Download or read book The European Central Bank s Public Sector Purchase Programme PSPP the Prohibition of Monetary Financing and Sovereign Debt Restructuring Scenarios written by Sebastian Grund and published by . This book was released on 2019 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: While many central banks around the world have pursued quantitative easing programmes in recent years responding to the weak inflation outlook, the European Central Bank (ECB) faces unique legal constraints with respect to its Public Sector Purchase Programme (PSPP) launched in 2015. Most importantly, owing to the prohibition of monetary financing enshrined in art.123 of the Treaty of the Functioning of the European Union (TFEU), the ECB may find itself in the -- for the ECB -- unprecedented position of a creditor participating in a sovereign debt restructuring while, at the same time, being confronted with severe legal constraints in accepting any debt cut on its sovereign bond holdings. Against this backdrop, this article sheds some light on the potential legal options available to the ECB, should another debt crisis in the euro area materialise. For this purpose, we will also take a closer look at two seminal judgments by European Courts, delineating the legal boundaries within which the ECB may conduct its non-standard monetary policy.
Download or read book Sovereign Debt Restructuring and the Law written by Sebastian Grund and published by Taylor & Francis. This book was released on 2022-12-30 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book sheds light on the perhaps most important legal conundrum in the context of sovereign debt restructuring: the holdout creditor problem. Absent an international bankruptcy regime for sovereigns, holdout creditors may delay or even thwart the efficient resolution of sovereign debt crises by leveraging contractual provisions and, in an increasing number of cases, by seeking to enforce a debt claim against the sovereign in courts or international tribunals. Following an introduction to sovereign debt and its restructuring, the book provides the first comprehensive analysis of the holdout creditor problem in the context of the two largest sovereign debt restructuring operations in history: the Argentine restructurings of 2005 and 2010 and the 2012 Greek private sector involvement. By reviewing numerous lawsuits and arbitral proceedings initiated against Argentina and Greece across a dozen different jurisdictions, it distils the organizing principles for ongoing and future cases of sovereign debt restructuring and litigation. It highlights the different approaches judges and arbitrators have adopted when dealing with holdout creditors, ranging from the denial of their contractual right to repayment on human rights grounds to leveraging the international financial infrastructure to coerce governments into meeting holdouts’ demands. To this end, it zooms in on the role the governing law plays in sovereign debt restructurings, revisits the contemporary view on sovereign immunity from suit and enforcement in the international debt context, and examines how creditor rights are balanced with the sovereign’s interest in achieving debt sustainability. Finally, it advances a new genealogy of holdouts, distinguishing between official and private sector holdouts and discussing how the proliferation of new types of uncooperative creditors may affect the sovereign debt architecture going forward. While the book is aimed at practitioners and scholars dealing with sovereign debt and its restructuring, it should also provide the general reader with the understanding of the key legal issues facing countries in debt distress. Moreover, by weaving economic, financial, and political considerations into its analysis of holdout creditor litigation and arbitration, the book also speaks to policymakers without a legal background engaged in the field of international finance and economics.
Download or read book The EU Law of Economic and Monetary Union written by Fabian Amtenbrink and published by Oxford University Press, USA. This book was released on 2020 with total page 1649 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative reference work on the legal framework of European economic and monetary union, this book comprehensively analyses the legal foundations, institutions, and substantive legal issues in EU monetary integration.
Download or read book Intercreditor Equity in Sovereign Debt Restructuring written by Astrid Iversen and published by Oxford University Press. This book was released on 2023-03-07 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: The question of intercreditor equity is one of the most contentious issues in debt restructuring, both historically and today. Intercreditor Equity in Sovereign Debt Restructuring maps and establishes the content of these intercreditor equity rules, and analyses how they influence the restructuring process. Through this analysis, Astrid Iversen outlines how creditors can predict their legal rights in the unfortunate event of a debt restructuring and strives to improve our understanding of the boundaries within which a debt restructuring offer must be designed. Iversen also seeks to shed light on the functioning of the legal framework governing sovereign debt more broadly. In this book, she examines whether intercreditor equity rules and the legal framework of sovereign debt are compatible with a debtor state's responsibility to ensure monetary and financial stability and to establish sustainable debt burdens. Iversen also explores how certain intercreditor equity rules constitute an obstacle to sustainable debt restructurings and highlights how the number of different intercreditor equity rules that a sovereign debtor state typically is bound by, as well as the scope of these rules, risk tightening the policy space of debtor states to the extent that it is difficult to design and implement a sustainable debt restructuring. Suitable as an introductory text for readers new to the topic of sovereign debt restructurings, and as an instructive guide for debt management offices, creditors, and their lawyers, this publication provides a comprehensive legal study of intercreditor equity rules in sovereign debt restructuring.
Download or read book European Central Bank Tools and Policy Actions B written by Chase P. Ross and published by . This book was released on 2016 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning in August 2007, the European Central Bank (ECB) used standard and non-standard monetary policies as the global financial markets progressed from initial turmoil to a widespread sovereign debt crisis. This case describes the key features of the ECB's asset purchase programs throughout the Global Financial Crisis and subsequent European sovereign debt crisis. These programs include the Covered Bond Purchase Programs (CBPP1, CBPP2, CBPP3), Securities Markets Program (SMP), Outright Monetary Transactions (OMT), Asset-backed Securities Purchase Program (ABSPP) and the Public Sector Purchase Program (PSPP).In combating the crises, the ECB designed various innovative programs which it successively employed as the crises progressed. While some programs proved highly effective, others were less so. A major program, the OMT, was challenged in court and ultimately found to be within the ECB's legal operating framework.
Download or read book Central Banks and Supervisory Architecture in Europe written by Holzmann, Robert and published by Edward Elgar Publishing. This book was released on 2022-10-07 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: COVID-19 and other recent crises have proved the need to review the state-of-play and implement robust institutional frameworks in the complex, heterogenous and decentralised European financial supervisory architecture, this insightful book outlines what can be done to innovate the current set-up in the face of pressing issues like climate change, BigTech and crypto assets.
Download or read book EU Fiscal Federalism written by and published by Oxford University Press. This book was released on 2023-08-31 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal federalism refers to the division of fiscal powers — powers to tax and spend — between different levels of government. The European Union (EU) is often seen as a legislative giant on clay feet, and one of the principal reasons for this feebleness is the lack of a significant fiscal capacity at the Union level. EU Fiscal Federalism: Past, Present, Future explores ten aspects of the EU's fiscal constitution relating both to the fiscal limits it imposes on Member States and the evolution of its own fiscal policy. Bringing together an international and distinguished group of scholars, this volume analyses the different legal dimensions of fiscal federalism within the EU, from the various aspects of the single market (free movement, banking union, state aid, tax harmonisation) to the EU's budget and Economic and Monetary Union. The essays provide a fascinating overview of the topic as well as a detailed analysis of where EU fiscal federalism stands today and how it might develop in the future. Sweeping and thorough, EU Fiscal Federalism addresses topics vital to maintaining and strengthening the Union's fiscal capabilities. It will appeal to academics and students of European Union law and political economy as well as European policymakers.
Download or read book The Individual in the Economic and Monetary Union written by Ana Bobić and published by Cambridge University Press. This book was released on 2024-01-25 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: A contribution to legal theories of accountability, this book offers pioneering research on the position of the individual in the EU's Economic and Monetary Union. Its premise is that the EU's response to the financial crisis placed undue emphasis on equality of Member States, to the detriment of political equality of citizens. As a remedy, this book reimagines legal accountability as the vehicle for achieving the common interest, by presenting a novel understanding of the relationship between solidarity and equality. Institutionally, the author argues that, by carrying out intensive review of the duty to state reasons, courts can ensure that decision-makers act in the common interest. The book explores judicial review in financial assistance, the monetary policy mechanisms of the European Central Bank, and the Single Supervisory Mechanism. Looking into the future, it tests its theoretical and normative propositions on the newly established Next Generation EU. This title is also available as Open Access on Cambridge Core.
Download or read book The Dynamics of Powers in the European Union written by Christina Eckes and published by Bloomsbury Publishing. This book was released on 2024-09-19 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: Separation of powers is the time-tested touchstone of the legitimate exercise of power in modern democracies. This collection examines decision-making in the EU's multilayered and polycentric constitutional structure through this lens. The focus on separation of powers reveals how strong executive powers collaborate in the EU as a single source of public power, which is not sufficiently counterbalanced by parliaments or the judiciary. The collection explores 3 policy fields marked by crisis: the economic and monetary union (EMU), migration, and trade. Drawing on expertise from across these sectors, with a strong conceptual thread linking all the contributions, this important work illustrates how different branches of government co-determine each others' powers.
Download or read book Treaty on the Functioning of the European Union a Commentary written by Robert Böttner and published by Springer Nature. This book was released on 2023 with total page 1510 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Commentary on the Treaty on the Functioning of the European Union (four volumes) is a major European project that aims to contribute to the development of ever closer conceptual and dogmatic standpoints with regard to the creation of “Europeanised research on Union law”. Following on from the Commentary on the Treaty on European Union, this book presents detailed explanations, article by article, of all the provisions of the TFEU, discussing the application of Union law in the national legal orders and its interpretation by the Court of Justice of the EU. The authors are academics and practitioners from all across Europe and different legal traditions, some from a constitutional law background, others experts in the field of international law and EU law. Reflecting the various approaches to European legal culture, this book promotes a system concept of European Union law toward more unity notwithstanding its rich diversity grounded in national traditions.
Download or read book The Evolution of EU Law written by Paul Craig and published by Oxford University Press. This book was released on 2021-08-19 with total page 1024 pages. Available in PDF, EPUB and Kindle. Book excerpt: This last decade has been particularly turbulent for the EU. Beset by crises - the financial crisis, the rule of law crisis, the migration crisis, Brexit, and the pandemic - European Law has had to adapt and change in a way not previously seen. First published in 1999, the goal then was to reflect on the important developments that had been made since the creation of the EEC. That goal has not changed. From EU Administrative Law through to the Regulation of Network Industries, each chapter in this seminal work assess the legal and political forces that have shaped the evolution of EU law. With new chapters covering the Rule of Law, Judicial Reform, Brexit, Constitutional and Legal Theory, Refugee and Asylum law, and Data Governance, this third edition of The Evolution of EU Law is a must read for any student or academic of EU law.
Download or read book European Union Law written by Steve Peers and published by Oxford University Press. This book was released on 2023-05-24 with total page 1065 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by experts, this innovative textbook offers students a relevant, contextual account of EU law. Under the experienced editorship of Catherine Barnard and Steve Peers, the text draws together a range of expert contributors for rich understanding of each area of the EU law curriculum and to introduce students to key debates in the subject
Download or read book Monetary Policy Implementation written by Ulrich Bindseil and published by OUP Oxford. This book was released on 2004-12-02 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first of its kind, this book is entirely dedicated to the implementation of monetary policy. Monetary policy implementation has gone through tremendous changes over the last twenty years, which have witnessed the quiet end of 'reserve position doctrine' and the return of an explicit focus on short-term interest rates. Enthusiastically supported by Keynes and later by the monetarist school, reserve position doctrine was developed mainly by US central bankers and academics during the early 1920s, and at least in the US became the unchallenged dogma of monetary policy implementation for sixty years. The return of interest rate targeting also corresponds largely to the restoration of central banking principles established in the late 19th century. Providing a simple theory of monetary policy implementation, Bindseil goes on to explain the role of the three main instruments (open market operations, standing facilities, and reserve requirements) and reviews their use in the twentieth century. In closing, he summarizes current views on efficient monetary policy implementation.
Download or read book Monetary Policy in Times of Crisis written by Massimo Rostagno and published by Oxford University Press. This book was released on 2021 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Download or read book EU Constitutional Law written by Koen Lenaerts and published by Oxford University Press. This book was released on 2022-01-16 with total page 1025 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title is a comprehensive textbook of EU constitutional law, setting out the structure, values, procedures, and policies of the European Union. It is a first point of reference for issues of EU constitutional law. The book encompasses six major parts. The first part addresses the formation history of the European Union, the treaties, the accessions, and the withdrawal of the United Kingdom. The second part covers the competences of the European Union. It contains an extensive analysis of the key constitutional principles governing the exercise of competences by the Union and the balance of power between the Union and its Member States, followed by an in-depth anaylsis of EU citizenship and the four freedoms, followed by an overview of the main internal and external policy domains. The third part addresses the role and workings of the various institutions (European Council, Council, European Parliament, Commission, European Court of Justice, and European Central Bank), the position of the Member States of the Union, and various other institutional matters. Part four explores the various decision-making processes, addressing not only the legislative and executive decision-making, but also the budget, CFSP, and external action. The fifth part looks at the legal instruments and the position of EU law in the EU and national legal orders, with an attention to the key principles of primary and direct effect, and the role of fundamental rights and the Charter of Fundamental Rights. The final part sets out the complete and coherent system of judicial protection in the European Union, offering an overview of the various courses of action before the EU courts and in the national legal orders to enforce EU law or to obtain judicial protection.
Download or read book European Variations as a Key to Cooperation written by Ernst Hirsch Ballin and published by Springer Nature. This book was released on 2020-01-02 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Open Access book offers a novel view on the benefits of a lasting variation between the member states in the EU. In order to bring together thirty very different European states and their citizens, the EU will have to offer more scope for variation. Unlike the existing differentiation by means of opt-outs and deviations, variation is not a concession intended to resolve impasses in negotiations; it is, rather, a different structuring principle. It takes differences in needs and in democratically supported convictions seriously. A common core remains necessary, specifically concerning the basic principles of democracy, rule of law, fundamental rights and freedoms, and the common market. By taking this approach, the authors remove the pressure to embrace uniformity from the debate about the EU’s future. The book discusses forms of variation that fall both within and outside the current framework of European Union Treaties. The scope for these variations is mapped out in three domains: the internal market; the euro; and asylum, migration and border control.
Download or read book The European Central Bank written by D. Howarth and published by Springer. This book was released on 2003-05-14 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the complex organisation of the bank, the issues of accountability and the difficult first years of the ECB in operation.
