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- Preliminary Material
- Main Text
- Part I Developments at the National Level
- 1 Monetary Sovereignty
- 2 Central Banking Law
- Preliminary Material
- A Introduction
- B Rationale and Functions of Central Banks
- C Monetary Stability and Other Central Bank Objectives
- D Independent Central Banks: Theory and Practice
- Introduction: The relations between the central bank and the government
- The case for monetary independence
- The legal articulation of central bank independence
- The limits of central bank independence
- E Central Bank Accountability and Democratic Legitimacy
- F Supervisory Independence and Accountability
- G Central Bank Reserves and Central Bank Immunity
- H Currency Boards
- 3 Supervision, Regulation, and Financial Stability
- Preliminary Material
- A Introduction
- B Definition of Supervision and Regulation
- C Separation between Monetary and Supervisory Functions
- D Financial Stability
- E The Optimal Number of Supervisory Authorities
- F Public versus Private Supervision
- G Independence versus Politically Directed Process
- H Institution versus Business Function
- I Institution versus Supervisory Function
- J Structural Reforms
- 4 Crisis Management
- Preliminary Material
- A Introduction
- B The ‘Anatomy of a Crisis’
- C Lender of Last Resort
- D Deposit Insurance
- E Bank Resolution and Insolvency
- F Systemic Risk and Systemic Crises
- 5 Law Reform in Emerging Economies
- Preliminary Material
- A Introduction
- B The Importance of the Legal Framework
- C Reform Agenda: The ‘Washington Consensus’
- D Beyond the ‘Washington Consensus’
- E The Law Reform Process
- 5.28
- Stages of the law reform process
- Some features of the law reform process
- Issues in the law reform process
- Methods of law reform
- Part II Developments at the EU Level
- 6 History of Monetary Integration in Europe
- Preliminary Material
- A Introduction
- B Progress Towards Monetary Union in Europe
- C The Maastricht Treaty on European Union
- D Degrees of Integration
- E Optimum Currency Areas
- F Impact of EMU upon Other Regional Groupings
- 7 The Law of the European Central Bank
- Preliminary Material
- A Introduction
- B The European System of Central Banks
- C Objectives of the ESCB
- 7.24
- The primacy of price stability
- D Tasks of the ESCB
- Basic tasks
- Other tasks
- E The Status of the European Central Bank
- F Legal Provisions Regulating the Euro
- G The Future of the Euro
- 8 Economic Governance
- Preliminary Material
- A Introduction
- B Asymmetry of EMU
- C Primary Law Regarding ‘Economic Union’: From Maastricht to Lisbon
- 8.19
- 8.20
- 8.21
- 8.22
- 8.23
- 8.24
- 8.25
- Coordination (‘positive integration’)
- Prohibitions (‘negative integration’)
- D Pre-crisis Secondary Law: The Stability and Growth Pact
- 8.63
- 8.64
- 8.65
- History of the Stability and Growth Pact
- Objectives of the SGP: From the ‘rigid SGP’ to the ‘flexible SGP’
- Practice of the Stability and Growth Pact
- The case of Germany and the Judgment of the ECJ
- E The Fiscal Crisis and Lessons Thereof
- F Strengthening Economic Governance Post Crisis
- G Architecture to Deal with Sovereign Debt Problems in the Eurozone
- H Genuine Economic and Monetary Union
- I Regional Adjustment
- J Concluding Observations
- 9 External Aspects of EMU
- Preliminary Material
- A Introduction
- B Exchange Rate Policy
- C Detailed Analysis of Articles 219 and 138 TFEU
- D International Relations
- E Concluding Observations
- 10 Banking Union
- Preliminary Material
- A Introduction
- B The Rationale of Banking Union
- C The Three Pillars of Banking Union
- D The ‘Missing Pillar’: Lender of Last Resort
- E Concluding Observations
- 11 European Financial Architecture
- Preliminary Material
- A Introduction
- B Models of Integration
- C History of the Legislative Processes to Adopt Financial Regulation in the EU
- D The European System of Financial Supervision
- E Concluding Observations
- 6 History of Monetary Integration in Europe
- Part III Developments at the International Level
- 12 History of International Monetary Cooperation
- Preliminary Material
- A Introduction
- B The International Gold Standard
- C The Inter-war Period
- D The Keynes and White Plans
- E The Bretton Woods Conference
- F The Bretton Woods Regime
- G The Second Amendment to the IMF Articles of Agreement
- H Concluding Observations
- 13 The Law of the International Monetary Fund
- Preliminary Material
- A Introduction
- B The Role and Purposes of the IMF
- C Organizational Issues
- D Financial Issues
- E Special Drawing Rights
- F Current Account Convertibility and the Control of Capital Movements
- G IMF Functions
- 13.79
- 13.80
- 13.81
- 13.82
- 13.83
- Surveillance
- Types of surveillance
- Financial Assistance
- Conditionality
- 13.137
- 13.138
- 13.139
- The history of conditionality
- The legal basis of conditionality
- The rationale of conditionality
- The critique of conditionality
- Conditionality in practice
- Principles underlying the Guidelines on Conditionality
- The provision of information and consequences of ‘misreporting’
- ‘Hard conditionality’ versus ‘soft conditionality’
- Technical assistance
- H The Evolution of IMF Financial Facilities and Policies
- I Concluding Observations
- 14 International Financial Architecture
- Preliminary Material
- A Introduction
- B ‘Soft Law’ and International Financial Standard Setting
- 14.07
- 14.08
- 14.09
- Definition of soft law
- Who is involved in the process of setting international standards for financial markets?
- The Compendium of Standards
- Taxonomy
- Advantages and disadvantages of soft law
- The problems of country ‘ownership’
- Implementation and monitoring observance of standards
- From informal law to formal law
- C The Role of the IMF in Crisis Management
- D The Actors in the International Financial Architecture
- E A New Architecture: Do We Need a World Financial Organization?
- F Concluding Observations
- 12 History of International Monetary Cooperation
- Part I Developments at the National Level
- Further Material
- [3.235.186.94]
- 3.235.186.94
