The European Union institutional package launched in response to the financial crisis used Article 114 TFEU as its legal basis. The author explores the legal basis for one of the European Supervisory Authorities recently established- the European Banking Authority (EBA). The use of Article 114...

Scholars generally assess the usefulness of standard-form securities contracts from the perspective of the firms that use them. But these firm-centric accounts overlook the cumulative impact of standardization on markets. Where the market in question is critical to the financial system, this...

The U.S. residential housing market collapse illustrates the consequences of ignoring risk while funding mortgage borrowing. Collateral over-valuation was a foundational piece of the crisis. Over the past few decades, secondary markets, securitization, policy and psychology increased the flow of...

When things go wrong, it is always good to find someone to blame. As the credit crisis started to unfold in 2007, credit rating agencies (“CRAs”) emerged as the villain – or scapegoat, one might say – for commentators and regulators alike. To sum up, observers accused CRAs of doing a...

The European System of Financial Supervision (ESFS) was established by the EU at the beginning of 2011. Participating in its operation are national authorities and EU bodies (or agencies), which are known as European Supervisory Authorities (ESAs). Under the ESFS, day-to-day supervision remains...

The outbreak and, above all, the continuing economic crisis and recession stress the difficult emergence of social rights both within and outside national borders. Welfare policies have undergone profound changes, inextricably linked to the economic crisis. Even as the legal protection of social...

In the aftermath of the Brexit, the EU is swinging between a vision of enhanced integration, specified by the Five Presidents Report, and a decision by the people of one of its leading member states – the UK – to withdraw this alliance, that may be interpreted as a non-confidence vote in the...

The purpose and methodology of this article is as follows: first, to understand the general nature of the current crisis (banking, financial, debt, currency, constitutional, political) from a socio-legal, economic, ideological and political perspective; then, to analyse the complexity of the...