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The ESM Pandemic Crisis Support Facility: A Changing Conditionality? ESM流行病危机支持基金:条件的变化?
Q2 Social Sciences Pub Date : 2022-04-01 DOI: 10.54648/eulr2022007
M. Megliani
Since late 2019, the globe has progressively been affected by a pandemic caused by a new virus named Covid-19. To face the economic and social effects of this crisis, the European Union has predisposed a plan hinged on four pillars. The Support to mitigate Unemployment Risks in an Emergency to provide financial assistance for work and jobs. A fund established by the European Investment Bank in favour of small and medium enterprises. A Recovery Fund to stimulate and support European recovery. A Pandemic Crisis Support facility under which the European Stability Mechanism may provide resources without macroeconomic conditionality in favour of direct and indirect healthcare, cure and prevention related to the Covid-19 crisis. With specific reference to this facility, the absence of macroeconomic conditionality questions its compatibility with the ESM and EU Treaties. This problem could have been cured in the amending process of the ESM Treaty. Unfortunately, it was not so and the solution must be sought elsewhere. This may be done by interpreting the no bail-out rule, holding that the no bail-out rule is suspended or finding that the no bailout rule is satisfied by the national recovery and resilience plans. Alternatively, the facility could have been placed under different umbrellas. However, the exceptional features of the facility are not replicable in the ESM context.ESM, Conditionality, Pandemic Crisis Support facility, Covid-19 Related Healthcare, Justifications
自2019年底以来,全球逐渐受到一种名为Covid-19的新病毒引起的大流行的影响。为了应对这场危机的经济和社会影响,欧盟预先制定了一项基于四大支柱的计划。缓解紧急情况下失业风险的支助,为工作和就业提供财政援助。欧洲投资银行为中小企业设立的基金。建立复苏基金,以刺激和支持欧洲的复苏。建立流行病危机支持机制,欧洲稳定机制可在不设宏观经济条件的情况下提供资源,支持与新冠肺炎危机相关的直接和间接医疗保健、治疗和预防。具体到这一机制,宏观经济条件的缺失质疑其与欧洲稳定机制和欧盟条约的兼容性。这个问题本来可以在《欧洲稳定机制条约》的修正过程中得到解决。不幸的是,事实并非如此,必须在其他地方寻求解决办法。这可以通过解释“不纾困”规则来实现,认为“不纾困”规则被暂停,或者发现国家复苏和弹性计划满足了“不纾困”规则。或者,该设施可以放在不同的保护伞下。然而,该设施的特殊功能在ESM上下文中是不可复制的。ESM,条件,大流行危机支持设施,与Covid-19相关的医疗保健,理由
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引用次数: 0
Challenges Ahead for the EU Banking System 欧盟银行体系面临的挑战
Q2 Social Sciences Pub Date : 2022-04-01 DOI: 10.54648/eulr2022016
Christos V. Gortsos
The present paper discusses some recent and current challenges for the banking system in the European Union (EU). While Section 1 develops on its overall robustness before the onset of the pandemic crisis and briefly overviews the regulatory and supervisory responses to preserve its stability amidst that crisis, Section 2 focuses on two challenges relating to potential threats to banking stability in the EU: non-performing loans and negative central bank interest rates. Section 3 addresses then the challenges linked to EU regulatory developments in the fields of sustainable and digital finance. Finally, Section 4 contains a final assessment and the concluding remarks.Global Financial Crisis (GFC), pandemic crisis, financial stability, “Basel III impact”, non-performing loans (NPLs), negative interest rates, Sustainable Finance Strategy, management and supervision of ESG risks, Digital Finance Package, regulation of crypto-assets
本文讨论了欧盟银行系统最近和当前面临的一些挑战。虽然第1节发展了其在疫情危机爆发前的整体稳健性,并简要概述了在危机中保持稳定的监管和监督措施,但第2节重点关注与欧盟银行业稳定潜在威胁有关的两个挑战:不良贷款和央行负利率。第3节论述了与欧盟在可持续金融和数字金融领域的监管发展相关的挑战。最后,第4节载有最后评估和结论性意见。全球金融危机、疫情危机、金融稳定、“巴塞尔协议III影响”、不良贷款、负利率、可持续金融战略、ESG风险管理和监督、数字金融一揽子计划、加密资产监管
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引用次数: 0
The Role and Potential of Blockchain Technology in Islamic Finance 区块链技术在伊斯兰金融中的作用和潜力
Q2 Social Sciences Pub Date : 2022-04-01 DOI: 10.54648/eulr2022005
J. Truby, A. Dahdal, O. Ismailov
Blockchain is the underlying technology upon which cryptocurrencies such as bitcoin are built. Cryptocurrencies have received significant attention in recent years. This focus has obscured the real technical innovation in data storage and retention – that of the so-called ‘blockchain’ digital architecture. Blockchain – also known as ‘distributed ledger technology’ (DLT) – has the potential to change much more than the realm of conventional financial services. The ability to transfer, store and record non-fungible bits of information is an important technical accomplishment that brings the economic dynamics of supply and demand to the digital sphere. This article examines how DLT is (and may in the future) influence the world of Islamic finance. We argue that blockchain has the ability to mediate and harmonise differing shariacompliance regimes thus opening up a single digital market for Islamic financial products and services.Fintech, Blockchain, Distributed Ledger Technology, Islamic Finance, Shariah-compliance, Cryptocurrency, Bitcoin, OneGram, Financial inclusion, Sustainable Development Goals (SDG).
区块链是构建比特币等加密货币的底层技术。近年来,加密货币受到了极大的关注。这种关注掩盖了数据存储和保留方面真正的技术创新——所谓的“区块链”数字架构。区块链——也被称为“分布式账本技术”(DLT)——有可能改变的远远超过传统金融服务领域。传输、存储和记录不可替代信息的能力是一项重要的技术成就,它将供求关系的经济动态带入了数字领域。本文探讨了DLT如何(以及未来可能)影响伊斯兰金融世界。我们认为,区块链有能力调解和协调不同的合规性制度,从而为伊斯兰金融产品和服务开辟一个单一的数字市场。金融科技、区块链、分布式账本技术、伊斯兰金融、伊斯兰教法合规、加密货币、比特币、一金、普惠金融、可持续发展目标(SDG)。
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引用次数: 5
Comment: The Law on Succession for Sole Proprietors in Austria, Poland and Switzerland 评论:奥地利、波兰和瑞士的《个人所有人继承法》
Q2 Social Sciences Pub Date : 2022-04-01 DOI: 10.54648/eulr2022011
Rafał Wrzecionek
The death of a business owner leads to significant implications in business run by such person. The article presents the most important mechanisms aimed at smooth succession of one-person businesses in the Republic of Austria, the Swiss Confederation, and the Republic of Poland. They include appointment of a proxy and power of attorney, which do not expire as a result of death of businessman (principal) and regulations permitting business continuity after the death of a business owner (by the decision of his legal successors), who during his life did not take advantage of legal mechanisms ensuring business continuity after his death.The article focuses on the diversity and attractiveness of these regulations. Despite the fact that the regulations do not eliminate problems in handing over the business to a successor, they have a positive impact on the business succession issues. When granting a power of attorney (or appointment of a proxy), which can constitute a tool ensuring business continuity in Austria or Switzerland immediately after the death of its owner, requires activity of principal-businessman running a specific business activity, the right to continue business activity (continuity) after the deceased business owner who is a natural person is a possibility, which – despite the lack of business owner’s activity to grant such authorization – can be used by his successors.
企业主的死亡会对其经营的企业产生重大影响。本文介绍了奥地利共和国、瑞士联邦和波兰共和国旨在顺利继承一人企业的最重要机制。其中包括任命代理人和授权书,这些授权书不会因商人(委托人)去世而到期,以及允许企业主去世后业务连续性的法规(由其合法继承人决定),而企业主生前没有利用确保其去世后业务持续性的法律机制。这篇文章的重点是这些法规的多样性和吸引力。尽管这些规定并没有消除将企业移交给继任者的问题,但它们对企业继任问题产生了积极影响。授权委托书(或委托代理人)可构成确保在所有者去世后立即在奥地利或瑞士进行业务连续性的工具,授权委托书要求经营特定业务活动的主要商人开展活动时,有可能在自然人已故企业主之后继续开展业务活动(连续性),尽管企业主缺乏授予此类授权的活动,但其继任者可以使用该授权。
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引用次数: 0
Regulation of Algorithmic Trading: Frameworks or Human Supervision and Direct Market Interventions 算法交易的监管:框架或人为监督和直接市场干预
Q2 Social Sciences Pub Date : 2022-04-01 DOI: 10.54648/eulr2022006
Joseph Lee, Lukas Schu
This paper identifies the regulatory gaps that currently exist in algorithmic trading and provides a framework for machine learning regulation in finance. It compares the regulation of algorithmic trading in the capital markets by both human supervision and direct market intervention in the UK, the EU and the US to identify techniques they have in common, as well as local differences. Section II sets out what algorithmic trading is, how it is defined, which of its functions have a positive effect and which are negative for risk and impact. Section III examines how trading risks can be managed by human supervision. Section IV looks at how direct market intervention can mitigate the risks of algorithmic trading, focusing on the circuit breaker requirement. Finally, the liability of the parties involved (traders, firms, and trading venues) are examined and the possible enforcement actions that regulators may take are set out.Algorithms, high frequency trading, machine learning, financial regulation, MIFIDII, ESMA, FCA, SEC, circuit breaker, systemic risk
本文确定了目前算法交易中存在的监管缺口,并为金融领域的机器学习监管提供了一个框架。它比较了英国、欧盟和美国通过人力监督和直接市场干预对资本市场算法交易的监管,以确定它们的共同技术以及地方差异。第二节阐述了什么是算法交易,它是如何定义的,它的哪些功能具有积极影响,哪些功能对风险和影响具有负面影响。第三节探讨了如何通过人为监督来管理交易风险。第四节着眼于直接市场干预如何减轻算法交易的风险,重点关注断路器要求。最后,对相关方(贸易商、公司和交易场所)的责任进行了审查,并列出了监管机构可能采取的执法行动。算法、高频交易、机器学习、金融监管、MIFIDII、ESMA、FCA、SEC、熔断器、系统性风险
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引用次数: 1
Equivalence Decisions in the EU and UK Financial Services Sectors Post-Brexit 英国脱欧后欧盟和英国金融服务业的对等决策
Q2 Social Sciences Pub Date : 2022-04-01 DOI: 10.54648/eulr2022021
Emil Nästega°rd
Financial services are largely left out of the EU-UK Trade and Cooperation Agreement that was reached at the end of December 2020. The issue of cross-border market access for financial services firms based in the EU and in the UK could be resolved by the adoption of mutual equivalence decisions. The UK made a number of equivalence decisions pre-Brexit to allow EU-based financial services firms access to the UK market. The EU has not reciprocated. Consequently, UK-based financial services firms have moved business into the EU to maintain client access. The article discusses advantages and disadvantages of the EU and the UK’s different strategies as regards market access and whether equivalence decisions in the area of financial services can be used to build up a trustful relationship between the EU and the UK post-Brexit.Equivalence decisions, Brexit, pre-Brexit regulation, post-Brexit regulation, financial services regulation, Joint UK-EU Financial Regulatory Forum, market efficiency, market relocation, Singapore-on-Thames, systemic risks
金融服务在很大程度上被排除在2020年12月底达成的《欧盟-英国贸易与合作协定》之外。总部位于欧盟和英国的金融服务公司的跨境市场准入问题可以通过采取相互对等的决定来解决。英国在脱欧前做出了一些对等决定,允许总部位于欧盟的金融服务公司进入英国市场。欧盟没有做出回应。因此,总部位于英国的金融服务公司已将业务转移到欧盟,以保持客户准入。本文讨论了欧盟和英国在市场准入方面的不同战略的优缺点,以及金融服务领域的对等决策是否可以用来在脱欧后建立欧盟和英国之间的信任关系。对等决策、脱欧、脱欧前监管、脱欧后监管、金融服务监管,英国-欧盟金融监管联合论坛、市场效率、市场迁移、泰晤士河畔新加坡、系统性风险
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引用次数: 0
The Challenge of Regulatory Complexity 监管复杂性的挑战
Q2 Social Sciences Pub Date : 2022-04-01 DOI: 10.54648/eulr2022019
A. Horsch, Jacob Kleinow
Financial markets and firms are regulated based on extensive and detailed rulebooks, which numerous organizations enforce. Not only financial regulation but equally its complexity requires justification increasingly. This article addresses the phenomenon of regulatory complexity from an economic perspective. To this end, it revisits the concept of regulatory institutions and explains their increasing complexity. The focus is on European banking regulation. The paper stresses the role of economic and legal research in tackling the complexity of relevant regulation.Theory of regulation, (regulatory) complexity, institutional change, EU banking regulation
金融市场和公司是根据广泛而详细的规则手册进行监管的,许多组织都在执行这些规则。不仅是金融监管,其复杂性也越来越需要理由。本文从经济学的角度探讨了监管复杂性的现象。为此,它重新审视了监管机构的概念,并解释了它们日益增加的复杂性。焦点是欧洲银行业监管。本文强调了经济和法律研究在解决相关法规复杂性方面的作用。监管理论,(监管)复杂性,制度变迁,欧盟银行业监管
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引用次数: 0
Reconciling Lopsided Mandates, Secondary Objectives and the Importance of Sustainability: The Role of the European Central Bank in the Single Supervisory Mechanism 协调分散的授权、次要目标和可持续性的重要性:欧洲央行在单一监管机制中的作用
Q2 Social Sciences Pub Date : 2022-04-01 DOI: 10.54648/eulr2022015
Kern Alexander
The article analyses the institutional and legal framework governing the ECB’s monetary policy competence to promote price stability alongside its banking supervisory objectives as set forth under the Single Supervisory Mechanism Regulation. The article argues that the ECB’s primary mandate to promote price stability in the EU Treaty creates an imbalance in its institutional competence to pursue other secondary objectives referred to in the Treaty and in EU legislation. It is further argued that this so-called lop-sided mandate in favour of the price stability objective may undermine its effectiveness in pursuing other objectives, such as banking sector stability, climate change mitigation and in addressing other emerging financial risks. The article proposes some modifications to the current separation of competences within the ECB in order to achieve more institutional balance so that its objectives can be more effectively carried out.Banking Union, Single Supervisory Mechanism, European Central Bank, banking supervision, price stability, secondary objectives, monetary policy, economic policy, sustainability, regulation
本文分析了管理欧洲央行货币政策能力的制度和法律框架,以促进价格稳定,以及《单一监管机制条例》规定的银行监管目标。文章认为,欧洲央行在《欧盟条约》中促进价格稳定的主要任务,导致其追求《条约》和欧盟立法中提及的其他次要目标的机构能力失衡。有人进一步认为,这种支持价格稳定目标的所谓片面授权可能会削弱其追求其他目标的有效性,如银行业稳定、缓解气候变化和应对其他新出现的金融风险。文章对欧洲央行目前的职权分离提出了一些修改,以实现更多的制度平衡,从而使其目标能够更有效地实现。银行联盟、单一监管机制、欧洲央行、银行监管、价格稳定、次要目标、货币政策、经济政策、可持续性、监管
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引用次数: 1
Digital Finance and Beyond in the Third Decade of the 21st Century - Observations with a Focus on the EU Policy and Legal Perspective 21世纪第三个十年的数字金融及其他领域——以欧盟政策和法律视角为重点的观察
Q2 Social Sciences Pub Date : 2022-04-01 DOI: 10.54648/eulr2022014
Gudula Deipenbrock
The paper explores critically Digital Finance in the third decade of the 21st century. Focus lies on the more general policy and legal approach to Digital Finance at EU level. The paper argues that any legal, regulatory and supervisory approach to Digital Finance has to contemplate also the broader digital transition scenario. It concludes that managing the difficult balancing act between promoting digital innovation for the good of the economy, the society of the European Union and its Member States and tackling its (high) risks appears to be one of the biggest challenges for the coming years.Fintech, financial technology, Digital Finance, financial regulation, financial supervision, digital transformation, EU Digital Finance Strategy, 2030 Digital Compass, artificial intelligence, twin green and digital transitions
本文对21世纪第三个十年的数字金融进行了批判性的探讨。重点在于欧盟层面的数字金融更一般的政策和法律方法。本文认为,任何针对数字金融的法律、监管和监督方法都必须考虑更广泛的数字转型情景。报告的结论是,在促进数字创新以造福经济、欧盟及其成员国社会和应对其(高)风险之间取得艰难的平衡,似乎是未来几年最大的挑战之一。金融科技,金融科技,数字金融,金融监管,金融监管,数字化转型,欧盟数字金融战略,2030数字指南针,人工智能,绿色和数字化双转型
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引用次数: 1
The Journey to Open Finance: Learning from the Open Banking Movement 开放金融之旅:从开放银行运动中学习
Q2 Social Sciences Pub Date : 2022-04-01 DOI: 10.54648/eulr2022018
Francesco De Pascalis
The creation of an open financial data ecosystem is a new frontier to be explored within a financial services industry characterized by the presence of new players, along with traditional financial intermediaries. Spurred by datafication and digitisation, open finance is considered an extension of the open banking foundation launched in Europe through targeted regulation. The open finance journey is just beginning. By taking stock of the open banking experience across jurisdictions, this article examines the future shift from open banking to open finance. Selected critical issues within the open banking context give valuable indications for the development of open finance.Open finance, datafication, digitisation, open banking, APIs, PSD2, Consumer Data Right, reciprocity, consumer education
开放金融数据生态系统的创建是金融服务行业的一个新领域,其特点是新参与者的存在,以及传统的金融中介机构。在数据化和数字化的推动下,开放金融被认为是欧洲通过有针对性的监管推出的开放银行基础的延伸。开放金融之旅才刚刚开始。通过对各司法管辖区开放银行的经验进行评估,本文探讨了从开放银行到开放金融的未来转变。在开放银行背景下选定的关键问题为开放金融的发展提供了有价值的指示。开放金融、数据化、数字化、开放银行、api、PSD2、消费者数据权、互惠、消费者教育
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引用次数: 1
期刊
European Business Law Review
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