European Contract Law in a Changed Banking and Financial Architecture

Stability Design, the Common Good, and Private Party Participation
1. Auflage 2024
ISBN: 978-1-78068-662-2
Verlag: Intersentia Ltd

Buch, Englisch, 258 Seiten, Print PDF, Format (B × H): 160 mm x 240 mm, Gewicht: 500 g

The European Banking Union forms the answer of the EU to the global financial crisis, strongly increasing own funds basis for more robust credit institutions, installing a recovery and resolution regime with strong planning and preventive measures and opting for the supervisory with the broadest reach, the European Central Bank. The first part of the book – after the design of the overall architecture and a clarification of the main policy lines and theoretical underpinnings – describes the main features of this regime. It does so in particular for recovery tools and their conceptual novelty, focusing on private claims within the regime, namely within deposit guarantee schemes and for liability of supervisory authorities. The main question asked in the volume is, however, in what respects this new regime changed European Contract Law. The answer is two-fold, and this is the focus of the still more extensive second part. The first answer is that the main thrust – stability first and no socialization of costs and privatization of gains – constitutes a novel approach, a clear dedication to the prevalence of the public good. This is a thrust, which – with corporate social responsibility, responsibility driven lending and similar – will become the main development in the 2010s and 2020s. One can speak of a green-box approach that establishes clear firm-holds within an area characterized by autonomous choice (‘free markets’, including the Internal Market). The second answer is more multi-faceted. The range of possibilities of private party claims and participation rights rises enormously – as it did before in other regulatory areas, namely in competition law with intervention of the CJEU and the EU legislature. This ranges from credit institutions themselves more actively contributing to best practices and self-regulation, to claims of private parties (creditors, customers) against credit-institutions not complying with the regulatory regime, and finally enhanced procedures for enforcement by private parties (as private advocates general). The volume closes with a case study of the Foreign Currency Loans crisis, namely in Central Europe, which may also become a huge test case for the new architecture, but at least raises parallel questions.

With Contributions by Esther Arroyo (Universitat de Barcelona), Alessandra De Aldisio (Senior advisor Banca d'Italia), Nikolai Badenhoop (Leibniz Institute for Financial Research SAFE Frankfurt), Ewa Baginska (University of Gdansk), François Barrière (University of Lumière Lyon II), Stefan Grundmann (Humboldt-University), Carlo Lanfranchi (Banca d'Italia), Moritz Renner (University of Mannheim), Michael Schillig (King’s College London), Pietro Sirena (Bocconi University) and Piotr Tereszkiewiecz (Jagellonian University).

About the Editors

Stefan Grundmann holds the Chair for Private Law, Commercial Law, European and Comparative Law at Humboldt-University Berlin. His main areas of research are German, European and Comparative Contract, Banking and Company Law, Regulation and Pluralist Law Theory. He is president and editor-in-chief of number of major international associations, networks and journals or series.

Pietro Sirena holds the Chair for Civil Law, Comparative Private Law, and European Contract Law at Bocconi University. His main areas of research are consumer protection in European law, banking law, and restitution law. He is president and editor-in-chief of number of major international associations, networks and journals or series.

Autoren/Hrsg.

Weitere Mitwirkende

Grundmann, Stefan

Sirena, Pietro

Fachgebiete

• Rechtswissenschaften Internationales Recht und Europarecht Europarecht Europäisches Privat- und Vertragsrecht
• Rechtswissenschaften Internationales Recht und Europarecht Internationales Recht Internationales Privatrecht

Über Autor(innen)

Grundmann, Stefan
Prof. Dr. Stefan Grundmann (LL.M.) has held the chair for German, European and International Private Law at Humboldt-University since 2004. As of September 2013, he is professor for transnational law at the European University Institute (Florence), retaining, however, also the chair at Humboldt University. He has been visiting professor at King’s College London, at the Rome I University, ‘La Sapienza’ and LUISS, at Oxford and Cambridge University, at Herzlya University (Tel-Aviv), at N.Y.U. and Harvard University. He is founding president and current president of the Society of European Contract Law (SECOLA).

He is co-founder and president (of the steering committee) of the European Law School (Berlin/London/Paris/Rome) and director of several institutes in the universities where he holds or held chairs. He is member of the board of the German Society of Comparative Law. Moreover, he is member of the European Law Institute and also member of its council.

His research interests include contract law, company and banking law, legal theory, always including comparative and European Private Law. He is (co-) editor of several journals including the “European Review of Contract Law” (editor-in-chief).

Sirena, Pietro
Professor in Civil Law, Comparative Private Law, and Banking Law at Bocconi University – Dean of Bocconi Law School – President of the Society of European Private Law (SECOLA) – Treasurer of the European Law Institute (ELI).