In this paper, we examine recent developments and new perspectives of European banking regulation from the viewpoint of multinational banks. Our approach is justified on at least three grounds. First, cross-border banking groups were at the centre of the recent financial turmoil, which seriously...

In this paper we analyse various instances of supervisory centralization either implemented or proposed in Europe in the aftermath of the financial crisis and the sovereign debt crisis. Our central thesis is that supervisory fragmentation is a cause of systemic risk, as cooperation amongst...

This paper contains the European Company Law Experts' response to one of the main issues raised in the European Commission's Action Plan of 12 December 2012, namely how to make corporate governance codes more effective. The concept of “codes' effectiveness” has two meanings: effectiveness of...

This paper contains the European Company Law Experts' response to the report of the European Commission of 28 June 2012 on the application of the Takeover Bids Directive of 2004 and the reform initiatives announced. For evaluating these initiatives the rationale of the mandatory bid rule is...

This paper shows the complexity of some policy issues involved in the reform of European securities regulation and the difficulties encountered in formulating adequate regulatory responses. After reviewing the main criteria which support a claim for securities regulation harmonisation, I analyse...

Capital Markets Union in Europe analyses the legal and economic implications of the European Commission's plans to form a Capital Markets Union (CMU) in Europe, which will have a major impact on financial markets and institutions both in the region and beyond. A detailed introductory chapter...