This paper aims at describing the forthcoming EU framework for crisis management in the banking and financial sector, as designed by the European Commission after the recent financial turmoil. In particular, the aforesaid framework will determine a set of legal instruments to face any new international crisis, strengthening the powers of the Member States’ competent Authorities and the cooperation among them. Primarily, we will focus on the scope and objectives of the new European regime. Then we will describe the different legal measures it should provide (preparatory and preventative measures; early intervention; resolution tools and powers). Finally, we will hint at the Commission’s proposals to solve the crucial problems arising from the default of cross-border banking groups and we will outline the necessary steps to complete the above-mentioned European framework.
TOWARDS A NEW EU FRAMEWORK FOR CRISIS MANAGEMENT IN THE BANKING AND FINANCIAL SECTOR
CIRAOLO, Francesco
2012-01-01
Abstract
This paper aims at describing the forthcoming EU framework for crisis management in the banking and financial sector, as designed by the European Commission after the recent financial turmoil. In particular, the aforesaid framework will determine a set of legal instruments to face any new international crisis, strengthening the powers of the Member States’ competent Authorities and the cooperation among them. Primarily, we will focus on the scope and objectives of the new European regime. Then we will describe the different legal measures it should provide (preparatory and preventative measures; early intervention; resolution tools and powers). Finally, we will hint at the Commission’s proposals to solve the crucial problems arising from the default of cross-border banking groups and we will outline the necessary steps to complete the above-mentioned European framework.Pubblicazioni consigliate
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