In this paper, we describe the development and current status of anti-manipulation rules as they apply to wholesale electricity and natural gas markets in the United States and the European Union, including the institutions that are responsible for overseeing these rules. We then compare and...

After summarizing the broad lines of the new Single Supervisory Mechanism (SSM) for credit institutions in the European Union, the author deals in his contribution with some specific issues that have generated controversy, such as the criteria to select the credit institutions supervised by the...

In 2007 the greatest economic crisis of the economic system based on the principles of capitalism has began, since the "Great Depression". The last quarter of the 20th century clearly permeated by the globalization of the financial market and at the same time the processes toward its...

The Capital Markets Union is the European Commission's latest policy initiative in the capital markets field. It is a project in the making. Much of it remains to be spelled out and fleshed out. However, the first elements of a future CMU are slowly beginning to emerge. The aim of this paper is...

In March 2020, Covid-19 was declared a pandemic by the World Health Organization. Most European governments reacted with lockdowns. A drop in demand as well as supply disruptions affected the economy which also hit European banks with quite a lot of uncertainty, not only regarding possible...

As a result of the establishment of the Single Supervisory Mechanism, the ECB was vested with significant supervisory tasks in the prudential field. The ECB exercises these tasks with a view to contribute to the safety and soundness of credit institutions and the stability of the financial...

The ESMA has the power under Article 17 of its statutory Regulation to investigate and take further action concerning the failure of a national competent authority to comply with its obligations under the legislation referred to in Article 1(2) of that Regulation and in general if it has not...

The study analyses the most important pillars of institutional framework for macro-prudential policy at the level of the member states of the European Union. The study briefly describe the current – gradually and deliberately coordinated – process of substantive unification process of the...

A repurchase agreement (repo) is the sale of financial assets coupled with a promise to repurchase the same assets at a later date. With similar economic characteristics to secured loans and bank deposits, the repo market is one of the main sources of liquidity for the financial system. Having...

The global financial crisis triggered a vast number of new laws and regulations at international level, including initiatives that can be classified as "soft law". The legitimacy and efficacy of these new norms are subject to intensive academic and political debates. At the same time, soft law...