International Law

Macroprudential policy: working towards a new consensus

Posted on April 29, 2010
This speech includes a table reflecting the Asian experience with macroprudential tools. Remarks of Mr Jaime Caruana, General Manager of the BIS, presented at the high-level meeting on ?The Emerging Framework for Financial Regulation and Monetary Policy? jointly organised by the BIS?s Financial Stability Institute and the IMF Institute Washington...

CEP: "Greek bailout is unconstitutional"

Posted on April 22, 2010
Typically, the cover of a magazine would show attractive people or pictures of war and misery. You wouldn't find a legal provision quoted on the cover of a magazine. Der Spiegel, a German weekly, thought otherwise and has headlined, on its cover: "Die Euro-Lüge" (The Euro-lie), then quoting--not literally though--Article...

Shaping a new world ? the crisis and global economic governance

Posted on April 16, 2010
Speech by Mr Jean-Claude Trichet, President of the European Central Bank, for a lecture at Bocconi University, Milano, 9 April 2010.

The role of national central banks in banking supervision in selected central and eastern European countries

Posted on April 06, 2010
The ECB has published a Legal Working Paper entitled 'The role of national central banks in banking supervision in selected central and eastern European countries; A Case-study on Bulgaria, The Czech Republic, Estonia, Hungary, Latvia, Poland and Slovakia...

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Ode to Central Bank Autonomy

Posted on April 03, 2010
Speech by Mr Kevin Warsh, Member of the Board of Governors of the Federal Reserve System, at the Shadow Open Market Committee, New York, 26 March 2010 "An Ode To Independence"

Conference on The International Law of Financial Markets

Posted on March 29, 2010
On April 22 and 23, 2010 the European Society of International Law will organize a conference entitled "The International Law of Financial Markets: Governance, Stability and Security." The conference will be held in Granada, Spain and will include the following topics: 'The New Governance of the International Monetary and Financial...

ECJBlog relaunched

Posted on March 28, 2010
ECJBlog.com with news and analysis related to the Court of Justice of the European Union (ECJ) has been relaunched. On this blog, Dr. Allard Knook, attorney at law with CMS Derks Star Busmann in The Netherlands, shares his views on recent ECJ cases.

Recommendations For Cross-border Bank Resolution

Posted on March 20, 2010
The Basel Committee's Cross-border Bank Resolution Group has developed a set of recommendations that resulted from its stocktaking of legal and policy frameworks for cross-border crises resolutions and its follow-up work to identify the lessons learned from the global financial crisis which began in 2007...

Proposal for a European Resolution Authority for the banking system

Posted on March 19, 2010
An IMF working paper on Crisis Management and Resolution for a European Banking System has just been published. This morning, Mr. Dominique Strauss-Kahn (the IMF's Managing Director) gave a speech on the same topic. Abstract: The paper proposes an integrated crisis management and resolution framework for the EU's single banking...

Principles for enhancing corporate governance

Posted on March 17, 2010
Building on the 2006 corporate guidance authored by the Basel Committee on Banking Supervision and drawing on the lessons learned during the current global financial crisis, the Committee's consultative document, Principles for enhancing corporate governance, sets out best practices for banking organisations...

The EBRD seeks an insolvency lawyer for its London office

Posted on March 16, 2010
The EBRD is an international financial institution that supports projects in 29 countries from central Europe to central Asia. Investing primarily in private sector clients whose needs cannot be fully met by the market, the Bank promotes entrepreneurship and fosters transition towards open and democratic market economies...

50th--or 98th--anniversary of the Reserve Bank of Australia

Posted on March 14, 2010
Although the RBA is celebrating it's 50th anniversary, it's original predecessor was established in 1912; like many other central banks, as a commercial bank. The speech gives also a brief description of the RBA's peculiar governance structure. Address by Mr Glenn Stevens, Governor of the Reserve Bank of Australia, to...

The BIS seeks a Legal Counsel for its headquarters in Basel

Posted on March 12, 2010
The Bank for International Settlements (BIS) is an international financial institution that promotes central bank cooperation and provides banking services exclusively to central banks. Based in Basel, Switzerland, with representative offices for Asia and the Pacific in Hong Kong SAR and for the Americas in Mexico City, the BIS has...

East African Monetary Union

Posted on March 11, 2010
Opening remarks by Prof Njuguna Ndung'u, Governor of the Central Bank of Kenya, during the East African Legislative Assembly Workshop on the East African Monetary Union, Nairobi, 4 March 2010.

Language of Money / Die Sprache des Geldes

Posted on March 11, 2010
The Musuem for Communication (Museum für Kommunikation) in Frankfurt am Main / Germany is having an euro exhibition on the language of money. Click here for pictures.

International Financial and Monetary Law Network

Posted on March 10, 2010
The Society of International Economic Law (SIEL) has approved the establishment of a new SIEL International Financial and Monetary Law Network. The SIEL International Financial and Monetary Law Network is being established as a sub-group within SIEL to build a network amongst academics, practitioners and officials interested in the field...

Towards a global financial stability framework

Posted on March 04, 2010
Speech by Hervé Hannoun, Deputy General Manager of the Bank for International Settlements, at the 45th SEACEN Governors'; Conference, Siem Reap province, Cambodia, 26-27 February 2010. Abstract A new global financial stability framework is needed to reduce the probability and severity of a future financial crisis...

Market Maker of Last Resort

Posted on March 03, 2010
Speech by Mr Paul Fisher, Executive Director for Markets and Member of the Monetary Policy Committee of the Bank of England, for the Association of Corporate Treasurers Winter Paper 2010, London, 18 February 2010. In this speech, Mr Paul Fisher addresses, i...

The term ?macroprudential?: origins and evolution

Posted on March 01, 2010
"In the wake of the recent financial crisis, the term "macroprudential" has become a true buzzword. A core element of international efforts to strengthen the financial system is to enhance the macroprudential orientation of regulatory and supervisory frameworks...

The future of European and international financial market regulation and supervision

Posted on February 24, 2010
Speech by Mr Jose Manuel Gonzalez-Paramo, Member of the Executive Board of the European Central Bank, at the Institute of International and European Affairs, Dublin, 19 February 2010: 'Globalisation, international financial integration and the financial crisis ? the future of European and international financial market regulation and supervision' The speech...

Financial stability: 10 questions and about seven answers

Posted on February 21, 2010
Speech delivered by Mr Jaime Caruana, General Manager of the BIS, at the 50th Anniversary Symposium of the Reserve Bank of Australia, Sydney, 9 February 2010. Q #7: Does Financial stability need help from monetary policy? Q #8: Are central banks equipped for their financial stability role?

The Greek crisis and the future of the euro zone

Posted on February 19, 2010
Reuters.com has ran an article analyzing five scenarios of the Greek crisis: Greece rescues itself Greece muddles along in 'slow burn' crisis Greece heads toward default EU bails out Greece EU launches wider bailout In every scenario Reuters describes the scenario, gives an estimate of the probability of the scenario,...

Olli Rehn New EU Commissioner for Economic And Monetary Affairs

Posted on February 15, 2010
The European Union's parliament has approved the new EU Commission for 2010-2014. The Fin Olli Rehn is the new commissioner responsible for economic and monetary affairs. In the previous Commission, Mr. Rehn was responsible for enlargement. Follow this link for Mr...

The Road to Monetary Union in East Africa

Posted on February 05, 2010
Keynote address by Prof Emmanuel Tumusiime-Mutebile, Governor of the Bank of Uganda, at the Validation Workshop of the Draft Final Report of the Monetary Union Study: 18-20 January 2010, Kampala

Standards for payment, clearing and settlement systems: review by CPSS-IOSCO

Posted on February 03, 2010
The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) have launched a comprehensive review of their existing standards for financial market infrastructures such as payment systems, securities settlement systems and central counterparties...

Monetary Unions; lessons from Europe

Posted on February 01, 2010
Article in Euredia 2009/3 (p. 419-440): Other Monetary Unions: are there lessons to be learned from the European experience?, by Antonio Sáinz de Vicuña

International Representation of the Euro Area

Posted on February 01, 2010
Article in Euredia 2009/2 (p. 297-333): International representation of Europe in the area of economic and monetary union: legal issues and practice in the first ten years of the Euro, by René Smits

Withdrawal and expulsion from the EU and EMU

Posted on January 06, 2010
While some editorials are discussing a possible breakup of the euro area because of Greece's budgetary problems, the ECB has published a legal paper with "some reflections" on "Withdrawal and expulsion from the EU and EMU" authored by Phoebus Athanassiou.

The Wall Street Reform and Consumer Protection Act (draft)

Posted on December 03, 2009
The US House of Representatives has adopted the Wall Street Reform and Consumer Protection Act. Tags: regulatory+reform, wall+street+reform+and+consumer+protection+act

Glossary of Payment, Clearing and Settlement Terms

Posted on December 02, 2009
The ECB has published a glossary of payment, clearing and settlement terms.

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