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The Architecture of the European Financial Market: Legal Foundations

The Architecture of the European Financial Market: Legal Foundations


European Union financial legislation has evolved from liberalization and deregulation to the harmonization of law, uniform rulebooks and supervisory practices, the establishment of new regulatory agencies, and the federalization of financial market law. In response to the global financial crisis, fundamental changes have been made at the European level to the legal framework of single financial market regulation and supervision. The new regulatory and supervisory developments transfer more powers to the EU and enhance the process of the federalization of financial market law. This alters the paradigm in the functioning of the financial safety net. In which there is significant strengthening of the positions of the new regulatory and supervisory authorities, chich are given binding powers in the sphere of law In action, thus ensuring the effectiveness of norms established at the European level.

Within the framework of a systemic approach to the EU financial market, this book Illustrates the steps taken towards the Integration of the legal and Institutional structures of the financial safety net. The core content of this book addresses the legal foundations of the new supervisory and regulatory architecture that were introduced In European directives and regulations in the aftermath of the global financial crisis.

Abbreviations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Part I
The EU Single Financial Market: A Systemic Approach . . . . . . . . . . . 25
I.1. Legal Integration in EU Financial Market Regulation . . . . . . . . . . 25
I.2. The EU Financial Safety Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Part II
EU Financial Market Regulation
and Supervision After the Global Financial Crisis . . . . . . . . . . . . . . . . 53
II.1. EU Regulatory Response to the Global Financial Crisis . . . . . . . . 53
II.2. Restoring the Single Market
and Creating the Single Rulebook . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
II.3. Establishing the European System
of Financial Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Part III
European Banking Union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
III.1. Rationale behind the European Banking Union . . . . . . . . . . . . . . . 117
III.2. Single Supervisory Mechanism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
III.3. Single Resolution Mechanism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
III.4. European Deposit Insurance System . . . . . . . . . . . . . . . . . . . . . . . . . 139
Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
Legislation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155
Cases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161