From 2010 to 2012, the relation between bank stock returns from European Union (EU) countries and the returns on sovereign CDS of peripheral (GIIPS) countries is negative. We use days with tail sovereign CDS returns of peripheral countries to identify the effects of shocks to the cost of...

This paper reviews the first five years of experience with Collective Action Clauses (CACs) for European sovereign debt, focusing on both the legal and the economic dimension. First, we present a chronology of the legislative acts to incorporate CACs in European sovereign debt contracts...

On January 1, 2013, it became mandatory that every new sovereign bond issued by a member of the European Monetary Union include a new contract clause called a Collective Action Clause or CAC. This, we believe, constituted the biggest one-time change to the terms of sovereign debt contracts in...

This paper attempts to analyse some of the factors which may increase the pressure to refer to EU law and EU jurisdictions when drafting contracts, particularly if no agreement is reached between the EU and UK on jurisdictional matters such that there is an absence of an adequate enforcement...

International refugee law is binding upon all European Union member states, however European regional instruments, relocation theories and practices may diverge from the 1951 Geneva Convention and 1967 Protocol. This may lead to the violation of the ius cogens norm of the principle of...

The paper introduces the DCFR, which is essentially the draft of a future EU Code of Obligations and works a bit like the UCC in the USA, as a model commercial code. After a brief historic justification of the draft, there is a presentation of what the DCFR can and cannot do at the present time....

The main objective of the European economical community treaty was to remove the economical barriers between the European member states. For this purpose, the treaty established the single market which has at the base of its function the fourth liberties: the free movement of goods, persons,...

In the legislation of countries in the system of ″common law″, the commission contract is brought under regulation differently, depending on the principle that has been adopted, regarding the extent to which it is permitted the establishment of certain legal effects in the relationships...

The principle of pacta sunt servanda is universally recognized. However, the binding nature of the contract is loosened to a certain extent in all legal systems if the circumstances of the contract change fundamentally. As a summary of a broad comparative analysis of European Contract law, the...

The principle of pacta sunt servanda is universally recognized. However, the binding nature of the contract is loosened to a certain extent in all legal systems if the circumstances of the contract change fundamentally. As an introduction to a broad comparative analysis of European Contract law,...