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2 results

  • 6 - Contractual Change and Central Bank Action

  • from Part III - The New Stability Conception
  • Vestert Borger, Universiteit Leiden
  • Book:
    The Currency of Solidarity
    Published online:
    24 September 2020
    Print publication:
    08 October 2020, pp 261-289

  • Summary

    Not only the member states should be given credit for the survival of the single currency. The European Central Bank deserves credit too. Throughout the crisis it resorted to ‘unconventional’ measures that have proven crucial for the stability of the currency union, especially its government bond programmes SMP and OMT. This chapter examines these programmes and argues that they are an intrinsic part of the transformation of the euro. Since the Bank’s mandate and constitutional position ultimately rest on the Founding Contract between the member states, it could not intervene in bond markets without a prior change in this Contract through which states committed themselves to a different currency union based on a broader stability conception. Only such a contractual change, and confirmation of it through concrete action, could provide the necessary political cover for bond purchases that pushed the boundaries of the Bank’s original mandate.

  • French Authorities' Reactions in the Wake of the Crisis*

  • Iris M. Barsan
  • Journal:
    European Business Organization Law Review (EBOR) / Volume 11 / Issue 4 / December 2010
    Published online by Cambridge University Press:
    31 January 2011, pp. 549-574
    Print publication:
    December 2010

  • As most states, France has been affected by the global financial crisis and has quickly taken appropriate steps to tackle its worst effects. Thus, France immediately took measures to respond to the liquidity crisis and recapitalised the most important banks in order for them to continue to finance the ‘real economy’. Some measures have been aimed directly at the ‘real economy’, such as the creation of a mediator for the distribution of credit and the establishment of a French sovereign wealth fund aimed at investing in strategic companies facing difficulties and in medium-sized companies. After the first wave of the crisis, France took a preventive measure concerning the remuneration of traders and a punitive measure by creating an exceptional taxation of traders' remuneration. But the crisis has also provoked a long-term reform of the French supervisory landscape, merging the supervisory authorities of the banking and the insurance landscape into a single body, the Authority for Prudential Control (Autorité de Contrôle Prudentiel).