Crisis management in Europe: emergency powers of European and national supervisors during times of crisis at the financial markets
PhD student: Mrs S. Daniels
Promotor: Mrs Prof A.J.C. de Moor-van Vugt
Duration: 1/9/2011 - 29/2/2016
This study deals with the emergency powers of European and national supervisors in a financial crisis, and aims at contributing to the improvement of the current European system of crisis management. It became clear during the financial crisis of 2008 that this system is deficient in terms of both response options and measures to cope with the effects of a crisis. The central question of this study is how responsive emergency powers should and can be regulated within the context of the legal frameworks of European financial markets. The focus will be in particular on the necessary measures and their possible non-compatibility with the current regulation on supervision. Furthermore, most studies show that financial crisis management starts with preventive and preparatory powers. Despite all post-2008 legislation and measures regarding financial supervision, little is written about responsive powers: how to act when a crisis is actually going on? In the middle of a financial crisis, well-structured and clear coordination between EU member states is still missing, due to the lack of a legal framework in which responsive emergency powers are embedded.