Filling the gaps in governance : the case of Europe
Title: Filling the gaps in governance : the case of Europe
Citation: Florence : European University Institute; London : Brevan Howard Centre at Imperial College; Milan : Baffi Carefin, Bocconi University, 2016, RSCAS, Florence School of Banking and Finance
The Florence School of Banking and Finance at the European University Institute (EUI) and the Brevan Howard Centre at Imperial College London – in cooperation with BAFFI CAREFIN at Bocconi University – organized a conference on 28 April 2016 at the EUI in Florence with the theme of "Filling the Gaps in Governance: the Case of Europe". The conference brought together leading economists, lawyers, policy-makers and private practitioners to review the most significant gaps in the European Union's incomplete governance and to discuss how they could be addressed. This ebook summarizes their contributions. The first part centres around the debate on the desirability of having a debt restructuring regime in Europe and asks whether the 'no bail-out' requirement and the ‘no debt restructuring’ mantra can be compatible in EMU. The second part analyses the implications of incomplete, horizontal agreements among EU and EMU member states and discusses the sensitive (and largely unsettled) matter of withdrawals, exits and expulsions from participating in those different governance arrangements. In particular, it considers the implications of the referendum on the UK’s membership of the European Union. The third part, lastly, addresses the Banking Union and finds that the newest layer of European governance appears to be plagued by gaps in governance even before it has got off the ground.
Table of Contents:
-- The Contributors -- Acknowledgements -- Preface -- Executive Summary: by Pierre Schlosser -- Bank Regulatory Reform Supporting Growth: The Way out of the Safety Trap. Keynote Speech: Massimo Marchesi and Mario Nava -- Gaps in the Governance of the Euro Area - Dinner Speech: Patrick Honohan -- PART I: Are 'No Bailout' and 'No Debt Restructuring' in the EMU Compatible? -- Talking One's Way Out of a Debt Crisis: Lee C. Buchheit and G. Mitu Gulati -- Are "No Bailout" and "No Debt Restructuring" in the EMU Compatible? A Historical Perspective: Kim Oosterlinck -- Are "No Bailout" and "No Debt Restructuring" in the EMU Compatible? How to understand the dilemma: Martin Sandbu -- Creditor Participation Clauses: Making No Bail-Out Credible in the Euro Area : Jochen Andritzky, Lars P. Feld, Christoph M. Schmidt, Isabel Schnabel, and Volker Wieland -- PART II: Incomplete Contracts? Filling the Governance Gap in the European Union -- The Uk Referendum and Governance of Financial Services: Angus Armstrong -- Reflections on the Interpretation, Scope and Practical Application of Article 50 TEU: Phoebus L. Athanassiou -- Incomplete Contracts? Filling the Governance Gap in the European Union: Niccolò is back!: Ramon Marimon -- Exit Rules for Regions of EU Member States: Roland Vaubel -- Can Greece be Expelled from the Eurozone? Toward a Default Rule on Expulsion From International Organizations: Joseph Blocher, Mitu Gulati and Laurence R. Helfer -- PART III: Gaps in Governance: The Banking Union -- Governance Gaps & Asymmetric Convergence: Piers Haben -- Banking Union: an Incomplete Building: Rosa Lastra -- Banking Union and the ECB as Lender of Last Resort: Karl Whelan -- Bank Self-Insurance, the Safety Net and Stress Testing: Til Schuermann -- Conference Programme Filling the Gaps in Governance: The Case of Europe
Type of Access: openAccess