Financial Regulation in the EU : From Resilience to Growth

Description

Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • a review of the recent regulatory changes from a legal and economic perspective • analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • how to improve securitization and new instruments under MIFID II • issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • how long term funding can be supplied in lieu of the non-conventional monetary policies • a new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes. Read more... Abstract: Financial regulation has dramatically evolved and strengthened since the crisis on both sides of the Atlantic, with enhanced international coordination through the G-20 and the Financial Stability Board and, at the regional level, a definite contribution from the European Union. However the new regulatory environment has its critics, with many divergent voices arguing that over-regulation has become a root cause of our current economic stagnation. This book provides a bigger picture view of the impact and future of financial regulation in the EU, exploring the relationship between microeconomic incentives and macroeconomic growth, regulation and financial integration, and the changes required in economic policy to further European integration. Bringing together contributions from law, economics and management science, it offers readers an accessible but rigorous understanding of the current state of play of the regulatory environment, and on the future challenges. Coverage will include: • a review of the recent regulatory changes from a legal and economic perspective • analysis of how the economic model of financial institutions and entities is impacted by the new frameworks • how to improve securitization and new instruments under MIFID II • issues in the enhanced supervision under delegated acts for AIFMD, CRR-CRD IV and Solvency II • how long term funding can be supplied in lieu of the non-conventional monetary policies • a new architecture for a safer and more efficient European financial system Financial Regulation in the EU provides much needed clarity on the impact of new financial regulation and the future of the economy, and will prove a must have reference for all those working in, researching and affected by these changes Front Matter ....Pages i-xiv Introduction (Raphaël Douady, Clément Goulet, Pierre-Charles Pradier)....Pages 1-5 Front Matter ....Pages 7-7 Political Economy of the European Monetary Institutions and Reform Proposals (Jose-Maria Martin-Flores)....Pages 9-42 Fiscal Sustainability and Fiscal Rules in a Monetary Union: Theory and Practice in Europe (Pierre Aldama)....Pages 43-68 The Composition Effect of New Fiscal Rules in the Euro Area (Jérôme Creel, Francesco Molteni)....Pages 69-84 The Banking Union Revisited (Christian de Boissieu)....Pages 85-103 Front Matter ....Pages 105-105 Regulatory Capture in Financial Supervision (Mathilde Poulain)....Pages 107-122 The Challenges of Regulation of Derivatives (Nasser Saber)....Pages 123-149 The challenges and implications of the Markets in Financial Instruments Directive (MiFID) and of its revision (MiFID II, MiFIR) on the efficiency of financial markets (Roland Gillet, Stéphanie Ligot, Hassan Omidi Firouzi)....Pages 151-198 The Evolution of Insurance Regulation in the EU Since 2005 (Pierre-Charles Pradier, Arnaud Chneiweiss)....Pages 199-251 The Impact of Basel III on the Operations of Retail Banks (Eric Lamarque)....Pages 253-275 The Knowns and the Known Unknowns of Capital Requirements for Market Risks (Jean-Paul Laurent)....Pages 277-307 Reforming Rating Agencies (Philippe Raimbourg, Federica Salvadè)....Pages 309-319 The Regulation of Alternative Investment Funds in Europe: The Alternative Investment Fund Managers Directive (Marco Dell’Erba)....Pages 321-353 The Regulation of CCPs in Europe: The European Market Infrastructure Regulation (EMIR) (Marco Dell’Erba)....Pages 355-382 Front Matter ....Pages 383-383 The Impact of Regulatory Capital Regulation on Balance Sheet Structure, Intermediation Cost and Growth (Hamza El Khalloufi, Pierre-Charles Pradier)....Pages 385-403 Higher Quality Securitization (Daphné Héant, Sophie Vermeille, Yann Coatanlem)....Pages 405-435 Essay on the State of Research and Innovation in France and the European Union (Antoine Kornprobst, Raphael Douady)....Pages 437-472 Back Matter ....Pages 473-486