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  1. Multilateralizing deference - a proposal for reforming global financial law
    Autor*in: Lehmann, Matthias; Schürger, Jonas
    Erschienen: 09/12/2021
    Verlag:  European Banking Institute e.V., Frankfurt am Main, Germany

    Deference mechanisms, such as substituted compliance and equivalence, serve important purposes: They open up markets to foreign service providers, avoid double regulation, and reduce market fragmentation. Yet, their current design also has... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 636
    Fernleihe:
    keine Fernleihe

     

    Deference mechanisms, such as substituted compliance and equivalence, serve important purposes: They open up markets to foreign service providers, avoid double regulation, and reduce market fragmentation. Yet, their current design also has considerable weaknesses. The biggest of these is that they are granted unilaterally. This leads to excessive costs, uncertainty, and incomparability in the assessment. States are holding back their recognition of other regimes, which they often mix with unrelated issues. As a consequence, national markets remain shut, and the global economy underperforms. Additionally, international frictions and dangers for financial stability are created.This contribution therefore suggests an alternative way by transferring the assessment of deference to an institution on the international level. This would secure the necessary neutrality, objectivity, and comparability of the analysis; and also save costs. Deference could be based on mutually acceptable criteria, including international standards. It would be carried out by a neutral arbiter such as the IMF, the FSB, or IOSCO. To maintain state sovereignty, the result of the procedure should be considered non-binding. Even with this proviso, multilateral deference would have advantages because it would set a common background for the deference decision that is to be taken at the national level

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
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    Schriftenreihe: EBI working paper series ; no. 107 (2021)
    Schlagworte: Deference; Global Financial Law; Equivalence; Substituted Compliance; Reform; Multilateralism; IOSCO; FSB; Extraterritoriality
    Umfang: 1 Online-Ressource (circa 40 Seiten)
  2. Green Monetary Policy in the EMU and its Primary Law Limits
    Autor*in: Mayer, Matthias; Schürger, Jonas
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    The issue of sustainability has hardly left any sector or area untouched. This also applies to financial markets: the EU Member States are trying to transform their economies into net-zero carbon ones, the Commission has presented a comprehensive... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    The issue of sustainability has hardly left any sector or area untouched. This also applies to financial markets: the EU Member States are trying to transform their economies into net-zero carbon ones, the Commission has presented a comprehensive action plan on sustainable finance, and the ECB and ESAs are increasingly focusing on ESG risks in their supervision. This wave has also reached the field of monetary policy. The ECB has explicitly declared its intention to green monetary policy.This chapter aims to contribute to the ongoing debate on European green monetary policy by addressing its primary legal framework. In a first step, the chapter describes the main instruments envisaged by the ECB to green the Union’s monetary policy. In a second step, the conformity of these measures with EU primary law is assessed. It will be examined whether the ECB has the necessary competences and whether other legal principles prevent the transformation to a green monetary policy. As a result, concrete primary law limits for a green monetary policy are derived from the analysis

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
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    Schriftenreihe: European Banking Institute Working Paper Series ; 2022 - no. 127
    Schlagworte: Green Collateral; Green Bonds; Preferential Purchases; Market Neutrality; Institutional Balance; Price Stability
    Umfang: 1 Online-Ressource (33 p)
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    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 22, 2022 erstellt