Jonathan Faull Gives CELS Seminar on 'Legal Issues of Financial Reform in the EU'

Jonathan Faull, Director General in DG "Internal Market and Services" at the European Commission in Brussels gave the CELS lecture on 31st October 2012 about the 'Legal Issues of Financial Reform in the EU' on 31st October 2012.

Starting his lecture with an explanation of the extent of the current crisis, underlining that besides enormous legal challenges the Commission is acutely aware of the immense personal challenges for many citizens of the Union, Mr Faull explained several of the constitutional and legal challenges for the new banking union and its institutions. After a historical and economic overview of EU and international collaboration concerning banking governance in the Basel commitments, endorsed by the G20 at the highest levels, Mr Faull explained why these principles remain to be implemented at the European level. One of the greatest constitutional obstacles is the Meroni principle which bars extensive delegation of powers and gives rise to questions of competence in banking supervision. Other challenges included the choice of the European Central Bank (ECB) as a new banking supervisory authority. Given that the EU treaties only authorise the ECB to act in Euro countries, the Commission is working on creative solutions how non-Euro countries like Sweden and Denmark could participate for example by establishing a supervisory board for the ECB’s supervisory task, different and detached from its monetary policy tasks. In all instances Mr Faull expressed the hope that these obstacles could be overcome and the new system be in place as foreseen by the last European Council.

Audio recording Playing time 54:53 (50mb) Other formats of this audio are also available on the University Streaming Media Service.

CELS runs a series of lunchtime seminars during the Michaelmas and Lent Terms. These seminars provide a platform for the presentation of new ideas by leading scholars from inside and outside the university. The lunchtime seminars address topical issues of European Union Law and Comparative Law, with a view to using collective debate as a forum for developing and disseminating ideas, and producing high quality research publications which contribute to an understanding of major issues in the European Union.

CELS lunchtime seminars are available via the University Streaming Media Service, or to subscribe to in iTunes U.