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

318 Pages Posted: 6 Mar 2019 Last revised: 19 Jan 2021

See all articles by Christos Gortsos

Christos Gortsos

National and Kapodistrian University of Athens

Date Written: December 2020

Abstract

The present study contains a further (second) update of the comprehensive overview of the evolution of European (EU) banking law under the influence of public international banking law. It is structured in two Parts.

Part One, titled “Public International Financial Law (Regulation)” contains four Sections: Section A
gives the definition, presents the various branches, and undertakes a brief overview of the historical
evolution, in three periods, of public international financial law. The following Section B discusses
the four levels of the making and enforcement of public international financial law (political decisionmaking – 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. The new Appendix I briefly discusses the measures taken at global level in relation to financial stability amidst the current pandemic crisis.

Part Two, titled “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 (BU), including the still pending issues in relation thereto. The following Sections C and D present, in turn and briefly, the two main pillars of the BU, namely the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). Section E contains 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. The financial stability measures taken at EU level amidst the current pandemic crisis are discussed in the new Appendix III.

The cut-off date for information included therein is 31 December 2020.

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, BU, SSM, SRM, DGSD ,ELA mechanism, pandemic crisis

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 (Third fully updated edition) (December 2020). 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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