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Legal foundations of international monetary stability
Monetary sovereignty and its surrender -- Institutional developments to promote monetary stability -- Institutional design of supervision -- Banking crises and stability of the financial system -- Monetary and financial law reform in emerging economies -- History of monetary integration in Europe -- The institutions of monetary union -- Economic policy coordination (Economic Union) -- External aspects of EMU -- Banking supervision and lender of last resort in the EU -- European financial architecture -- History of international monetary cooperation -- The law of the International Monetary Fund -- International financial architecture
The reform of the international financial architecture
In: International banking, finance, and economic law 18
En defensa del dinero público digital
In: El trimestre económico, S. 1007-1032
ISSN: 2448-718X
El dinero es un bien público y, como tal, requiere la ordenación pública del sistema monetario y de pagos a niveles nacional e internacional. Las categorías jurídicas tradicionales —como la moneda de curso legal (legal tender en inglés)— se están adaptando, a veces con dificultad, al espacio digital, puesto que las leyes de los bancos centrales hablan de monedas, billetes y reservas, pero no de monedas digitales, tókenes o tecnología de contabilidad distribuida (distributed ledger technology o DLT). El artículo presenta la tricotomía del dinero digital: criptomonedas, monedas estables (stablecoins) y monedas digitales de los bancos centrales (central bank digital currencies o CBDC), además de considerar la forma en que esta tricotomía reta la noción tradicional de la soberanía monetaria, lo que reaviva el debate entre la teoría estatal del dinero y la teoría social o de mercado del dinero. El artículo examina en particular cuándo, cómo y por qué la digitalización llegó a la banca central, y cómo responden distintas jurisdicciones a la hora de diseñar las CBDC. Finalmente, analiza también aspectos internacionales, al recordar cómo la idea de una moneda global se remonta al Bancor de John Maynard Keynes, y cómo sería posible crear una criptomoneda global que podría circular junto con las criptomonedas nacionales o regionales.
The Coming of Age of International Monetary and Financial Law after the Global Financial Crisis
In: Journal of international economic law, Band 19, Heft 2, S. 371-373
ISSN: 1464-3758
Book Review: Liberalization of Trade in Banking Services. An International and European Perspective, by Bart de Meester. (Cambridge: Cambridge University Press, 2014)
In: Common Market Law Review, Band 52, Heft 6, S. 1699-1700
ISSN: 0165-0750
The Evolution of the European Central Bank
In: Fordham International Law Journal, Spring 2012
SSRN
Legal and Regulatory Responses to the Financial Crisis
In: FINANCIAL CRISIS CONTAINMENT AND GOVERNMENT GUARANTEES, John Raymond LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh, eds., Edward Elgar, 2012
SSRN
Book Review: Challenges for Central banks in an Enlarged EMU, edited by F. Breuss and E. Hochreiter. (Vienna: Springer, 2005)
In: Common Market Law Review, Band 44, Heft 1, S. 230-231
ISSN: 0165-0750
Book Review: F. Breuss and E. Hochreiter (Eds.), Challenges for Central banks in an Enlarged EMU
In: Common market law review, Band 44, Heft 1, S. 230
ISSN: 0165-0750
Lender of Last Resort, an International Perspective
In: The international & comparative law quarterly: ICLQ, Band 48, Heft 2, S. 340-361
ISSN: 1471-6895
The name "lender of last resort" owes its origins to Sir Francis Barings, who in 1797 referred to the Bank of England as the "dernier resort" from which all banks could obtain liquidity in times of crisis.1The lender of last resort ("LOLR") role of the central bank remains a major rationale for most central banks around the world, in both developed and developing countries.2While other central bank functions have recently come under fire (e.g. banking supervision), the importance of having the LOLR under the umbrella of the central bank is seldom contested.3It is the immediacy of the availability of central bank credit (the central bank being the ultimate supplier of high-powered money) that makes the LOLR particularly suitable to confront emergency situations.
The independence of the European System of Central Banks
In: Harvard international law journal, Band 33, S. 475-519
ISSN: 0017-8063
The Independence of the European System of Central Banks
In: Harvard international law journal, Band 33, Heft 2, S. 475
ISSN: 0017-8063
The Changing and Growing Roles of Independent Central Banks Now Do Require a Reconsideration of Their Mandate
In: Accounting, Economics, and Law: AEL ; a convivium
ISSN: 2152-2820
Abstract
In this paper, we analyse why the changing and growing roles of independent Central Banks now do require a reconsideration of their mandate.
Accountability of greening the ECB
In: Maastricht journal of European and comparative law: MJ, Band 30, Heft 4, S. 377-395
ISSN: 2399-5548
Greening the European Central Bank (ECB) has been a highly debated subject in the Eurozone/EU, featuring in the ECB monetary policy strategy review and the ECB Climate Change Action Plan. This is part of a worldwide trend towards 'sustainable central banking'. This article focuses on the accountability of the ECB as a European institution, which enjoys a very special position in the EU legal framework, with a defined mandate conferred onto it by the Treaties (TEU and TFEU). The question at heart is, first, whether the existing normative framework allows an interpretation and understanding of the ECB's mandate to incorporate sustainability goals, and second, how sustainability objectives can be operationalized in the actual conduct of monetary policy. Whether and to what extent the ECB objectives and tasks can be 'greened' depends also on the possibility of integrating such an augmented mandate with adequate accountability requirements. Building on the concept of accountability and the framework of 'accountable independence' of the ECB, the article considers the relationship between accountability and greening the ECB, with an emphasis on the monetary policy responsibilities.