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Macroprudential Banking Supervision & Monetary Policy
The European experience suggests that the efforts made to achieve an efficient trade-off between monetary policy and prudential supervision ultimately failed. The severity of the global crisis have pushed central banks to explore innovative tools—within or beyond their statutory constraints—capable of restoring the smooth functioning of the financial cycle, including setting macroprudential policy instruments in the regulatory toolkit. But macroprudential and monetary policies, by sharing multiple transmission channels, may interact—and conflict—with each other. Such conflicts may represent not only an economic challenge in the pursuit of price and financial stability, but also a legal uncertainty characterizing the regulatory developments of the EU macroprudential and monetary frameworks. In analyzing the “legal interaction” between the two frameworks in the EU, this book seeks to provide evidence of the inconsistencies associated with the structural separation of macroprudential and monetary frameworks, shedding light upon the legal instruments that could reconcile any potential policy inconsistency.
First Responders
An insider's view of the U.S. government's response to the 2007-2009 global financial crisis, recounted by the people who made the key decisions In 2008, the world's financial system stood on the brink of disaster. The United States faced an unprecedented crisis when the investment bank Lehman Brothers collapsed, setting off a global panic. Faced with the prospect of a new Great Depression, the Treasury Department, the Federal Reserve, the Federal Deposit Insurance Corporation, and other agencies took extraordinary measures to contain the damage and steady the financial system and the economy. Edited by three of the policymakers who led the government's response to the crisis, with chapters written by the teams tasked with finding policy solutions, this book provides a comprehensive accounting of the internal debates and controversies surrounding the measures that were taken to stabilize the financial system and the economy. Offering previously untold insight into the key choices (including rejected options) and a frank evaluation of successes and failures, this volume is both an important historical document and an indispensable guide for confronting future financial calamities.
Equivalence in Financial Services
Equivalence in Financial Services offers a comprehensive and cross-industry examination of the rules and procedures under EU financial legislation dedicated to third-country market actors. The equivalence regime has become particularly topical after Brexit, as the United Kingdom is now a third country from the perspective of the European Union. This book investigates whether the current equivalence system is fit for its purpose, namely facilitating cross-border finance while minimizing as extensively as possible financial risks. After describing how the European Commission adopts equivalence measures, the book examines the implementation of the equivalence regime for the following entities: Credit Rating Agencies, Benchmarks, Trading Venues, Investment Firms, Investment Funds, Central Securities Depositories, Trade Repositories, and Central Counterparties. Addressing the most recent policy and legal developments, Equivalence in Financial Services provides an insightful guide into this complex area of financial regulation for scholars of financial regulation, legal practitioners, and policy makers.
Mentoring Comparative Lawyers: Methods, Times, and Places
This volume features papers written in honor of Mauro Bussani, and celebrates the work and contributions of this renowned scholar of comparative law. The content reflects the various theoretical and practical areas in which he has already left a lasting mark. The essays explore the theory and practice of comparative law in different areas and contexts, and highlight innovative approaches to a large variety of hot-topic private and public law subjects. The authors include young scholars, lawyers, legal consultants, human rights activists, and practitioners, all of whom Professor Bussani has trained, supervised, and supported throughout their careers. The contributions emphasize the many ways in which Professor Bussani’s teaching and scientific output have enriched, revolutionized, and challenged both theory and practice. They cover e.g. the law of secured transactions, Western law and legal pluralism, fashion law, contract law in China and in the Arab World, contract and tort in the West, scientific evidence, risk regulation, global finance, human rights indicators, anti-discrimination laws, democracy and climate change law.
Financial Institutions in Distress
Political boundaries are often porous to finance, financial intermediation, and financial distress. Yet they are highly impervious to financial regulation. When inhabitants of a country suffering a deficit of purchasing power are able to access and deploy funds flowing in from a country with a surfeit of such power, the inhabitants of both countries may benefit. They may also benefit when institutions undertaking such cross-border financial intermediation experience economies of scale and are able to innovate and to offer funds and services at lower costs. Inevitably, however, at least some such institutions will sometimes act imprudently, some of the projects in which such funds are deploye...
Legal Accountability in EU Markets for Financial Instruments
The proper functioning of the EU financial market is protected by public actors - both national and supranational - responsible for rulemaking and supervision of investment firms and other private actors. At the same time the effectiveness of the EU legal system requires vigilance from private actors such as investment firms but also their clients, invoking their rights before national authorities and courts. This means that investment firms have a dual role within the system, turning them into subjects of control and enforcement but also agents in the maintenance of the rule of law. Legal Accountability in EU Markets for Financial Instruments brings together a group of scholars with experti...
Beyond the Horizon of Banking Regulation
Since its inception, the Basel III international regulatory framework for banks has manifested a number of weaknesses in tackling the idiosyncratic and systemic risks arising from highly leveraged credit institutions. The continuing reliance on internal rating models to calculate capital requirements and the loss-absorbing capacity of prudential buffers have come under severe scrutiny by competent authorities. Against this backdrop, rumors of new structural reforms in banking regulation have started spreading into the G20 financial markets. The re-modulation of international capital and disclosure requirements for global banks -- already labeled the “Basel IV package” -- seems to be emerging, and the potential impact on the industry as a whole is likely to be significant. Sketching what might be the major elements of this new regulatory proposal is therefore critical for predicting how global banks will need to adjust their risk management and governance structure in the upcoming years.
Bail-In Or Bail-Out? A Survey on the ECB's Role of 'Bank-Loss-Absorber of Last Resort'
The framing of 'bail-in' as a key resolution tool within the body of the Bank Recovery and Resolution Directive (“BRRD”) has been hailed by many as the end of public bail-outs. For its effective functioning, policymakers and private counterparties have battled to renovate the liability side of banks' balance sheets so as to boost the loss absorbing capacity of these financial institutions. In the EU this aim has been achieved through the enactment of specific prudential rules. These rules provide for the establishment of a minimum buffer of debt instruments -- so-called 'Minimum Requirement for Eligible Liabilities' (“MREL”) -- to be wiped out or converted into equity in the event of...
Macroprudential Policy Tools
The newly-issued ESRB report "A review of macro-prudential policy in the EU one year after the introduction of the CRD/CRR" aims at offering a broad overview upon the macroprudential measures so far implemented in the EU countries, either on a standalone basis or as implementation of the provisions laid down in the CRR/CRD IV package. By referring to the ESRB report, this short article seeks to scrutinize the current "State of the Art" of macroprudential policy in Italy. In doing so, we seek to explore the different institutional and economic reasons that seem to justify the Italian legislator in maintaining a limited macroprudential framework. Although this regulatory choice may appear reasonable today, we point out that the benefits for Italian credit institutions - and for the overall economy - relative to the non-application of stronger macroprudential instruments might be outweighed by the costs of future financial shocks.
An International Insolvency Law for Sovereign Debt?
In the last three decades, only developing countries dealt with the shadow of debt defaults but the recent European sovereign debt crises showed that even an high-income developed country might be locus of primary concern for sovereign debt insolvency. To deal with the Sovereign Debt restructuring issues the international practice has developed different approaches but none of these has appeared to be decisive. However, despite the inefficiencies of such mechanisms, the Euro zone financial crisis has showed the emergence of a common core of legal principles that are to be recognized as fundamental pillars of a common International Sovereign debt restructuring framework.
