Christos Gortsos

National and Kapodistrian University of Athens

Professor of Public Economic Law

Akadimias 45

Athens, 10672

Greece

  • National and Kapodistrian University of Athens

SCHOLARLY PAPERS

32

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14

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39

Ideas:
“  I am currently working on the impact of the coronavirus on EU financial stability  ”

  • National and Kapodistrian University of Athens

Scholarly Papers (32)

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1.

Pandemic Crisis and Financial Stability

European Banking Institute Working Paper Series Forthcoming
Number of pages: 481 Posted: 22 May 2020
Christos Gortsos, Wolf-Georg Ringe, Danny Busch, Eddy Wymeersch, Blanaid J. Clarke, Matthias Lehmann, Christos Hadjiemmanuil, Marco Lamandini, David Ramos Muñoz, Luis Silva Morais, Filippo Annunziata, Michele Siri, Bart Joosen, Concetta Brescia Morra, Luca Enriques, Marco Pagano, Antonella Sciarrone Alibrandi and Claudio Frigeni
National and Kapodistrian University of Athens, University of Hamburg - Institute of Law & Economics, Radboud University Nijmegen - Institute for Financial Law (IFR), Ghent University - Financial Law Institute, Trinity College Dublin - School of Law, University of Bonn, London School of Economics & Political Science (LSE), University of Bologna - Department of Business Law, Universidad Carlos III de Madrid, University of Lisbon - School of Law. Jean Monnet Chair – Economic Regulation in the EU, Bocconi University - Department of Law, University of Genoa - Law Department, European Banking Institute, University Rome III, Department of Law, University of Oxford Faculty of Law, University of Naples Federico II - Department of Economics and Statistics, Università Cattolica and Università Cattolica del Sacro Cuore
Downloads 1,345 (16,754)
Citation 1

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2.

The Single Resolution Mechanism (SRM) and the Single Resolution Fund (SRF): Legal Aspects of the Second Main Pillar of the European Banking Union (Fifth- Extended and Fully Updated - Edition)

Number of pages: 336 Posted: 06 Oct 2015 Last Revised: 04 Jun 2019
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 1,198 (19,890)
Citation 12

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European Banking Union, SRM, SRF, SRB, Preparation for Resolution, MREL, TLAC, Resolution Objectives, Powers and Tools, NCWO Principle, Bail-In, Precautionary Recapitalisation, Winding-Up

3.

Legal Aspects of the European Central Bank (ECB) - The ECB within the European System of Central Banks (ESCB) and the European System of Financial Supervision (ESFS) - Second (Extended and Updated) Edition

Number of pages: 168 Posted: 23 Apr 2018 Last Revised: 21 Sep 2018
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 898 (30,355)
Citation 1

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EMU, ESCB, ECB, monetary policy, asset purchase programmes (APPs), emergency liquidity assistance (ELA), ESFS, micro-prudential supervision, macro-prudential oversight, significant and less significant credit institutions

4.

The Evolution of European (EU) Banking Law under the Influence of (Public) International Banking Law: A Comprehensive Overview (Third fully updated edition)

Number of pages: 318 Posted: 06 Mar 2019 Last Revised: 19 Jan 2021
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 526 (61,927)
Citation 2

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public international financial law, standard setting bodies, Compendium of Standards and Codes, Financial Stability Board FSB, Basel Committee on Banking Supervision, EU banking law, BU, SSM, SRM, DGSD ,ELA mechanism, pandemic crisis

5.

The Evolution of European Banking Law: From the Principle of National Treatment to the European Banking Union

Number of pages: 31 Posted: 04 Oct 2015
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 431 (78,832)
Citation 1

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European Banking Union, ESFS, SSM, SRF, SRM, ESRB, credit institutions, ECB, micro-prudential supervision, micro- and macro-prudential regulation, macro-prudential oversight, resolution of credit institutions, deposit guarantee schemes

6.

The Response of the European Central Bank to the Current Pandemic Crisis: Monetary Policy and Prudential Banking Supervision Decisions

European Banking Institute Working Paper Series 2020 - no. 68
Number of pages: 25 Posted: 21 Jul 2020
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 417 (82,229)
Citation 2

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pandemic crisis, ECB, ESRB, conventional monetary policy measures, unconventional monetary policy measures, SSM, EBA, micro-prudential supervision, NPLs, “Basel III impact”, macro-prudential buffers, CRR

7.

Stricto Sensu Investor Protection Under the 'MiFID II': A Systematic Overview of Articles 24-30

Number of pages: 210 Posted: 10 Jun 2017 Last Revised: 01 Mar 2018
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 400 (86,023)
Citation 3

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MiFID I, MiFID II, MiFIR, investment services, credit institutions, investment firms, duty to act honestly, best interests of clients, best execution, client order handling rules, manufacturing and distribution of products, inducements, executing orders, retail clients, suitability, appropriateness

8.

The European Supervisory Authorities (ESAs) As 'Direct' Supervisors in the EU Financial System

European Banking Institute Working Paper Series – No. 57 (2020)
Number of pages: 20 Posted: 11 Feb 2020
Christos Gortsos and Katerina Lagaria
National and Kapodistrian University of Athens and Panteion University of Athens - Department of International, European and Regional Studies
Downloads 271 (132,278)

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ESAs, ESMA, EBA, EIOPA, ESFS, supervision of financial institutions, European financial law, EU financial regulation, MiFIR, short selling, credit-rating agencies, trade repositories, EU agencies, regulatory agencies, Capital Markets Union, single rulebook, CJEU

9.

The EU Policy Response to the Current Pandemic Crisis through the Lens of the Eurogroup Report of 9 April 2020: Overview and Assessment (Cut-Off Date: 14 April 2020)

Number of pages: 21 Posted: 21 Apr 2020
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 270 (132,749)
Citation 2

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solidarity, EU fiscal stimulus, EU budget, general escape clause of the EU fiscal framework, Coronavirus Response Investment Initiatives (CRII), European Union Solidarity Fund (EUSF), Eurosystem, Single Supervisory Mechanism (SSM), European Banking Authority (EBA), European Investment Bank (EIB), Em

10.

The 'Comitology Procedure' Under the European Parliament and Council Regulation (EU) No 182/2011 and its Importance for EU Banking Law

ECEFIL Working Paper Series No 2016/14
Number of pages: 34 Posted: 15 Jan 2016
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 264 (135,878)
Citation 6

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TFEU, implementing acts, European banking law, Lamfalussy process, Comitology Regulation, Comitology procedures, examination and advisory procedures, European Commission, Comitology Committees, Appeal Committee

11.

The Role of Deposit Guarantee Schemes (DGSS) in Resolution Financing

European Banking Institute Working Paper Series 2019 – no. 37
Number of pages: 36 Posted: 29 Mar 2019
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 247 (145,175)
Citation 2

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12.

Financial Inclusion: An Overview of Its Various Dimensions and the Initiatives to Enhance Its Current Level

ECEFIL Working Paper Series No 2016/15
Number of pages: 32 Posted: 16 Jan 2016
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 217 (164,393)
Citation 3

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financial inclusion and exclusion, financial literacy, financial education, interaction with monetary policy, financial stability and anti-money laundering terrorist financing preventive measures

13.

A Poisonous (?) Mix: Bail-Out of Credit Institutions Combined with Bail-In of Their Liabilities Under the BRRD – The Use of ‘Government Financial Stabilisation Tools’ (GFSTs)

Paper presented at the Workshop of the Financial and Monetary Law Working Group of the European University Institute (EUI, Florence, 12 October 2016)
Number of pages: 28 Posted: 30 Nov 2016
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 210 (169,561)

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BRRD, credit insitutions, bail-in, bail-out, liabilities, government financial stabilisation tools (GFSTs), SRB, ECB, SRM, SRF, EBA, SRMB, ESM, DRI, SSM, recapitalisation, resolution, winding up

14.

The Power of the ECB to Impose Administrative Penalties as a Supervisory Authority: An Analysis of Article 18 of the SSM Regulation

ECEFIL Working Paper Series No 2015/11
Number of pages: 34 Posted: 30 Oct 2015
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 188 (187,689)

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SSM, Supervision, significant supervised entities, less significant supervised entities, ECB, national competent authorities, European Banking Union, micro-prudential supervision, micro-prudential regulation, macro-prudential regulation, credit institutions, administrative penalties

15.

Institutional and Legal Aspects of the European Banking Union: Status Quo and the Way Forward

Number of pages: 46 Posted: 03 Jan 2018 Last Revised: 30 Jan 2018
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 185 (190,404)
Citation 3

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European Banking Union (EBU), SSM, Single Resolution Mechanism (SRM), MREL, Single Resolution Fund (SRF), European Deposit Insurance Scheme (EDIS), Legislative 2016 'Banking Package', European Monetary Fund (EMF), Common Backstop, EMU, Failures, Regulatory, Supervisory, Macroeconomic Failures

16.

Last Resort Lending to Solvent Credit Institutions in the Euro Area Before and after the Establishment of the Single Supervisory Mechanism (SSM)

This paper was presented in the European Central Bank (ECB) Legal Conference: "From Monetary Union to Banking Union, on the way to Capital Markets Union: new opportunities for European integration" held in Frankfurt on 1-2 September 2015
Number of pages: 24 Posted: 21 Nov 2015
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 180 (195,092)

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last resort lending, European Central Bank (ECB), national central banks, Eurosystem, Emergency Liquidity Assistance (ELA), European Banking Union, Single Supervisory Mechanism (SSM), significant credit institutions, Treaty on the Functioning of the European Union, financial stability mandate

17.

The Impact of the Current Fiscal Crisis in the Euro Area on the Greek Banking System and the Measures Adopted to Safeguard its Stability: An Institutional, Supervisory and Regulatory Perspective

Number of pages: 32 Posted: 26 Apr 2016
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 179 (196,046)
Citation 1

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fiscal crisis, Euro Area, Greek banking system, stability, regulatory, European Banking Union, ECB, European Banking Authority, European Stability Mechanism, IMF, Bank of Greece, ELA, PSI, Hellenic Financial Stability Fund, Hellenic Deposit and Investments Guarantee Fund, recapitalisation

18.

Deposit Guarantee Schemes: General Aspects and Recent Institutional and Regulatory Developments at International and EU Level

Number of pages: 29 Posted: 05 Apr 2016 Last Revised: 06 Apr 2016
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 178 (197,020)
Citation 6

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Deposit guarantee schemes, European Banking Union (EBU), moral hazard, too big to fail, International Association of Deposit Insurers (IADI), Basel process, European Deposit Insurance Scheme (EDIS), European Deposit Insurance Fund (EDIF)

19.

Macro-Prudential Tasks in the Framework of the Single Supervisory Mechanism (SSM): An Analysis of Article 5 of the SSM Regulation

ECEFIL Working Paper Series No. 2015/12
Number of pages: 26 Posted: 04 Oct 2015
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 173 (201,945)
Citation 4

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European Banking Union, SSM, SSM Regulation, macro-prudential oversight, macrodrudential regulation

20.

‘Chinese Walls’ within the European Central Bank after the Establishment of the Single Supervisory Mechanism

This paper was presented at the conference of the University of Siena on: “The Europeanisation of the Payment System, II Edition” (22-24 October 2015)
Number of pages: 18 Posted: 08 Dec 2015
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 156 (220,518)

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European Central Bank (ECB), Single Supervisory Mechanism (SSM), Single Supervisory Mechanism Regulation (SSMR), Chinese walls, separation of supervisory and monetary tasks within a central bank, professional secrecy, ECB's Confidentiality Regime, ECB's Mediation Panel, reputational risk

21.

The Powers of the ESMA in Case of Breach of European Union Law: The Particular Case of Breaching the 'Non Bis in Idem' Principle

Forthcoming, Journal of Financial Law (2017), Nomiki Bibliothiki, Athens
Number of pages: 18 Posted: 27 Dec 2016
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 152 (225,259)

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ESMA, regulation, supervision, ESFS, ESAs, EBA, EIOPA, ESRB, CEBS, CESR, CEIOPS, supervisory authority, breach, EU law, ECHR, Court of Justice, rules of procedure

22.

The Taxonomy Regulation: More Important Than Just as an Element of the Capital Markets Union

European Banking Institute Working Paper Series 2020 - no. 80
Number of pages: 40 Posted: 16 Dec 2020
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 151 (227,758)

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Taxonomy Regulation, Sustainable Finance Disclosure Regulation, Capital Markets Union, Action Plan on Financing Sustainable Growth, environmental objectives, environmentally sustainable economic activities, environmentally sustainable investments, substantial contribution to environmental objectives

23.

A Proposal for a Temporarily Amended Version of Precautionary Recapitalisation Under the Single Resolution Mechanism Regulation involving the European Stability Mechanism

European Banking Institute Working Paper Series 2020 - no. 73
Number of pages: 22 Posted: 10 Sep 2020
Christos Gortsos, Michele Siri and Marco Bodellini
National and Kapodistrian University of Athens, University of Genoa - Law Department and Queen Mary University of London, School of Law - Centre for Commercial Law Studies
Downloads 140 (240,871)
Citation 1

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public policy, credit institutions, NPL, capital requirements, COVID-19, SRB, SRMR, ESM, ECB, Banking Union, CET1

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Packaged retail and insurance based investment products (PRIIPs), packaged retail investment products (PRIPs), retail clients, fluctuations due to exposure to specific factors, direct holding, callable corporate bonds

25.

Safeguarding the Stability of the Greek Banking System Amidst the Fiscal Crisis in the Euro Area: Arrangements Before and After the Establishment of the European Banking Union

Paper presented at the Workshop of the European University Institute (EUI, Florence) on: “The European Banking Union and Its Instruments: Experience from the First Years of an Interplay with National Banking Supervision and Resolution” (2016)
Number of pages: 29 Posted: 04 Dec 2016
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 119 (272,673)

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Stability, banking system, fiscal crisis, EBU, SSM, SRM, SRF, FSSA, IMF, World Bank, Bank of Greece, Economic Adjustment Program, deficit, ELA, PSI, HFSF, HDIQF, recapitalization, credit institution, regulation, resolution, supervision, single rulebook, CRR, CRD, BRRD, capital controls, bank holiday

26.

The Proposed Legal Framework for Establishing a European Monetary Fund (EMF): A Systematic Presentation and a Preliminary Assessment

Number of pages: 56 Posted: 22 Dec 2017
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 112 (284,663)
Citation 3

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EMF, Regulation, Statute, ESM Treaty, Stability Support Operation, Financial Assistance Facilities/Instruments, Agreement, Monitoring Report, MoU, Common Backstop, SRB, SRF, Capital and Lending Capacity, Initial Authorised Capital Stock, Contribution Key, BoG, BoD, Managing Director

27.

The Basel Committee on Banking Supervision through the Lens of Its 2013 Charter

Number of pages: 46 Posted: 18 Jan 2017
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 109 (290,089)
Citation 2

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Basel Committee, BIS, international financial fora, standard-setting bodies, standards, soft law, micro-prudential supervision, regulation, Basel process, GHOS, sound practices, guidelines, RCAP, FSI, Basel III regulatory framework, member jurisdiction and thematic assessments

28.

The Scope of the EU Alternative Investment Fund Managers Directive (2011/61/EU) and Its Significance for EU Investment Funds Law

Forthcoming in “Essays in honour of Ilias Krispis”
Number of pages: 26 Posted: 18 Jul 2017
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 92 (324,593)

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alternative investment funds (AIFs), alternative investment fund managers, EU investment funds law, national private placement regime (NPPR), European venture capital funds, European social entrepreneurship funds, European long-term investment funds, Lamfalussy process, ESMA, UCITS,

29.

The Role of Deposit Guarantee Schemes (DGSs) within the Crisis Management Framework

European Banking Institute Working Paper Series 2020 - no.78
Number of pages: 28 Posted: 01 Dec 2020
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 75 (369,615)

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Deposit guarantee schemes (DGSs), bank runs, stability of the banking system, bank safety net, resolution financing, ‘no creditor worse off (NCWO) principle’, moral hazard, too big to fail, International Association of Deposit Insurers (IADI)

30.

Identifying Groups as ‘Financial Conglomerates’ Under European Financial Law (Directive 2002/87/EC): A Not So Straightforward Exercise

Number of pages: 34 Posted: 08 Nov 2017
Christos Gortsos
National and Kapodistrian University of Athens
Downloads 69 (384,179)
Citation 2

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financial conglomerates, list of financial conglomerates, group-subgroup, regulated entities, mixed financial holding companies, coordinator, financial sector, insurance sector, banking and investment services sector, sectoral rules, significant cross-sector financial activities, financial position

31.

The Prospectus Regulation (Regulation (EU) 2017/1129) and the Recent Proposal for an EU Recovery Prospectus: Elements of Continuity and Change with the Past and the Way Forward

European Banking Institute Working Paper Series 2020 - no. 79
Number of pages: 33 Posted: 08 Dec 2020
Christos Gortsos and Marialena E. Terzi
National and Kapodistrian University of Athens and Goethe University Frankfurt - Institute of Law and Finance
Downloads 60 (412,603)

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Prospectus Regulation, Prospectus Directive, shelf registration mechanisms, materiality of risk factors, SME growth market, disclosure regimes, Universal Registration Document (URD), EU Growth Prospectus, passporting regime, Capital Markets Recovery Package, EU Recovery Prospectus Regulation

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sovereign bond-backed securities (SBBSs), securitisation, diversification of sovereign exposures, underlying portfolio, tranches, special purpose entities (SPEs), European Systemic Risk Board (ESRB), European Securities and Markets Authority (ESMA)