Overview

This carefully researched work constitutes a timely contribution to today's most hotly debated project of the European Community: financial and monetary integration. To achieve such integration it proposes the creation of both a common banking market - where 'banks' are broadly defined to include all institutions whose business it is to manage money - and a unified monetary environment in which money would be regulated centrally and move between all the Member States as freely as it does today within the domestic monetary territory of any one of them. This proposal is based on a concrete scheme of connected institutional structures and legal mechanisms capable of developing and implementing a single set of harmonized supervisory regulations as well as monetary policy. In doing so the author deals in detail with the most politically sensitive of all issues, namely the redistribution of functions and powers in financial and monetary matters between the Member States and the Community. His proposal of specific practical steps and fresh interpretation of the supporting legal framework make this work truly innovative.

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9780820413150

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Reviews

Mr. Cordero looks far into the future of European integration. Extrapolating from what is developing at present, he creates a model for banking regulation of the United States of Europe - a lawyer's dream, or, who knows, his prophecy. (Dr. Peter Troberg, Head of the Special Financial Questions Division, Commission of the European Communities Directorate-General for Financial Institutions) Based on substantial research the closely-reasoned argument makes an impressive case. (Banking World) This well-researched book represents a significant contribution to the most hotly debated project in the European Community: monetary and financial integration. (EFMA's Newsletter) The subject of this carefully researched book could hardly be more timely: even after the Second Banking Directive, financial and monetary integration in the European Community remain hotly debated issues. It is to the author's credit that he provides a legal scheme for further discussion on how to bring about a truly European banking system. ... It should be hoped that those who sit at the negotiation table of the current intergovernmental conference on European Monetary Union, read it carefully. (J. Wouters, Harvard International Law Journal) Dr. Cordero wades through the extensive material, and with sensitivity to political reality charts a course through the murky status of EC banking law. (...) It should be read (...) by everyone interested in or connected with the field, as it presents new ideas from an obvious expert in the field, derived from an enormous wealth of information... (Richard D. Simonds Jr., New York University Journal of International Law and Politics)

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