Εκδόσεις - ECEFIL Working Paper Series



Towards a "European banking Union": the European Commission's proposals on the creation of a 'single supervisory mechanism' in the banking sector
Working Paper Series No 2012/6

Professor Christos Vl. Gortsos

Abstract

The launch on 1 January 1999 of the Economic and Monetary Union within the European Union did not bring about any changes to the regime on the authorisation and micro-prudential supervision of credit institutions incorporated in euro area member states. The academic debate on the creation of supranational supervisory authorities for the European financial system can be tracked back to mid-2000s. On political level, this prospect was essentially put forward, for the first time, in 2009, and only recently, at the 29 June 2012 Euro Area Summit, the euro area Heads of State or Government asked the European Commission to present specific legislative proposals on the establishment of a single supervisory mechanism over credit institutions, in the context of a wider political initiative on the creation of a ‘European Banking Union’. The subject of this paper is to provide a systematic overview of the main provisions of the two Regulation proposals tabled by the Commission on 12 September 2012.

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ECEFIL WP No 2012/6
Αρχείο PDF: 341 Kb



Current Developments in European Banking Law
Working Paper Series No 2012/5

Professor Christos Vl. Gortsos

Abstract

The collapse of financial markets in autumn 2008 and the credit crunch that followed can be attributed to multiple, often inter-related, causes, as identified, among others, in the ‘de Larosière Report,’ published on 25 February 2009, and in particular to the accumulation of excessive risk in the financial system. The financial crisis prompted a broad EU and international effort to develop effective policies to tackle the underlying problems.  In fact, almost the entire existing banking regulation is being revised as a response to the recent financial crisis. The objective of this report is to examine the amendments to take place in European banking regulation.

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ECEFIL WP 2012/5
Αρχείο PDF: 196 Kb



Containing the Sovereign Debt Crisis: European and Greek Responses
Working Paper Series No 2012/4

Professor Constantine Stephanou and Professor Christos Vl. Gortsos

Abstract

The EU treaties and, specifically, the Treaty on the Functioning of the European Union (TFEU) embody no-bailout provisions which aim at deterring both sovereign borrowers and private creditors from irresponsible behaviour. The current sovereign debt crisis has demonstrated the limits of the system. The fall of interest rates expected to occur in high interest-rate countries after the establishment of the Eurozone, rather than benefiting these countries, led to irresponsible borrowing. The responses of the Eurozone to the sovereign debt crisis have been slow, yet, under continuous market pressure, it established sophisticated mechanisms for bailing-out members which are denied market access and for recapitalising banks exposed to bad debt. These mechanisms are examined in the present contributions, with special reference to the Greek case.

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ECEFIL WP No 2012/4
Αρχείο PDF: 595 Kb



“Basel ΙΙΙ”: The reform of the existing regulatory framework of the Basel Committee on Banking Supervision for strengthening the stability of the international banking system
Working Paper Series No 2011/3

Professor Christos Vl. Gortsos

Abstract

“Basel III” regulatory framework is comprised by two reports. These reports are the result of extensive consultations that have taken place since 2008, namely in the middle of the recent (2007-2009) international financial crisis. Their provisions lay down a new international regulatory framework for international banks, by reforming the existing one, in order to strengthen the stability of the banking system.

The present paper, structured in three sections, explores the regulatory framework introduced by these reports. Section A analyses the sources of the new regulatory framework and the rationale for reform. Section B provides an overview of the provisions of Basel III, and Section C contains some concluding remarks.

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ECEFIL WP No 2011/3
Αρχείο PDF: 265 Kb



Reviewing the Administration of Domestic Regulation in WTO and Investment Protection Law:
The International Minimum Standard of Treatment of Aliens as “One Standard to Rule Them All”?
Working Paper Series No 2011/2

Dr. Anastasios Gourgourinis

Abstract

This paper examines equitable treatment standards prescribed by World Trade Organization (WTO) agreements and international investment agreements (IIAs), and argues that the customary minimum standard of treatment of aliens has permeated both specialized fields of international economic law, being their common normative core regarding the administration of domestic regulation vis-à-vis both foreign traders and investors. Ergo, it is demonstrated how the same domestic regulatory measure, affecting foreign traders/investors, is indeed capable of giving equally rise to successful claims before both WTO panels and investment arbitration tribunals.

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ECEFIL WP No 2001/2
Αρχείο PDF: 387 Kb




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