Since 1 January 1999,the European Central Bank (ECB) has borne responsibility for the euro, the single currency now adopted in twelve of the fifteen Member States of the European Union. This responsibility not only fundamentally changes economic parameters, but also has important legal implications. Like the single currency itself, the ECB is a creation of law, more specifically of EC law. It is thus the first central bank in the world to be wholly governed by a set of supranational rules. This new work offers an in-depth analysis of this unique organisation and aims to promote a better understanding among academics and practitioners of the tasks and activities of the ECB. The work is divided into 5 parts. The first is an analysis of the place of the ECB in the EU and its relationship with the institutions of the EC. The second part analyses the relationship between the ECB and national central banks. The third part looks at the decision-making process inside the ECB, the legal instruments adopted by the ECB and the different ways in which they are effective and enforced in the national legal orders. The fourth part examines the participation of central banks of Member States which have not yet adopted the euro in the work of the ECB, and the final part analyses the actions of the ECB as an international legal person.
The signing of the Treaty on European Union (TEU) propelled the Member States into the European Monetary Union (EMU) leading directly to the transfer of authority over monetary policy to the European System of Central Banks (ESCB),leaving Central Banks in the Member States to implement its decisions. This vital shift has led to calls for a fresh assessment of the independence status of the ECB. The question of central bank independence and its impact on economic performance has been extensively studied, but the equally important question of democratic accountability has been largely ignored. The study offers an explanation of what the concept means in the context of central banks, and suggests criteria by which the democratic accountability can be evaluated. The present system of democratic accountability in a number of central bank systems is scrutinized, and contrasted against possible future models for the ECB. The author asks whether and to what extent the ECB will be democratically accountable, to what extent reinforcement might be required, what influence will this have on monetary policy, and the extent to which existing democratic mechanisms in the Member States are likely to remain applicable. In the course of this study six national central bank systems are analysed, including the Bank of England, the Banque de France, the Deutsche Bundesbank, the Nederlandsche Bank, the Reserve Bank of New Zealand, and the Federal Reserve System (Fed), and the ESCB and ECB. Fabian Amtenbrink is a Lecturer in European and Economic Law, and an associate of the CRBS at the University of Groningen.
This book looks at the European Community's progress towards economic and monetary union, and in particular the issues involved in the creation of a European Central Bank and the lessons that may be learned from the US experience.
Bank M&As in Central Eastern Europe An intensified competition is taking place in the international financial markets influenced by technological changes and to a great extent the increased integration of financial markets. Throughout the 1990th one has seen a large process of financial consolidation in the European Union due to the implementation of the single market for financial services in the beginning of the decade and more recently the introduction of the Euro. With continuously high economic growth in Central Eastern Europe (CEE) and the expansion of the European Union towards east, a similar process of consolidation is now taking place in this region. Banks play an important role in such a process, where especially foreign banks have been active on the CEE market helping in the transition of the economies and improving efficiency in the financial sectors. This book analyses, in retrospective, the expansion of Raiffeisen International AG''s expansion into CEE with a focus on the challenging task of valuing potential acquisition targets.
This book continues the series Select Proceedings of the European Society of International Law, containing the proceedings of the Third Biennial Conference organised by ESIL and the Max Planck Institute for Comparative Public Law and International Law in 2008. The conference was entitled 'International Law in a Heterogeneous World', reflecting an idea which is central to the ESIL philosophy. Heterogeneity is considered one of the pillars upon which Europe's contribution to international law is built and the subject was considered in a number of panels, including such diverse topics as migration, the history of international law, the rules on warfare and international environmental law.
After an extended period in which the European Community has merely nibbled at the edges of national contract law, the bite of a 'European contract law' has lately become more pronounced. Many areas of law, from competition and consumer law to gender equality law, are now the subject of determined efforts at harmonisation, though they are perhaps often seen as peripheral to mainstream commercial contract law. Despite continuing doubts about the constitutional competence of the Commission to embark on further harmonisation in this area, European contract law is now taking shape with the Commission prompting a debate about what it might attempt. A central aspect of this book is the report of a remarkable survey carried out by the Oxford Institute of European and Comparative Law in collaboration with Clifford Chance, which sought the views of European businesses about the advantages and disadvantages of further harmonisation. The final report of this survey brings much needed empirical data to a debate that has thus far lacked clear evidence of this sort. The survey is embedded in a range of original and up-to-date essays by leading European contract scholars reviewing recent developments, questioning progress so far and suggesting areas where further analysis and research will be required
Although the evolution of the functions of the Central Bank since its inception until the present time, the regulatory mechanisms owned by central bank makes him the institution that stands at the top of the pyramid banking, and this confirms the importance of the active role played by central banks in the comprehensive control over the banking sector and capital market. In light of current economic conditions and intense competition in the banking sector, central bank should be more tightness and activating its regulatory mechanisms to force commercial banks to commit the principles of good corporate governance; and to ensure the commitment of the central bank of its role, it must be a legal framework defines the responsibility of the Central Bank , so that it enables us to account the central bank if it Shortened in its oversight role in order to determine the real reasons for the occurrence of any financial scandals or economic crises with full transparency. In other words, it is the time to define ‘who regulates the regulator’ by a provision of law for the establishment of legal responsibility at the top of the pyramid banking, and to ensure the economic stability.
As part of the European integration, an ambitious programme of harmonisation of European private law is taking place. This new edition in the Swedish Studies in European Law series, the work of both legal scholars and politicians, aims to create a modern codification in the tradition of the great continental codifications such as the BGB and the Code Civil. A significant step towards this development was taken in 2009 with the creation of the Draft Common Frame of Reference which contains model rules for a large part of central private law. The process raises a number of questions. What are the advantages and disadvantages of such an intensive process of harmonisation? Are there lessons to be learnt from the Europeanisation of private law through history? Are there any further steps which have been taken in order to create a European private law? What is the future of European private law? These crucial questions were discussed at a conference in Stockholm, sponsored by the Swedish Network of European Legal Studies. This important volume includes the answers offered by leading scholars in the field.
Key features - Analyses the major challenges posed by the accommodation of religious diversity at the national and international level in Europe - Criticises traditional understandings of a secular state and advances a new understanding of secularism that focuses on the reconciliation of diversity - Examines the central controversies in the law and religion debate - such as the accommodation of Shari'a in Europe, religious discrimination and conscientious objection About this book The accommodation of diverse religious practices and laws within a secular framework is one of the most pressing and controversial problems facing contemporary European public order. In this provocative contribution to the subject, Lorenzo Zucca develops a new picture of what secularism means and how Europe can reconcile its religious diversity. Readership Legal academics and practitioners working in areas dealing with social and religious integration; moral and political philosophers and students investigating secularism; religious studies scholars BIC Subject - Jurisprudence & philosophy of law - Religion & politics
This volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an authoritative account of the evolution of central banking. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers. Important contributions by leading central bankers from around the world, and the related Per Jacobsen lecture by Alexander Lamfalussy, are also included in the volume.
The transfer of monetary policy to the supranational level has substantially changed the European central banking framework and confronted the NCBs with their new role as members of the Eurosystem. This membership has affected the governance structures of NCBs, with the emphasis on Governors and their independence. Most of the changes relate to the fulfilment of tasks of the Eurosystem and the level of independence needed by the NCBs to carry out these tasks. On the basis of the Statute for the central bank of Estonia, amendments are proposed reflecting best practices for central bank tasks, independence and accountability.
In the wake of the Eurozone crisis and Brexit the European Union faces difficult questions about its future. In this debate, the law has a central role to play. But what exactly is EU law about? And why do its Member States respect the commitments they made when they signed the treaties so much more effectively than other treaty-based regimes?
This book presents an outline of the emerging multi-level system of contract law in Europe and discusses the law of contract at national, European, and international levels but in an integrated, horizontal fashion. At the national level the focus is mainly, but not exclusively, on English, French and German law, while at the European level both the acquis communautaire and Common Frame of Reference are carefully analysed. At the international level the author concentrates on the Vienna Sales Convention (CISG) as the central instrument and special attention is paid to the dynamic of the Europeanisation process throughout. The main horizontal issues addressed in the book include: formation, validity, standard terms, interpretation and contents, contract and third parties, supervening events, and non performance and remedies. The book is not limited to a mere discussion of the ‘black letter law’; instead, subjects are placed, where relevant, in the light of the theoretical insights gained from contract theory, and economic and political analysis.
Academic attention has,in recent years, increasingly focused upon the Europeanization of national legal orders. The interaction of domestic and supranational standards, while often presented as problematic, enables national courts to use European law as a reference point against which to develop domestic principle and practice. The effects of such borrowing can be far-reaching. Courts may assume an enhanced institutional role relative to other branches of the State and individuals may benefit from the introduction of new remedies and principles of judicial review. This book examines the dynamics of the process whereby UK courts borrow principle and practice from European law. It argues that recent internal developments in UK law, notably the passage of the Human Rights Act, present new possibilities for legal integration. Although UK courts have already demonstrated a willingness to use European law creatively, the book suggests that integration has been unduly constrained by the previously unincorporated status of the ECHR and by the courts’ justification for the reception of EU law. Focusing in particular on the principles of administrative law applied by courts in judicial review proceedings, the book highlights how the emergence of new principles of review has been frustrated by the courts’ inability to view EU law and the ECHR as part of an interlocking whole. The book’s central argument, therefore, is that the Human Rights Act, coupled with the more general programme of constitutional reform introduced by New Labour, now offers the courts the opportunity to reassess the nature of the interactive relationship that domestic law has with European law. UK Public Law and European Law: The Dynamics of Legal Integration will be of interest to public lawyers, European lawyers and political scientists alike. It offers a comprehensive overview of existing jurisprudence dealing with the reception of European law into the domestic order. More significantly, it places that jurisprudence within the wider context of legal and political change ongoing within and without the United Kingdom.
This essay is an attempt to analyze the precedent law of the European Court of Human Rights. The essay analyzes the precedent law as a theory and its models giving examples on national legal systems. The precedent law of the European Court of Human Rights is one of the complicated issues, because there is not general theoretical view on it. The precedent law of the Court is developing and gains new features. The Court uses its previous consequences in previous decisions on a subsequent case as a precedent norm. The Court creates a case law system that influences legal reforms in national legal order. The aim of the essay is also to analyze modern views on precedent law of the Court and on its influences into national legal systems analyzing example of Azerbaijan Republic by using the analyzing model of methodology for research aims.