Store International Financial Markets in Europe: Towards a single regulator

Financial Markets in Europe: Towards a single regulator

Edited by Mads Andenas, Yannis Avgerinos


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Despite the high hopes for EU-wide financial stability invested in the European Economic and Monetary Union, it is becoming more and more evident that the limited supervisory role of the European Central Bank has added to an already overcomplicated situation. Although European regulatory competences are now increasingly formalised through detailed rule-making, they remain broad and widely discretionary. It is still the many different national authorities that are regulating or supervising banks and other financial institutions. The root issue¿what is the relationship between an effective European supervisor and the supervisory functions that remain at the Member State level?¿has not yet been adequately addressed.

The essays in this important book ask the question: Given that there is no viable political structure to support an international regulator of financial markets, what can lead to regulatory change in Europe? The authors demonstrate convincingly that if this question is not answered soon¿and especially if the reality of the need for regulation to avert international financial crises is not faced squarely¿then we will continue to experience panic-stricken short-term responses to repeated crises.

Among the core issues of relevance analysed in the book are the following:

  • the increase in systemic risk that accompanies the introduction of the Euro;
  • the inability of mere cooperation between national authorities to handle crises;
  • the European Central Bank as an organisational model for the development of a single European regulator;
  • the persistence of a traditional national character in surrounding areas of law such as contract law and company law;
  • the heretofore intractable problem of the double burden of having to follow more than one set of national rules; and,
  • the apparent inertia of major business players, in spite of the obvious benefits for them of EU level regulation.

    Financial Markets in Europe offers a large and welcome measure of clear thinking to the entire professional community¿regulators, bankers, scholars, insurance professionals, securities managers¿engaged in the complex field of activity guided by monetary policy and supervision of financial markets. Because it raises broad issues and perspectives for a globalised world, it will be of value not only in Europe but to financial services specialists everywhere.

  • Pages 544
    Publish Date 09/25/2003
    Publish Frequency As Needed
    Product Line Kluwer Law International
    ISBN 9789041121592
    SKU 10057815-0001
    Table of Contents
    Introduction, About the Authors Chapter One Cyberlaw: A Potent New Medicine for Health Law on the Internet D. Crolla I. Introduction II. Today’s health care system: from limited Resources to the “wild wild west” of law III. Selected e-health issues IV. Concluding remarks Chapter Two Telemedicine and the E-Commerce Directive S. Callens I. The impact of internet on health care and telemedicine II. The impact of the e-commerce directive on health online III. Conclusion Chapter Three Risks of E-Health J. McMenamin I. Medical Malpractice II. Conclusion Chapter Four Sealing in the Quality: A Classification of Quality Assurance Initiatives for Health-Related Information on the Internet P.Wilson I. Introduction II. Conclusion Chapter Five Enhancing Our Health through E-Ethics and Cybermedicine? K. Dierickx I. Introduction II. Concepts and applications III. New ethical problems? IV. The doctor–patient relationship V. Concluding remarks Chapter Six Bioethical, Geoethical and Commercial Practicality Assessment of the Draft International Convention on Telemedicine and Telehealth M. Rothblatt I. Summary of the draft convention II. Bioethical analysis III. Geoethical analysis IV. Commercial practicality analysis Chapter Seven The European Data Protection Legislation and the Medical Records S. Brillon I. Introduction II. The recording of medical records III. Right of access to the medical record IV. The transfer of health data to third countries V. The use of medical record for Scientific research Chapter Eight The European Perspective on E-Health Arno J.P. Beurden I. Introduction II. E-europe III. Health online IV. E-commerce directive V. Competition issues on the internet VI. What has been accomplished? VII. Concluding remarks Chapter Nine Data Subject’s Consent and Cross-Border Data Processing Christian Dierks I. Introduction II. Directive 95/46/EC of 24 October of 1995 III. Cross-border data processing IV. Derogations according to article 26 V. Data subject’s consent – Primary condition? VI. “secondary” conditions VII. Ehtel working group T6 VIII. Conclusion Annexe 1, Annexe 2, Annexe 3, Index