The Changing Landscape of Global Financial Governance and the Role of Soft Law provides interdisciplinary perspectives on the changing landscape of global financial governance by exploring the impact and role of soft law, directly or as a precursor of hard law, pertaining to financial governance. Since the shaping of financial governance impacts national, regional and global levels of regulation, different views and arguments contribute to the ongoing discussions about financial regulation. Against this background, this book brings together perspectives of economists and lawyers who have not rallied to one or the other popular call for more regulation as a panacea for the prevention of future global financial crises, calls which have all but drowned out more nuanced scientific debates. Instead, their analysis of aspects of remedial regulatory policy prescriptions already made or proposed demonstrates that carefully designed soft law can be deployed as a valuable method or tool of mediation between the unrestrained autonomy of dysfunctional markets and overzealously crafted hard law.
Friedl Weiss is Professor emeritus of EU and International Economic Law, University of Vienna. He has been legal adviser and consultant in the EFTA and GATT Secretariats and has published widely, including EU Internal Market Law (2014); Das Recht der EU (2013); and International Law and Sustainable Development (2004).
Armin J. Kammel is Professor (FH) of Banking Law and Securities Regulation at Lauder Business School (LBS) in Vienna, Faculty Member and Ehrenprofessor (Honorary Professor) at the Department of Economic Law and European Integration at Danube University Krems as well as Adjunct Faculty Member at California Lutheran University (CLU). He has widely published in the areas of international and European banking law, securities regulation, capital markets and corporate law.
Table of Contents
Foreword – Ewald Nowotny
Introducing the book – Armin J. Kammel and Friedl Weiss
Introductory Remarks – Chris Brummer
Part I – Theoretical Reflections
1. Armin J. Kammel, “Government versus Markets – A Change in Financial Regulation”
2. Aristides N. Hatzis, “A Law & Economics Framework for Financial Regulation – Ten Questions and Answers”
3. Friedl Weiss, “The Institute of Soft Law – Some Theoretical Underpinnings”
4. Heidi M. Schooner, “The Dogma of Capital Requirements as a Clear Response to the Financial Crisis”
Part II – Specific Legal and Policy Responses
5. Douglas W. Arner, “The Politics of International Financial Law in the Aftermath of the Global Financial Crisis of 2008”
6. Alfred Schramm, “The Changing Landscape of European Financial Supervision from an Institutional Perspective”
7. Arthur E. Wilmarth, “The Dodd-Frank Act does not solve the Too-Big-to-Fail Problem”
8. Poonam Puri and Simon Kupi, "Say on Pay, Soft Law and the Regulatory Focus on Enforcement and Transparency”
9. Ruth Plato-Shinar and Rolf H. Weber, “Consumer Protection through Soft Law in an Era of Global Financial Crisis”
10. Christian A. Johnson, “Moving from Soft Law to Hard Law in the Derivatives Area – A Case Study”.
Part III – Regional Aspects
11. Sandra Annette Booysen, “Financial Regulation and the Changing Relationship between Banks and Their Customers – A Singaporean Perspective”
12. Chao Xi, “From Rule-Taker to Rule-Maker: China’s Changing Roles in Global Banking Regulation”
13. Chayodom Sabhasri, “Regional Financial Integration in Asia and the Challenge of The Global Financial Crisis”
14. Jamshid Damooei, “Economics of the Debt Crisis and its Impact on the Developing World”
15. Stephany Griffith-Jones and Matthias Thiemann, “Limiting financial crises: Demands on the new financial architecture from the perspective of NGOs and Developing Countries”
The primary audiences for the manuscript are policy-makers seeking an in-depth analysis of aspects relating to global financial governance as well as academic scholars and students of various disciplines including International and European economic, financial, monetary law and policy, banking regulation, regulatory theory and political science.