EU Financial Law

This book deals with the banking, financial and monetary laws of the European Union. The legal framework of the freedom to move capital between the Member States and towards third countries is critically analyzed by reference to both primary and secondary laws of the European Union supported by the case law of the European Court of Justice. It also seeks to ascertain by reference to the relevant legal materials what constitutes capital for the purposes of the European single market.The book also examines critically the legal basis for the establishment of the single market in insurance and securities market. As far as the banking sector is concerned, the legal developments relating to consumer protection and cross border payment systems are broadly examined. The legal measures adopted and their adequacy to prevent or minimize the problem of tax evasion and other financial crimes such as money laundering are critically examined. The book highlights the shortcomings in the financial supervisory system and prescribes the establishment of a pan European regulator for the effective supervision of the banking and securities market.

A mixture of issues pertaining to the monetary laws dealing with the euro, the single currency of the majority of the Member States of the European Union are critically and rather extensively examined in the book. Apart from clearly highlighting the convergence rules on economic and monetary union, the book also examines whether Member States such as Sweden have the right to remain indefinitely outside the euroland. The nature and level of effectiveness of the Stability and Growth Pact adopted to ensure the stability of the euro by imposing fiscal discipline on the Member States are also examined. Apart from critically examining the implications of the enlargement of the euro area, the latter part of the book also examines the impact the Lisbon treaty will have on the future management of the euro.

Sideek M Seyad is a former State Counsel, life member of the Bar Association of Sri Lanka and an Advocate of the Supreme Court of Sri Lanka. He is currently attached to the Law Faculty, University of Stockholm, Sweden as an Associate Professor in European Financial Integration Law where he both teaches and researches financial and constitutional law of the European Union. He has published extensively in several European law journals and is a guest researcher and visiting lecturer in different Universities and academic centers in Europe, Russia, Ukraine and Asia.