PP991
Analítico de Periódico
GUACCERO, Andrea
Global crisis, globalization of remedies : comparative remarks on the approach to banking and financial crises in the US and the EU / Andrea Guaccero
Annuario di Diritto Comparato e di Studi Legislativi, v.8 (2017), p.325-359
DIREITO ECONÓMICO, DIREITO ECONÓMICO INTERNACIONAL, ECONOMIA INTERNACIONAL, CRISE FINANCEIRA, PROCESSO DE INSOLVÊNCIA, GLOBALIZAÇÃO, DIREITO COMPARADO
The article explores the legislative and regulatory responses to the global financial crisis, from a US-EU comparative perspective, focusing on the measures dealing with banks’ and financial intermediaries’ distress. A dual-stage approach in both legal systems is identified: the first, aiming to solve the immediate liquidity problems of intermediaries and often ending up with their bail-out through State support; the second, meant to replace taxpayers-funded bail-outs with the adoption of insolvency proceedings meant, respectively, to achieve the orderly liquidation (in the US) or the resolution (in the EU) of distressed intermediaries, and opting-out of the ordinary bankruptcy proceedings. The relevant provisions of Title II of the Dodd-Frank Act of 2010 and the SRM Regulation and the BRRD are examined, focusing on the several convergences of the two legal systems.