Stabilizing the financial sector: EU Financial Services 2010–2012
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Christian Hofmann
Abstract
The contribution is a follow-up on the overview published in ERCL 2010, 467 and covers the latest developments in 2011 through the first half of 2012. Whereas the report in 2010 predominantly focused on developments in consumer protection in the financial sector, the latest developments revolve around the management of the recent and ongoing financial and sovereign debt crises (illustrated at A). Most of the developments concern measures that seek to stabilize the financial markets and to reform financial supervision. Above all, the EU tries to strengthen the shaken trust in the stability of the banking sector by enacting a regime for the restructuring and resolution of financial institutions (at B I). Similar efforts apply to sovereign debt where the Euro zone seeks to re-establish market confidence with standardized Collective Action Clauses (at B II). The reputation of Credit Rating Agencies has suffered during the financial crisis, and especially the Euro zone is concerned about their power over the financial markets. As a result, the EU is planning reforms of the regulatory regime (see at B III). Naked short-sales and trades in uncovered Credit Default Swaps are eyed suspiciously for their potentially destabilizing effects and have therefore also been subject to regulation (at B IV). In comparison, consumer protection has not been the focus of recent financial services reforms. However, developments have occurred, and we will focus on the proposal for a directive on consumer credit for residential property (at C).
© 2012 Walter de Gruyter GmbH, Berlin/Boston
Articles in the same Issue
- Masthead
- Codification
- Civil law remedies for violation of Competition Law
- European Community legislation and Actions
- Stabilizing the financial sector: EU Financial Services 2010–2012
- European Union Litigation
- Case note on Banco Español de Credito v Joaquín Calderón Camino
- Case 134/11 Jürgen Blödel-Pawlik v HanseMerkur Reiseversicherung AG
- Books Received
- Lucinda Miller, The Emergence of EU Contract Law – Exploring Europeanization, Oxford: Oxford University Press, 2011, xxii + 255.
- Roger Brownsword,Rights, Regulation and the Technological Revolution, Oxford, Oxford University Press, 2008.
- Francisco Javier Andrés Santos, Christian Baldus and Helge Dedek (eds),Historical Development and European Perspectives: Contract Types in Europe Vertragstypen in Europa – Historische Entwicklung und europäische Perspektiven (Historical Development and European Perspectives: Contract types in Europe), Schriften zum Gemeinschaftsprivatrecht, Sellier European Law Publishers, 2011, 353 pages.
Articles in the same Issue
- Masthead
- Codification
- Civil law remedies for violation of Competition Law
- European Community legislation and Actions
- Stabilizing the financial sector: EU Financial Services 2010–2012
- European Union Litigation
- Case note on Banco Español de Credito v Joaquín Calderón Camino
- Case 134/11 Jürgen Blödel-Pawlik v HanseMerkur Reiseversicherung AG
- Books Received
- Lucinda Miller, The Emergence of EU Contract Law – Exploring Europeanization, Oxford: Oxford University Press, 2011, xxii + 255.
- Roger Brownsword,Rights, Regulation and the Technological Revolution, Oxford, Oxford University Press, 2008.
- Francisco Javier Andrés Santos, Christian Baldus and Helge Dedek (eds),Historical Development and European Perspectives: Contract Types in Europe Vertragstypen in Europa – Historische Entwicklung und europäische Perspektiven (Historical Development and European Perspectives: Contract types in Europe), Schriften zum Gemeinschaftsprivatrecht, Sellier European Law Publishers, 2011, 353 pages.
