Is the European Union going to help us overcome the COVID-19 crisis?

IF 0.9 Q2 LAW

Capital Markets Law Journal Pub Date : 2020-05-02 DOI:10.1093/cmlj/kmaa010

D. Busch

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引用次数: 1

Abstract

The paper discusses the most noteworthy measures taken or yet to be taken by the EU to combat the coronavirus crisis. Basically, the measures fall into four categories: (i) flexible application of EU rules that could hinder member states in their strenuous efforts to save their national economies; (ii) a financial support package put in place by the EU itself, (iii) monetary action by the ECB and (iv) action by European financial regulators, including the ECB (albeit in its capacity of banking regulator rather than monetary authority). This is followed by some comments on the impact of the coronavirus crisis on (i) the intended completion of the European Banking Union, (ii) the plans for a European Capital Markets Union, (iii) Brexit and (iv) the EU climate plans. The paper concludes that it is clear that the crisis has once again laid bare the divisions between north and south in Europe. These divisions are particularly apparent in relation to the issue of financing the European recovery fund and the power struggle that has now flared up between the German Constitutional Court on the one hand and the CJEU and the ECB on the other. Hard times lie ahead for the EU.

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欧盟是否会帮助我们克服COVID-19危机?

本文讨论了欧盟为应对冠状病毒危机已采取或尚未采取的最值得注意的措施。基本上，这些措施分为四类:(i)灵活适用欧盟规则，可能阻碍成员国为拯救本国经济而作出的艰苦努力;(ii)欧盟自身实施的金融支持方案，(iii)欧洲央行的货币行动，(iv)欧洲金融监管机构的行动，包括欧洲央行(尽管是以银行业监管机构而非货币当局的身份)。随后就冠状病毒危机对以下方面的影响发表了一些评论:(i)欧洲银行联盟的预期完成，(ii)欧洲资本市场联盟的计划，(iii)英国退欧和(iv)欧盟气候计划。这篇论文的结论是，很明显，这场危机再次暴露了欧洲南北之间的分歧。这些分歧在为欧洲复苏基金融资的问题上尤为明显，在德国宪法法院(German Constitutional Court)与欧洲法院(CJEU)和欧洲央行(ECB)之间爆发的权力斗争中，分歧尤为明显。欧盟将面临艰难时期。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Capital Markets Law Journal LAW-

CiteScore

1.30

自引率

0.00%

发文量

期刊介绍： This journal is essential for all serious capital markets practitioners and for academics with an interest in this growing field around the World. It is the first periodical to focus entirely on aspects related to capital markets for lawyers and covers all of the fields within this practice area: Debt; Derivatives; Equity; High Yield Products; Securitisation; and Repackaging. With an international perspective, each issue covers articles and news relevant to the financial centres in the US, Europe and Asia. The journal provides a mix of thoughtful and in-depth consideration of the law and practice of capital markets through analytical articles on topical issues written by leading practitioners and academics in the international arena. There are also articles on matters of best practice and opinion on legal and practice developments from around the world. In particular the journal offers: • Unique specialist coverage of international capital markets practice • High level of analysis for experienced lawyers and academics • Team of internationally respected editors from leading centres in the US, Europe and Asia • Quality of articles assured through peer review system.