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EU LAW AFTER THE FINANCIAL CRISIS Edited by Jessica Schmidt Carlos Esplugues Rafael Arenas García Cambridge – Antwerp – Portland Intersentia Ltd Sheraton House | Castle Park Cambridge | CB3 0AX | United Kingdom Tel.: +44 1223 370 170 | Fax: +44 1223 370 169 Email: [email protected] www.intersentia.com | www.intersentia.co.uk Distribution for the UK and Ireland: NBN International Airport Business Centre, 10 Th ornbury Road Plymouth, PL6 7 PP United Kingdom Tel.: +44 1752 202 301 | Fax: +44 1752 202 331 Email: [email protected] Distribution for Europe and all other countries: Intersentia Publishing nv Groenstraat 31 2640 Mortsel Belgium Tel.: +32 3 680 15 50 | Fax: +32 3 658 71 21 Email: [email protected] Distribution for the USA and Canada: International Specialized Book Services 920 NE 58th Ave. Suite 300 Portland, OR 97213 USA Tel.: +1 800 944 6190 (toll free) | Fax: +1 503 280 8832 Email: [email protected] EU Law aft er the Financial Crisis © Th e editors and contributors severally 2016 Th e editors and contributors have asserted the right under the Copyright, Designs and Patents Act 1988, to be identifi ed as authors of this work. No part of this book may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, without prior written permission from Intersentia, or as expressly permitted by law or under the terms agreed with the appropriate reprographic rights organisation. Enquiries concerning reproduction which may not be covered by the above should be addressed to Intersentia at the address above. ISBN 978-1-78068-342-3 D/2016/7849/27 NUR 820 British Library Cataloguing in Publication Data. A catalogue record for this book is available from the British Library. CONTENTS List of Abbreviations . xi List of Authors . xvii Introduction Jessica Schmidt, Carlos Esplugues and Rafael Arenas García . 1 PART I. RESCUE MECHANISMS AND MONETARY POLICY Th e Interplay Between EU Law and International Law to Set Up the Eurozone Rescue Mechanisms Antonio Pastor Palomar . 5 1. Introduction: a Body of Law in the Making Against an Ambivalent Framework . 5 2. Th e Greek Financial Conundrum: the Diffi cult Fulfi lment of its International Obligations . 8 3. Th e European Financial Stabilisation Mechanism, the European Financial Stability Facility . 12 4. Th e European Stability Mechanism Together with the “Fiscal Compact” . 18 5. Conclusions: Urgency and Complexity of the Legal Measures . 22 Monetary Policy and Private Pensions Markus Roth . 25 1. Central Banks and Full Employment . 25 2. Th e Commitment of the ECB to Article 15 of the Charter of Fundamental Rights of the EU . 27 3. Strengthening Occupational Pensions . 28 Intersentia v Contents PART II. THE IMPACT OF THE FINANCIAL CRISIS ON THE BANKING SECTOR AND CAPITAL MARKETS Financial Crisis and European Company and Capital Markets Law Jessica Schmidt . 33 1. Financial Crisis and European Capital Markets Law . 34 2. Financial Crisis and European Company Law . 42 3. Conclusion . 45 CoCo Bonds as a Means of Reducing Systemic Risk and their Role within New Regulatory Regimes Henrik Gildehaus . 47 1. Introduction . 47 2. CoCo Bonds: a Brief Insight into their Basic Features . 49 3. CoCo Bonds and Regulatory Capital Regimes in the EU . 55 4. CoCo Bonds and Resolution Regimes . 57 5. TLAC/GLAC . 60 6. Risks Associated with CoCo bonds . 61 7. Conclusions . 62 Is EU Financial Law Overly Complex? Matthias Lehmann . 65 PART III. THE FINANCIAL CRISIS AND TAX LAW Th e European Crises as Tax Crises Agustín J. Menéndez . 71 1. Th e European Tax trompe-l’oeil . 72 2. Integration through Fiscal Consolidation: Taxes in the Indebted State . 75 3. Excursus: the Th ree Capital Sins of European Lawyers . 87 4. Reconciling (Again) Integration and the Social and Democratic Tax State . 89 5. Conclusions . 93 A Common Tax Policy for Europe André Meyer . 97 1. Th e Lack of Integration in the Field of Direct Taxation . 97 2. Tax Competition, Financial Crisis and the Crisis of the EU . 99 3. Current Problem Areas and Possible Responses . 102 4. Summary . 106 vi Intersentia Contents PART IV. THE FINANCIAL CRISIS, CONSUMERS AND CONSUMER LAW Is European Private Law Going Th rough a Crisis? Th e Current Situation of European Private Law aft er the Financial Crisis Phillip Hellwege . 109 1. Introduction . 109 2. European Private Laws and the Financial Crisis . 110 3. European Private Law and the Financial Crisis . 114 4. Conclusion . 116 Financial Crisis and General Contract Law Ann-Chantal Gressler . 117 1. Introduction . 117 2. Financial Crisis . 118 3. New Financial Supervisory System in the European Union aft er the Financial Crisis . 118 4. Eff ects of Financial Regulation . 122 5. Conclusion . 129 Stress-Testing EU Law in the Field of Consumer Redress Guillermo Palao Moreno . 133 1. Introduction . 133 2. Financial Crisis and Justice to Consumers in the Internal Market . 134 3. Th e Failures of the Jurisdictional Approach . 135 4. Th e Limits of the European Small Claims Procedure for Consumers . 136 5. Th e Diffi culties Linked to Cross-Border Collective Actions for Consumers . 138 6. Support for ADR and ODR Schemes . 140 7. Assessment . 144 Stress Testing of European Law of Consumer Jurisdiction. Coherence of the Existing Rules and their Impact on the Level of Consumer Protection Malte Kramme . 147 1. Introduction . 147 2. Overview of Consumer Jurisdiction in EU and German Law . 149 3. Harmonised Consumer Jurisdiction as an Instrument of Consumer Protection? . 154 4. Conclusion . 159 Intersentia vii Contents PART V. THE FINANCIAL CRISIS AND COMPETITION LAW Rethinking Competition Law aft er the Financial Crisis Rupprecht Podszun . 163 1. Enforcement Activities before the Crisis . 165 2. Enforcement Activities aft er the Crisis . 172 3. Reforming Rules . 181 4. Summary . 186 Merger Control and the Financial Crisis. Rescue Mergers and the Failing Firm Defence Marius Leber . 187 1. Introduction . ..