Latest editorials All articles


Articles found: 231 of 275
Konstantina Panagiannaki

The “Europeanization” of Financial Supervision in the Aftermath of the Crisis

7 December 2015 // english

In the aftermath of the economic crisis, that began in 2007 in the U.S.A. and spread to the European economy, weakening the EU, every discussion about its causes and how to address them was linked to the absence of a suitable supervisory1 framework. The EU has been accused of lacking sufficient legal tools both at a precautionary level as well as for crisis management.2 Even though the internal market of financial services had been making progress, up until 2007 there were no truly centralized3 mechanisms and tools to supervise financial activities, identify their complexity, their risks and the interconnections between... Read more

Ligeti_online-2021(002).jpg Prof. Dr. Katalin Ligeti

Criminal Liability of Heads of Business

A Necessary Pillar in the Enforcement of the Protection of the Financial Interests of the EU

6 December 2015 // english

The 1995 Convention on the Protection of the Financial Interests of the European Communities (hereafter “PIF Convention”) already acknowledged “that businesses play an important role in the areas financed by the European Communities and that those with decision-making powers in business should not escape criminal responsibility in appropriate circumstances.”1 The PIF Convention, therefore, stipulated in Art. 3 a provision on the criminal liability of heads of business.2 Later, the Second Protocol to the PIF Convention extended criminal liability to legal persons.3 From then on, in the EU’s criminal policy, individual criminal liability of senior corporate officials for severe failures of... Read more

Christos Hadjiemmanuil

A Heavily Regulated Industry

The Varied Objectives of Financial Regulation

1 December 2015 // english

The Evolving Nature of Financial Regulation Until the early 1970s, the various national systems of banking regulation had largely monetary objectives. Controls on commercial banking activity (including administratively set interest rates, quantitative limits on credit expansion, and reserve requirements) were imposed for the purpose of preventing the over- or under-expansion of the money and bank credit supply. In addition, in many countries, including the UK and France, the state sought to direct the flow of available credit towards certain economic areas and activities, and away from others. Another policy concern related to the conditions of competition within the banking industry;... Read more

Prof. Dr. Silvia Allegrezza / Olivier Voordeckers

Investigative and Sanctioning Powers of the ECB in the Framework of the Single Supervisory Mechanism

Mapping the Complexity of a New Enforcement Model

1 December 2015 (updated 4 years, 8 months ago) // english

In most publications that deal with the Banking Union, the global financial crisis of 2008 is mentioned in the introductory paragraph. It is also the unavoidable starting point of this contribution, as it is the collapse of the banking sector that has shown the necessity to rethink the mechanism of banking supervision. Economic growth and financial stability have been seriously damaged by the global crisis that has plagued the world since 2007. The financial and banking crisis shed some light on the need for stronger and more efficient supervision but also on the need for a more effective system of... Read more

Andrea Tamietti

Le Principe de Légalité aux Termes de l’Article 7 de la Convention Européenne des Droits de l’Homme

Un bref aperçu de Jurisprudence

1 September 2015 // french

The decision by the European Court of Human Rights in Soros v. France centered on questions regarding the principle of legality in article 7 ECHR. More precisely, the interpretation of “insider trading” was challenged and whether or not it was possible to appraise whether the French national law had forbade this kind of acts at the respective time. As the principle of legality is a fundamental right in the EU Charter, this decision could significantly influence the principle’s interpretation in the European criminal law area.

Read more
Oscar Alarcón Jiménez

Council of Europe Convention Against Trafficking of Human Organs

1 September 2015 // english

The trafficking of human organs (THO) has gone from being an urban legend for many countries to becoming a dark reality that can end in a custodial sentence. Understood as an international problem that demands a response from governments, legislative institutions, and international organizations, it mainly emerges in the context of the inability of countries to cope with the transplantation needs of their patients. The shortage of organs, disparities accentuated by the economic crisis, the vast differences between health systems, and the voracity of unscrupulous traffickers have, in recent years, led to an increase in transplant tourism and the development... Read more