Markets' Governance in European Union

 

The project aims to investigate the forms of governance with reference to the European system (and supranational anyway) with regard to the regulation of the financial and credit markets in order to ensure its stability, to prevent systemic risks, to overcome the monetary difficulties, to prevent tax competition, to handle the problems of the labour market, to improve the efficiency of the public administration and civil justice (with particular regard to bankruptcy) as a tool to help businesses, including those of smaller size.

1) The regulation of the financial markets. The object of the research will be the tools to ensure the stability of the financial system and the accessibility of funding. It means to follow the training process, starting from Basel 2 and 3, of the regulation and the directive and implementing acts: either to try to help as much as possible, both to be ready, however, to guide operators to quickly adapt to the new legislation.

The research will also have as object the innovations of European regulation in order to verify its effectiveness with regard to the objective of securing markets. The researchers will examine the opportunity to introduce mechanisms for genuine codecision procedure, through which to involve consumers' interests to fundamental choices in terms of financial supervision, so that decision-making takes into account not only the needs of financial intermediaries, but also those of their customers.

Specific attention will be devoted to the regulation of credit rating agencies in the EU (following the steady evolution) and placing in comparison with that of the United States. It should not be overlooked, in fact, that causes the crisis there was the difficulty of supervisory authorities with regard to credit rating agencies.

2) The discipline of banking and tax costs of crises. The search will reference the Volker Rule and the Retail Ring-Fencing. In the case of V.R. is not easy to distinguish, in the evaluation of exposures to market risk, admitteted activities and prohibited ones. Similar difficulties may meet the supervisory authorities in assessing the nature and purpose of contracts and hedging instruments used by the ring-fenced bank. The problem is that an excess of controls, difficult implementation and not harmonised at international level, encourages speculative finance moving outside of the regulated banking sector, while preserving a buildup of systemic risk, capable of exerting effects of contagion on the regulated sector.

3) Corporate governance. The research will be developed based on the postulate, also recently reaffirmed at the level of European law, that the information, and its corollary of transparency, represents the tool not only to remove the rational apathy - in a context that has recently enhanced the role of the shareholders meeting - but to ensure a more efficient control of the market. The interests of stakeholders deserves consideration as a further objective of the company, as well as hope for the Green Paper on corporate government and the banks. We must identify, in particular, the efficiency of new conception in the Italian system and possible intersections with the new definition of SER. A particular survey is worth the small and medium enterprises with specific regard to the balance between instances of regulatory uniformity and, no less important, freedom of economic initiative.

Always with a view to the inclusion of disadvantaged people the researchers will grow the last two search scopes sub 4) and 5).

4) Tools to protect the creditor against the risk of insolvency of its debtors. The rearchers will develop the themes associated with: a) regulating the prevention of insolvency proceedings in civil and commercial matters (and, therefore, of granting credit manager); b) the activation mode of the huge liability as debtor (subject to special bankruptcy disciplines it confidential) as the small debtor (consumer, small business or social enterprises); c) the system of rules intended to guarantee the possibility of a "second chance" (so-called "fresh start").

5) Management of labour market. The objective of the research is to identify a setting capable of ensuring the social inclusion of disadvantaged people. In this context, it is necessary to validate the current intervention models that provide for the involvement of local authorities and the social partners.