
Basel Committee ◽  
Regulation And Supervision ◽  
European Financial Regulation ◽  
The Eu

This chapter discusses the various laws, regulations, and comparable measures that were passed or proposed in response to the financial crisis in the EU and elsewhere. It covers the responses of the de Larosière Report, G20, the Basel Committee on Banking Supervision, and the Financial Stability Board. The de Larosière Report, for instance, was commissioned by the President of the European Commission in October 2008 and delivered on 25 February 2009. The report sought ‘to give advice on the future of European financial regulation and supervision’ and has formed the basis of many of the responses to the financial crisis at EU level. The G20 issued a comprehensive communiqué on the crisis at the London ‘Summit’ of 2 April 2009, covering a number of macro-economic and other ‘architectural’ issues.

Die Konferenz zur Zukunft Europas zwischen „Konvent 2.0“ und „Intergouvernementalismus 3.0“: Warum Europa diese Chance zur Reform nutzen muss

IG ◽  
2020 ◽  
Vol 43 (3) ◽  
pp. 231-244
Author(s):  
Julian Plottka
Keyword(s):  
Civil Society ◽  
European Commission ◽  
European Parliament ◽  
European Council ◽  
European Convention ◽  
Open Process ◽  
The Future ◽  
Treaty Reform ◽  
National Governments ◽  
Reform Needs

Three months after the initially scheduled start of the Conference on the Future of Europe (CoFoE) its design remains unclear. While the European Parliament proposed a rather ambitious concept of a “European Convention 2.0”, the European Council seeks additional legitimacy for its Strategic Agenda, excluding the possibility of treaty reforms. However, not all national governments seem to be convinced that such an “Intergovernmentalism 3.0” legitimised by participative democracy is a good idea. In between these two positions, the European Commission seeks to water down Ursula von der Leyen’s bid to the European Parliament. Comparing the opportunities and risks entailed in these three concepts of the CoFoE, the article argues for an open process, which neither pushes for nor excludes treaty reform. If citizens and civil society support such a constitutional momentum, it is about time to address the numerous reform needs and to end the further procrastination of treaty reforms.

Demokratieabbau in Zeiten der Pandemie: zur Reaktion der EU auf die Fälle Ungarn und Polen

IG ◽  
2020 ◽  
Vol 43 (2) ◽  
pp. 154-160
Author(s):  
Manuel Müller
Keyword(s):  
European Union ◽  
European Commission ◽  
European Parliament ◽  
The European Union ◽  
Common Values ◽  
The Common ◽  
Democratic Principles ◽  
National Governments ◽  
The Eu

The COVID-19 pandemic is not only putting European financial solidarity to the test, but also the common values of the European Union (EU). In Hungary and Poland, the governments are using the situation to undermine democratic principles and expand their own position of power. The EU - once again - is struggling to give an adequate answer. While the European Parliament has clear words, but little options for action, most national governments show a reserved attitude. Similarly, the European Commission has expressed concern, but does not want to take any immediate countermeasures.

5 Market Abuse

2020 ◽  
Author(s):  
De Carvalho Robalo Pedro
Keyword(s):  
Financial Crisis ◽  
Market Efficiency ◽  
European Commission ◽  
Market Manipulation ◽  
Market Abuse ◽  
Criminal Sanctions ◽  
Insider Dealing ◽  
Broad Framework ◽  
Undue Advantage ◽  
The Eu

This chapter assesses market abuse. Market abuse offences, in all of their possible forms, frustrate the concept of market efficiency by allowing undue advantage to the individuals performing the abusive actions, thus jeopardizing the development of fair and orderly markets. In turn, this is likely to harm confidence by undermining investors' beliefs that the market is fair, leading them to withdraw their investments. In Europe, the first European-wide legislative package was initiated with the adoption of the Market Abuse Directive in 2003 (Directive 2003/6/EC), with the aim of providing a broad framework that would address market manipulation and insider dealing practices in the EU. However, in the aftermath of the Financial Crisis in 2008, a review of the regime was required as a number of deficiencies were found. In 2011 and in order to address these issues, the European Commission adopted the proposal for the Regulation on insider dealing and market manipulation (MAR) as well as the Directive on Criminal Sanctions for Insider Dealing and Market Manipulation (CSMAD).

scholarly journals Reform of civil procedure in Cyprus: Delivering justice in a more efficient and timely way

2020 ◽  
Vol 49 (2) ◽  
pp. 99-130
Author(s):  
Nicholas Mouttotos
Keyword(s):  
Financial Crisis ◽  
European Commission ◽  
Common Law ◽  
Civil Procedure ◽  
Legal Scholar ◽  
Adversarial System ◽  
Doing Business ◽  
Administration Of Justice ◽  
The World

Dissatisfaction with the administration of justice is as old as law proclaimed the distinguished American legal scholar Roscoe Pound in 1906. The system of administration of justice has been under considerable scrutiny in Cyprus following the excessive delays in resolving disputes that are highlighted in reports such as the European Union’s Justice Scoreboard, the World Bank’s Doing Business Reports as well as European Commission papers on Cyprus, urging authorities to modernize the system in order to be able to meet the demands following the financial crisis. For this reason, various experts have been assigned with the task of identifying the problems and coming up with proposals and solutions. The discussions, though, are not new as similar problems have been presented in common law jurisdictions, in particular, but they have been tackled decades ago, with the adoption of reforms that moved the adversarial system of justice closer to civilian stereotypes.

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