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Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

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Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

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Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

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Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

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Andreas Heinzmann and Valerio Scollo

For those of us who were born in the 1970s and the 1980s, a geographic Europe without a European Economic Area is inconceivable. Our generation has been studying the acquis communautaire together with the constitutional law of the Member State where they attended university. Those who were born in the 1990s, who are entering the legal profession now, have received their pocket money and their first pay cheque in euros. Yet, the Brexit referendum in 2016 has shaken our common beliefs. Is the European Union (EU) a project European citizens need? Is it possible to maintain political stability, peace and prosperity without it? Brexit seemed to represent, at the time, the potential follow-up to Grexit and the forerunner to Italexit. After three years of self-destructive actions by the British government, the firm and united reaction of the rest of Europe has shown the world that the EU is here to stay. Until Brexit, the UK and the English practitioners were at the forefront in interpreting and making the EU financial regulations familiar to market participants. They were the point of reference. Today we still read the EU policies and laws on financial services through the lenses of English law and practice. Yet Brexit has started a process that will likely change the status quo. Brexit pushed and will push more and more practitioners in a post-Brexit EU to challenge themselves, and to find new paradigms.

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Edited by Costanza A. Russo, Rosa M. Lastra and William Blair

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Edited by Costanza A. Russo, Rosa M. Lastra and William Blair

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Napoleon Xanthoulis

This chapter examines the provision of emergency financial support to credit institutions in light of the European Banking Union (EBU). Emergency liquidity provision can be regarded as an integral component of both EBU pillars, namely the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM).2 The first sets up a common supervisory system for credit institutions. The second introduces a procedure for the orderly winding-up of credit institutions.

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Juliet Johnson

The chapter begins with the Bank of Russia’s origins, from the waning days of the Soviet Union through the passage of the revised Law on the Central Bank in 1995. It then explores the international central banking community’s pivotal role in the Bank’s transformation, focusing on monetary policy and banking supervision. The Bank of Russia’s embrace of central bank independence, price stability, and commercial bank reform emerged sequentially, based on both persistent community exposure and adverse experience. I end by discussing how the Bank of Russia dealt with the fallout from the global crisis and the Russian government’s financial nationalist turn, particularly since the Crimean annexation and the imposition of the Western sanctions regime. The Putin government has increasingly put the Bank of Russia in a position where its liberal, internationalist inclinations and its national responsibilities clash.

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Kern Alexander and Rosa María Lastra

The chapter examines recent international regulatory reforms that emphasise macroprudential principles and objectives for banking regulation and supervision. The UK provides an interesting example of a jurisdiction that has moved from a largely microprudential framework of regulation to one that combines a macroprudential framework of regulation and policy that aims to control systemic risk with judgment-based micro prudential supervision. The chapter discusses the evolving definition of banks and the necessity for law and regulation to keep pace with financial innovation and evolving market structures. The chapter argues that although UK regulatory reforms have taken important steps in coordinating macroprudential regulation and policy with microprudential regulation, challenges remain in monitoring systemic risks across the financial system and in addressing risks posed by the shadow banking system.