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
{"title":"The ESM Pandemic Crisis Support Facility: A Changing Conditionality?","authors":"M. Megliani","doi":"10.54648/eulr2022007","DOIUrl":"https://doi.org/10.54648/eulr2022007","url":null,"abstract":"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.\u0000ESM, Conditionality, Pandemic Crisis Support facility, Covid-19 Related Healthcare, Justifications","PeriodicalId":53431,"journal":{"name":"European Business Law Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47110443","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
{"title":"Challenges Ahead for the EU Banking System","authors":"Christos V. Gortsos","doi":"10.54648/eulr2022016","DOIUrl":"https://doi.org/10.54648/eulr2022016","url":null,"abstract":"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.\u0000Global 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","PeriodicalId":53431,"journal":{"name":"European Business Law Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46637955","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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).
{"title":"The Role and Potential of Blockchain Technology in Islamic Finance","authors":"J. Truby, A. Dahdal, O. Ismailov","doi":"10.54648/eulr2022005","DOIUrl":"https://doi.org/10.54648/eulr2022005","url":null,"abstract":"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.\u0000Fintech, Blockchain, Distributed Ledger Technology, Islamic Finance, Shariah-compliance, Cryptocurrency, Bitcoin, OneGram, Financial inclusion, Sustainable Development Goals (SDG).","PeriodicalId":53431,"journal":{"name":"European Business Law Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48514465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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.
{"title":"Comment: The Law on Succession for Sole Proprietors in Austria, Poland and Switzerland","authors":"Rafał Wrzecionek","doi":"10.54648/eulr2022011","DOIUrl":"https://doi.org/10.54648/eulr2022011","url":null,"abstract":"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.","PeriodicalId":53431,"journal":{"name":"European Business Law Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47104960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
{"title":"Regulation of Algorithmic Trading: Frameworks or Human Supervision and Direct Market Interventions","authors":"Joseph Lee, Lukas Schu","doi":"10.54648/eulr2022006","DOIUrl":"https://doi.org/10.54648/eulr2022006","url":null,"abstract":"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.\u0000Algorithms, high frequency trading, machine learning, financial regulation, MIFIDII, ESMA, FCA, SEC, circuit breaker, systemic risk","PeriodicalId":53431,"journal":{"name":"European Business Law Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45531994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
{"title":"Equivalence Decisions in the EU and UK Financial Services Sectors Post-Brexit","authors":"Emil Nästega°rd","doi":"10.54648/eulr2022021","DOIUrl":"https://doi.org/10.54648/eulr2022021","url":null,"abstract":"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.\u0000Equivalence 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","PeriodicalId":53431,"journal":{"name":"European Business Law Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44433831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
{"title":"The Challenge of Regulatory Complexity","authors":"A. Horsch, Jacob Kleinow","doi":"10.54648/eulr2022019","DOIUrl":"https://doi.org/10.54648/eulr2022019","url":null,"abstract":"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.\u0000Theory of regulation, (regulatory) complexity, institutional change, EU banking regulation","PeriodicalId":53431,"journal":{"name":"European Business Law Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48659981","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
{"title":"Reconciling Lopsided Mandates, Secondary Objectives and the Importance of Sustainability: The Role of the European Central Bank in the Single Supervisory Mechanism","authors":"Kern Alexander","doi":"10.54648/eulr2022015","DOIUrl":"https://doi.org/10.54648/eulr2022015","url":null,"abstract":"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.\u0000Banking Union, Single Supervisory Mechanism, European Central Bank, banking supervision, price stability, secondary objectives, monetary policy, economic policy, sustainability, regulation","PeriodicalId":53431,"journal":{"name":"European Business Law Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48703749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
{"title":"Digital Finance and Beyond in the Third Decade of the 21st Century - Observations with a Focus on the EU Policy and Legal Perspective","authors":"Gudula Deipenbrock","doi":"10.54648/eulr2022014","DOIUrl":"https://doi.org/10.54648/eulr2022014","url":null,"abstract":"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.\u0000Fintech, financial technology, Digital Finance, financial regulation, financial supervision, digital transformation, EU Digital Finance Strategy, 2030 Digital Compass, artificial intelligence, twin green and digital transitions","PeriodicalId":53431,"journal":{"name":"European Business Law Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48759571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
{"title":"The Journey to Open Finance: Learning from the Open Banking Movement","authors":"Francesco De Pascalis","doi":"10.54648/eulr2022018","DOIUrl":"https://doi.org/10.54648/eulr2022018","url":null,"abstract":"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.\u0000Open finance, datafication, digitisation, open banking, APIs, PSD2, Consumer Data Right, reciprocity, consumer education","PeriodicalId":53431,"journal":{"name":"European Business Law Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42572896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}