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Palgrave Macmillan

From Saviour to Guarantor

EU Member States’ Economic Intervention During the Financial Crisis

  • Book
  • © 2015

Overview

Authors:
  1. Fabio Bassan

    1. University of Roma Tre, Italy

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    You can also search for this author in PubMed   Google Scholar

  2. Carlo D. Mottura

    1. University of Roma Tre, Italy

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    You can also search for this author in PubMed   Google Scholar

Part of the book series: Roma Tre Business and Finance Collection (RTBF)

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Table of contents (11 chapters)

  1. Front Matter

    Pages i-xvi
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  2. The EU’s Institutional Action

    1. Front Matter

      Pages 1-1
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    2. The EU Action to Face the Crisis

      • Fabio Bassan, Carlo D. Mottura
      Pages 3-12

    3. State Guarantees and State Aid

      • Fabio Bassan, Carlo D. Mottura
      Pages 13-15

  3. The Financial Valuation of a Guarantee Contract

    1. Front Matter

      Pages 17-17
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    2. The Defaultable Guarantee Contract

      • Fabio Bassan, Carlo D. Mottura
      Pages 19-21

    3. Valuation under a Standard Model

      • Fabio Bassan, Carlo D. Mottura
      Pages 22-45

  4. The State Guarantees in the EU: State Guarantees for the Safeguard of the Euro

    1. Front Matter

      Pages 47-47
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    2. Guarantees in Favour of the ESM

      • Fabio Bassan, Carlo D. Mottura
      Pages 49-56

    3. Effects of the Guarantees

      • Fabio Bassan, Carlo D. Mottura
      Pages 57-66

  5. The State Guarantees in the EU: The State Guarantees for the Stability of the Banking System

    1. Front Matter

      Pages 67-67
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    2. The State Guarantees to Cover Bank Debt

      • Fabio Bassan, Carlo D. Mottura
      Pages 69-73

    3. Effects of the Guarantees

      • Fabio Bassan, Carlo D. Mottura
      Pages 74-82

  6. Innovation and Crisis-Fighting Measures in the EU

    1. Front Matter

      Pages 83-83
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    2. The Instruments That Triggered the Crisis in 2007–2008

      • Fabio Bassan, Carlo D. Mottura
      Pages 85-97

    3. The ECB’s Unconventional Measures Facing the Challenge of Markets and National Courts

      • Fabio Bassan, Carlo D. Mottura
      Pages 98-120

  7. Conclusions

    1. Conclusions

      • Fabio Bassan, Carlo D. Mottura
      Pages 121-125

  8. Back Matter

    Pages 126-159
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Keywords

About this book

State guarantees commonly function as financial panacea, allowing states to consolidate banking systems and create intergovernmental funds. Rules surrounding state guarantees were relaxed during the 2007-2008 financial crisis, allowing states to use them for financing small and medium-sized enterprises (SMEs) and workers' severance payments. Despite many multi-level interventions in many areas after the financial crisis, from international treaties to EU regulations, no specific regulation has been put in place to control state guarantees. This book addresses the subject of state guarantees in the Eurozone, and questions the stability of the instruments implemented so far by states and by the European Union. Using a methodology combining law and finance, it examines the tools adopted by European institutions and Member States in the EU's evolving institutional context, in order to evaluate the effectiveness of the tools themselves as well as of the new European institutional framework. It also addresses the unconventional measures adopted by the European Central Bank, its role as safeguard for European state guarantees and its interaction with the European Union and national courts. In From Saviour to Guarantor the authors suggest that the absence of specific regulatory interventions and the variety and vagueness of existing rules has resulted in state guarantees further destabilising public international finance.

Authors and Affiliations

  • University of Roma Tre, Italy

    Fabio Bassan, Carlo D. Mottura

About the authors

Fabio Bassan is Professor of International Economic Law and European Law at the Department of Business Studies, 'Roma Tre' University, Italy. He is Founding Director of the Sovereign Wealth Funds Law Centre, and his areas of interest include international law, European law, sovereign wealth funds, regulation of financial markets, corporate governance, corporate finance, law & economics, and the political economy of regulation.

Carlo Mottura is Professor of Financial Mathematics, Financial Valuation and Risk Management at the Department of Business Studies at 'Roma Tre' University, Italy. His research interests include the control of risks, financial valuation under uncertainty, financial restructuring, and enterprise evaluation. He has also lead research projects funded by the Consiglio Nazionale delle Ricerche (CNR).

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