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

314 Pages Posted: 6 Mar 2019

See all articles by Christos Gortsos

Christos Gortsos

National and Kapodistrian University of Athens

Date Written: January 31, 2019

Abstract

The present study undertakes a comprehensive overview of the evolution of European (EU) banking law under the influence of public international banking law. It is structured in two Chapters.

Chapter I, entitled “Public International Financial Law (Regulation)” contains four Sections: Section A gives the definition, presents the branches and undertakes a brief overview of the historical evolution of public international financial law (PIFL), in three periods. The following Section B discusses the four levels of the making and enforcement of public international financial law (political decision-making – adoption of the rules – coordination – indirect enforcement of rules) and its sources, with emphasis on the ‘Compendium of Standards and Codes’ of the Financial Stability Board (FSB). Section C presents then the international fora adopting international financial standards and the Committee on the Global Financial System. The Basel Committee on Banking Supervision, which is the main forum setting standards pertaining to public international banking law, is discussed in more details in Section D.

Chapter II, entitled “European (EU) Banking Law (Regulation)” is more detailed and structured in six Sections: Section A gives the definition and the branches of EU financial law and then undertakes a brief overview of its historical evolution, in four periods. Appendix I discusses in more details the procedure for the making of EU financial law after the recent (2007-2009) international financial crisis. Section B presents the developments in EU financial law as a result of the ongoing fiscal crisis in the euro area, which leads to the presentation of the European Banking Union (EBU), including the pending issues in relation thereto. The following Sections C and D present, in turn and briefly, the two main pillars of the EBU, namely the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). Section E contains then an analysis of the Deposit Guarantee Schemes Directive (DGSD) of 2014 and Section F briefly presents the Emergency Liquidity Assistance (ELA) mechanism, which refers to last resort lending to viable credit institutions in the euro area by the national central banks – members of the Eurosystem.

Keywords: public international financial law, standard setting bodies, Compendium of Standards and Codes, Financial Stability Board FSB, Basel Committee on Banking Supervision, EU banking law, European Banking Union EBU, Single Supervisory Mechanism SSM, Single Resolution Mechanism SRM, DGSD, ELA mechanisism

JEL Classification: E50, E58, F36, G01, G21, G28, G32, G33, K20, K23, K33, L80

Suggested Citation

Gortsos, Christos, The Evolution of European (EU) Banking Law under the Influence of (Public) International Banking Law: A Comprehensive Overview (January 31, 2019). Available at SSRN: https://ssrn.com/abstract=3334493 or http://dx.doi.org/10.2139/ssrn.3334493

Christos Gortsos (Contact Author)

National and Kapodistrian University of Athens ( email )

Akadimias 45
Athens, 10672
Greece

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