Financial and monetary integration in the European Economic Community: legal, institutional and economic aspects
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Deventer u.a.
Kluwer Law and Taxation Publ.
1993
|
| Schriftenreihe: | European monographs
5 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVII, 121 S. graph. Darst. |
| ISBN: | 9065447180 |
Internformat
MARC
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| 245 | 1 | 0 | |a Financial and monetary integration in the European Economic Community |b legal, institutional and economic aspects |c Generale Bank Chair Lectures, 1991 - 1992. Jules Stuyck (ed.) Contrib. by N. Bömcke ... |
| 264 | 1 | |a Deventer u.a. |b Kluwer Law and Taxation Publ. |c 1993 | |
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| 650 | 7 | |a Monetaire politiek |2 gtt | |
| 650 | 4 | |a Wirtschaftspolitik | |
| 650 | 4 | |a Monetary unions |z European Economic Community countries | |
| 650 | 0 | 7 | |a Wirtschaftliche Integration |0 (DE-588)4066410-7 |2 gnd |9 rswk-swf |
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| 651 | 4 | |a European Economic Community countries |x Economic policy | |
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Datensatz im Suchindex
| _version_ | 1804123543975231488 |
|---|---|
| adam_text | Table of Contents
Preface v
The Authors vii
Introduction ix
List of Abbreviations xi
Table of Contents xiii
I Perspectives of the EMU after Maastricht
Jean Victor Louis 1
1 From Luxembourg to Maastricht 1
2 The Delors Report and the Maastricht Agreement 3
3 The Transitory Period 4
4 The Institutions 6
5 Efficiency and Democratic Legitimacy 9
6 What remains to be done 10
II The Project of a European Central Bank
Jean Victor Louis 13
1 The European Monetary Institute 13
2 The European Central Bank 16
3 Some Concluding Remarks 28
III The Free Provision of Financial Services in the Perspective
of a Single Currency: Implications for Banks
Peter Praet 29
1 Introduction 29
2 The Present Situation 29
3 The Single Currency and the Wholesale Market 30
4 The Single Currency and the Retail Market 30
5 What will be the Proces of Elimination of the Price Distortions 32
5.1 The Pricing of Bank Loans/Deposits 32
5.2 Joint Assets/Liabilities Pricing in Oligopolistic Markets 32
5.3 The Pricing of Payment Services 32
5.4 Regulation and the Pricing of Financial Products 33
5.5 Ceilings on Interest Rates and Cross Subsidisation of Products 33
5.6 Pricing on a European Benchmark 34
xiii
6 Adjusting to the New Environment 35
7 Bibliography 3
IV Economic Aspects of the Second Banking Directive and of the
Proposal for a Directive on Investment Services in the Securities
Field 37
Dirk Heremans
1 Introduction 37
2 The European Financial Integration Process 38
2.1 Fundamental Background Forces 38
2.2 The Role of Regulation 38
2.3 Current Regulatory Barriers and EC Legislative Efforts 40
3 The Second Banking Directive 41
3.1 Modification of the EC Legislative Process 41
3.2 The Regulation Game under the First Banking Coordination Directive 42
3.3 The Regulation Game under the Second Banking Directive 43
4 The Investment Services Directive Proposal 46
4.1 Towards an Internal Market in Securities 46
4.2 Market Segmentation before 1993 47
4.3 Market Integration after 1993 49
5 Regulating Different Categories of Financial Activities 51
5.1 The Directive on Capital Adequacy of Investment Firms and
Credit Institutions 51
5.2 Regulatory Needs for Different Classes of Financial Institutions 51
5.3 Regulations at what Level? 53
6 Conclusion 54
7 References 54
V General Introduction to the Second Banking Directive and the
Proposal for a Directive on Investment Services 57
Wulf Henning Roth
1 Introduction 57
2 Legislative History 58
2.1 1958 1985 58
2.2 1985 1992 61
3 The Second Banking Directive 63
3.1 Three Basic Principles 63
3.1.1 Supervision by National Authorities 63
3.1.2 Single Licence 64
3.1.3 Home Country Control 64
3.1.4 Host Country Control 65
3.2 Harmonisation 65
3.2.1 Authorisation 66
3.2.2 Prudential Supervision 66
3.2.3 Preconditions for establishing Branches and Providing Services 68
3.2.3.1 Services gg
xiv
3.2.3.2 Branch 68
3.2.3.3 Admited Activities 69
3.3 Scope Investment Services 70
3.4 The Concept of Minimum Harmonisation 71
3.4.1 Implications 71
3.4.2 Consequences 72
4 Relationship Between Articles 52 and 59 EEC Treaty and the
Second Banking Directive 73
4.1 Regulatory Arbitrage 73
4.2 The Treatment of Subsidiaries 74
4.3 Establishments Other than Branches 75
4.4 Activities not covered by the Second Directive 76
4.4.1 Freedom to Provide Services 76
4.4.2 Freedom of Establishment 76
5 The General Good Exception 77
5.1 The Notion 77
5.2 Its Function 77
5.3 Scope of Application 78
5.3.1 Financial Structure 79
5.3.2 Monetary Policies 79
5.3.3 Business Conduct 79
5.3.4 Product Related Provisions 80
6 Product Related Contract Law and Conflicts Law 81
6.1 The Problem 81
6.2 The Effect of Article 59 EEC Treaty 82
6.3 Two Issues for Consideration 83
VI The Role of the National Authorities in the Implementation
of the Directives 85
J. L. Duplat
1 Introduction 85
2 Harmonisation within Belgian Law of the Legal Statutes
for all Categories of Credit Institutions 85
3 The Minimum Level of Initial Capital and Own Funds 87
4 Equity Holdings by Credit Institutions 87
5 Control of Qualifying Shareholders of Credit Institutions 88
6 Time has come to rethink the Function of External Auditor
at the Service of Prudential Supervision 89
7 Mutual Recognition and the Home Country Principle 90
8 The Main Issues that may arise in Implementing
the Proposal of ISD 91
9 Final Comments 93
xv
VII External Aspects of the Second Banking Directive 95
Nikolaus Bomcke
1 Introduction 95
2 Principle Standards of Treatment 93
2.1 National Treatment ~
2.2 De Jure or De Facto National Treatment 96
2.3 Reciprocal National Treatment 97
2.4 Comparable or Equivalent Treatment 97
2.5 Identical or Mirror Image Treatment 98
3 Treatment of Branches and Subsidiaries of Third Country Banks 99
3.1 Branches of Third Country Banks 99
3.2 Subsidiaries of Third Country Banks 101
4 The EC Reciprocity Test 101
4.1 Determining the Origin of a Subsidiary 101
4.2 Paragraph 3 of Article 9 102
4.3 Paragraph 4 of Article 9 103
5 Information Duties 105
6 Consistency of the Reciprocity Requirement with
International Obligations of the EC 105
6.1 General Agreement on Trade and Tarrifs (GATT)
Uruguay Round Negotiations 10
6.2 Organisation for Economic Cooperation and Development (OECD) 108
7 Conclusion 109
VIII Concentrations in the Financial Services Sector and
Recent Developments in EC Law 111
Jaques Steenbergen
1 The 1992 Programme and Concentrations in Financial Services 111
1.1 Right of Establishment and Freedom to provide Services HI
1.2 Branches or Subsidiaries 112
1.3 Right of Establishment and Consolidation of (Banking or Insurance)
Licences 112
2 Tax 113
3 Concentrations in the Financial Sector and the Merger Regulation 113
3.1 Mergers, Joint Ventures and Acquisitions of Shareholdings 114
3.1.1 Acquisition of Minority Shareholdings 114
3.1.2 Acquisition of Joint Control: Joint Ventures 114
3.1.3 Mergers and the Acquisition of Controlling Shareholdings 115
3.2 The Merger Regulation 115
3.2.1 Two Key Concepts: Concentrations and Concentrations
with a Community Dimension 115
3.2.2 Concentrations with a Community Dimension 116
3.2.2.1 Appraisal of Concentrations 116
3.2.2.2 Notification and Suspension 117
3.2.2.3 Sanctions 117
xvi
3.2.3 Concentrations which do not have a Community Dimension 118
3.3 Procedural Aspects 118
3.4 The Regulation and the Competition Law of the Member States 120
3.4.1 Concentrations which do not have a Community Dimension 120
3.4.2 Concentrations which do have a Community Dimension 120
3.5 The Regulation and Non Member Countries 121
xvii
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| series | European monographs |
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| spelling | Financial and monetary integration in the European Economic Community legal, institutional and economic aspects Generale Bank Chair Lectures, 1991 - 1992. Jules Stuyck (ed.) Contrib. by N. Bömcke ... Deventer u.a. Kluwer Law and Taxation Publ. 1993 XVII, 121 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier European monographs 5 Europäische Gemeinschaften (DE-588)35439-9 gnd rswk-swf EMU gtt Monetaire politiek gtt Wirtschaftspolitik Monetary unions European Economic Community countries Wirtschaftliche Integration (DE-588)4066410-7 gnd rswk-swf Geschichte (DE-588)4020517-4 gnd rswk-swf Europa Europäische Gemeinschaften. Mitgliedsstaaten Europe Economic integration European Economic Community countries Economic policy (DE-588)4143413-4 Aufsatzsammlung gnd-content Europäische Gemeinschaften (DE-588)35439-9 b Wirtschaftliche Integration (DE-588)4066410-7 s Geschichte (DE-588)4020517-4 s DE-604 Stuyck, Jules Sonstige oth Bömcke, Nikolaus Sonstige oth European monographs 5 (DE-604)BV006154863 5 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006050411&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Financial and monetary integration in the European Economic Community legal, institutional and economic aspects European monographs Europäische Gemeinschaften (DE-588)35439-9 gnd EMU gtt Monetaire politiek gtt Wirtschaftspolitik Monetary unions European Economic Community countries Wirtschaftliche Integration (DE-588)4066410-7 gnd Geschichte (DE-588)4020517-4 gnd |
| subject_GND | (DE-588)35439-9 (DE-588)4066410-7 (DE-588)4020517-4 (DE-588)4143413-4 |
| title | Financial and monetary integration in the European Economic Community legal, institutional and economic aspects |
| title_auth | Financial and monetary integration in the European Economic Community legal, institutional and economic aspects |
| title_exact_search | Financial and monetary integration in the European Economic Community legal, institutional and economic aspects |
| title_full | Financial and monetary integration in the European Economic Community legal, institutional and economic aspects Generale Bank Chair Lectures, 1991 - 1992. Jules Stuyck (ed.) Contrib. by N. Bömcke ... |
| title_fullStr | Financial and monetary integration in the European Economic Community legal, institutional and economic aspects Generale Bank Chair Lectures, 1991 - 1992. Jules Stuyck (ed.) Contrib. by N. Bömcke ... |
| title_full_unstemmed | Financial and monetary integration in the European Economic Community legal, institutional and economic aspects Generale Bank Chair Lectures, 1991 - 1992. Jules Stuyck (ed.) Contrib. by N. Bömcke ... |
| title_short | Financial and monetary integration in the European Economic Community |
| title_sort | financial and monetary integration in the european economic community legal institutional and economic aspects |
| title_sub | legal, institutional and economic aspects |
| topic | Europäische Gemeinschaften (DE-588)35439-9 gnd EMU gtt Monetaire politiek gtt Wirtschaftspolitik Monetary unions European Economic Community countries Wirtschaftliche Integration (DE-588)4066410-7 gnd Geschichte (DE-588)4020517-4 gnd |
| topic_facet | Europäische Gemeinschaften EMU Monetaire politiek Wirtschaftspolitik Monetary unions European Economic Community countries Wirtschaftliche Integration Geschichte Europa Europäische Gemeinschaften. Mitgliedsstaaten Europe Economic integration European Economic Community countries Economic policy Aufsatzsammlung |
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