The European Union and the Global Financial Crisis

What is it about?

The European Union banking and securities legislation immediately before the global financial crisis is described. Two significant inputs to the post-crisis legislation are considered – the international regulatory response through the Group of Twenty (G20) countries and the Financial Services Board, and the European Supervisory Authorities – which comprise the European Banking Authority, a European Securities and Markets Authority and a European Insurance and Occupational Pensions Authority. Aspects of the post-crisis securities and banking legislation are described – with a comparison made with the pre-crisis legislation. The final chapter considers the European Commission’s plans for the completion of the Economic and Monetary Union, from the British perspective, in light of the speech made by the then British Prime Minister, the Right Honourable Margaret Thatcher MP, at Bruges in September 1988.

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Photo by Christian Lue on Unsplash

Photo by Christian Lue on Unsplash

Why is it important?

The book compares provisions of the European Union's banking and securities legislation before the global financial crisis with such rules after the global financial crisis, which gives a careful indication of an effect of this crisis upon legislative decision-making therein. The writing of the monograph was completed shortly before the referendum of the voting population of the United Kingdom as to whether this country should remain in, or leave, the European Union. Thus, the book provides a perspective on post-crisis and pre-Brexit changes to European Union financial legislation, the research towards which can hereafter only be replicated with an historical perspective.

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