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Vol 24 No 2 Feb/March 2019

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Banking Regulation and World Trade Law

ISBN13: 9781841134581
ISBN: 1841134589
Published: April 2006
Publisher: Hart Publishing
Country of Publication: UK
Format: Hardback
Price: £130.00

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This book covers the legal aspects of international trade in financial services, with a focus on the possible conflicts between international trade liberalisation norms and banking regulation. The relevant legal foundations at the regional (European Union, EU) and multilateral level (General Agreement on Trade in Services, GATS) are examined and compared. The focus is on the banking sector, due to its special rationale for public regulation and in particular due to systemic risk considerations. The analysis is primarily concerned with the balancing of international trade and banking regulation, and the level at which this should be undertaken. In its examination of the EU and WTO systems, the work brings together the fields of international trade law and banking regulation and contemplates the notion of international financial law as a distinct field.;It builds on the rich European legal scholarship regarding institutional issues of banking regulation and the US interdisciplinary approach to world trade law. The book will be of interest to those in the world of financial services and should help financial services law practice and business make more sense of the norm-making frameworks that affect their work and influence the future of this complex field. At the same time it will contribute to scholars' and policymakers' thinking about international structures and their management.

International Trade, Banking and Finance
I. Introduction
1. The concept of 'prudential'
1.1. The concept of 'prudential' in the GATS and the EU
1.2. The concept of 'prudential' in the literature
1.3. The problem
2. Relevant Policy rationales
2.1. Banking regulation - rationale
2.2. The conflict between banking regulation and trade liberalization
II. Trade Liberalization and Banking Regulation: The GATS and The EU
1. Liberalization of cross-border banking
1.1. Foreign direct investment (FDI) and International cooperation
1.2. FDI in banking
2. Trade liberalization and Banking regulation
2.1. Regional liberalization - European Union (EU)
2.2. Multilateral liberalization - General Agreement on Trade in Services (GATS)
3. GATS: Trade and Financial stability
3.1. Branch
3.2. Subsidiary
3.3. Non-financial entity
4. Trade and Financial stability - review of the EU and GATS institutional foundations: Lessons for the GATS
4.1. Trade and financial stability output
4.2. Trade and Financial stability - review of the EU and GATS institutional foundations
4.3. Trade and financial stability - regional integration
5. Conclusions
III. The Case for Prudential Supervision at the International Level and Related Reforms
1. GATS Reform
1.1. Definition of the prudential carve-out - Development of the trade-off devices
1.2. Incorporation of the Basel standards
2. Prudential institution building at the international level
2.1. Decentralization model
2.2. Medium-term institutional arrangements
2.3. Prudential institution building at the international level - Long-term institutional arrangements
3. Conclusions
IV. EC Internal Banking Market and Prudential Supervision
1. Banking supervision: the decentralization model
1.1. Decentralization
1.2. Cooperation
1.3. European Central Bank (ECB)
1.4. Reform
2. Monetary policy and Bank supervision
2.1. Price stability
2.2. Default prudential supervision of central banks
2.3. Monetary policy and bank supervision
2.4. ECB and prudential supervision
2.5. ECB and Foreign exchange policy
3. Lender of Last Resort
3.1. Accountability
4. The EC internal banking market and lessons for regional integration
5. Conclusions
V. Conclusions - Toward International Institution Buiilding
1.1. Balancing of trade and banking regulation
1.2. Trade and financial stability output
1.3. Reliance on adjudication
1.4. GATS vis-à-vis EU: macro-aspects
1.5. Reform
2. Prudential institution building at the international level
2.1. Alternatives
2.2. Informal vis-à-vis Formal norm making
2.3. Forum
3. EC Internal banking market
3.1. The case for bank supervision at the Community level
3.2. The EU macro- design
3.3. Prudential supervision at the community level and accountability
4. EC Internal banking market and prudential institution building at the international level