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“Raising the Resilience in the Banking Sector”: The Development of a Legal Framework on International, European and Swedish Level.
Örebro University, School of Law, Psychology and Social Work, Örebro University, Sweden.
2014 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

The financial crisis in 2008 was different from previous financial crises. Many companies were international actors in 2008 and that resulted in a global spread of the crisis, which was unexpected. To prevent future financial crises, international guidelines have been developed. Nations of the world are recommended to use those guidelines when drafting national legislation. The institutions of the European Union found it important to implement the international guidelines since it is important for the internal financial market of the Union to be governed by uniform rules.

The European legislators adopted a regulation and a directive and the content of them are in line with the international guidelines. The regulation is directly applicable in all the Member States and the goals of the directive have been implemented by the Member States. There are, though, more international guidelines to be expected, the existing guidelines are not, and cannot be, complete since the financial market keeps changing. The European Union legislation does, consequentially, need to be adaptable. To ensure an effective legislation, legislative power has been delegated to the Commission to adopt future legislation.

This solution does, however, cause problems for concerned actors on the financial market, since there are periods where their legal situation might be unclear. When the international guidelines are published, a gap will appear until the issue has been regulated on Union level. Since the guidelines are not binding, the European legislators can adjust the provisions according to special conditions on the internal market of the Union. The time period between the adoption of the international guidelines and the adoption of the European legislation have caused unclear situations for companies and might do so in the future.

However, this way of creating similar regulations globally, by using recommending guidelines is unique and in order to create a resilient banking sector and prevent future financial crises, this might be the best solution.

Place, publisher, year, edition, pages
2014. , 42 p.
National Category
Law
Identifiers
URN: urn:nbn:se:oru:diva-45177OAI: oai:DiVA.org:oru-45177DiVA: diva2:842011
Subject / course
Rättsvetenskap (juristprogrammet)
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Examiners
Available from: 2015-07-16 Created: 2015-07-16 Last updated: 2015-07-16Bibliographically approved

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
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