![]() Prüm, André ![]() in Droit & Patrimoine (2014), 239 Detailed reference viewed: 83 (1 UL)![]() Prüm, André ![]() in Revue de Droit Bancaire et Financier (2014), 4 Detailed reference viewed: 168 (28 UL)![]() Prüm, André ![]() in Droit & Patrimoine (2014), 234 Detailed reference viewed: 71 (0 UL)![]() Prüm, André ![]() in Columbia Journal of European Law (2014), 20(1 (Fall 2013)), 1-30 The hypothesis that capital markets naturally function in an efficient way-- possibly one of the widest accepted dogmas of contemporary liberalism--has for many years encouraged politicians and regulators ... [more ▼] The hypothesis that capital markets naturally function in an efficient way-- possibly one of the widest accepted dogmas of contemporary liberalism--has for many years encouraged politicians and regulators in the United States and Europe to refrain from regulating too strictly or even to deregulate the financial industry. Moreover, by leaving Member States with the final responsibility for the soundness of their public finances, the Efficient Capital Markets Hypothesis (ECMH) underpins the constitutional framework of the Economic and Monetary Union (EMU). The recent financial and sovereign debt crises, however, have highlighted the limits of the ECMH and the dangers for market actors, financial institutions, regulators and politicians of relying on the efficiency of financial markets without any qualification. In reaction to the financial and sovereign debt crises, the European Union and its Member States have proposed or adopted a vast set of measures, which range from new mechanisms of solidarity within the Eurozone to a banking union. While the overarching goal is to relieve the stress that financial markets continue to exercise both on the stability of the financial system and the EMU, these measures have been designed in urgency and tend to focus on specific issues. The overall vision and coherence of these measures are far from obvious. The *2 present paper proposes to assess the extent to which the European Union has learned from the lessons taught by the crises relating to the ECMH and its impact on regulation. [less ▲] Detailed reference viewed: 227 (61 UL)![]() Prüm, André ![]() Book published by Editions Yvon Blais (2014) Detailed reference viewed: 233 (43 UL)![]() Corbisier, Isabelle ![]() ![]() in Association Henri Capitant (Ed.) Le pouvoir dans les sociétés - Travaux de l'Association Henri Capitant - Journées chiliennes (2014) Detailed reference viewed: 185 (42 UL)![]() Prüm, André ![]() Book published by Yvon Blais, Thompson Reuters Canada (2014) Detailed reference viewed: 107 (7 UL)![]() Corbisier, Isabelle ![]() ![]() in Annales du Droit Luxembourgeois (2014), 22/2012 Detailed reference viewed: 147 (10 UL)![]() Prüm, André ![]() in Les Procédures collectives au Luxembourg (2014) Detailed reference viewed: 117 (2 UL)![]() Prüm, André ![]() in Droit & Patrimoine (2013) Detailed reference viewed: 118 (14 UL)![]() Prüm, André ![]() in Droit & Patrimoine (2013), (224), 68-76 Detailed reference viewed: 104 (15 UL)![]() ![]() Prüm, André ![]() E-print/Working paper (2013) Detailed reference viewed: 109 (13 UL)![]() ![]() Prüm, André ![]() in De Rome à Lisbonne : les juridictions de l'Union européenne à la croisée des chemins : Mélanges en l'honneur de Paolo Mengozzi (2013) The European Union crisis responses and the Efficient Capital Markets Hypothesis (ECMH) : The hypothesis that capital markets naturally function in an efficient way - possibly one of the widest accepted ... [more ▼] The European Union crisis responses and the Efficient Capital Markets Hypothesis (ECMH) : The hypothesis that capital markets naturally function in an efficient way - possibly one of the widest accepted dogmas of contemporary liberalism - has for many years encouraged politicians and regulators in the US and in Europe to refrain from regulating too strictly or even to deregulate the financial industry. Moreover, by leaving the final responsibility of the soundness of their public finances to the individual Member States, the Efficient Capital Markets Hypothesis (ECMH) underpins the constitutional framework of the Economic and Monetary Union (EMU). The recent financial and sovereign debts crises, however, have highlighted the limits of the ECMH and the dangers for market actors, financial institutions, regulators and politicians of relying on the efficiency of financial markets without any qualification. In reaction to the financial and sovereign debts crises the European Union and its Member States have thus adopted or proposed a vast set of measures, stretching from new mechanisms of solidarity within the euro-zone to a banking union. While the overarching goal is to release the stress that financial markets continue to exercise both on the stability of the financial system and the EMU, these measures have been designed in urgency and tend to focus on specific issues. The overall vision and coherence of these measures are far from obvious. The present paper proposes to assess to what extent the European Union has learned the lessons about the ECMH and its impact on regulation that the crises taught us. [less ▲] Detailed reference viewed: 129 (24 UL)![]() Prüm, André ![]() ![]() Book published by Service central de législation (2013) Detailed reference viewed: 204 (14 UL)![]() Prüm, André ![]() Book published by Bruylant / Larcier (2013) Detailed reference viewed: 102 (3 UL)![]() ![]() Prüm, André ![]() ![]() in Les professions juridiques (2013) Detailed reference viewed: 261 (34 UL)![]() Prüm, André ![]() in Nurit-Pontier, Laure; Rousseau, Stéphane (Eds.) Risques d’entreprise : quelle stratégie juridique ?, 384 pages (2012) Detailed reference viewed: 78 (7 UL)![]() Prüm, André ![]() in Chronique de droit bancaire, Droit et Patrimoine (2012), (220, janvier – juin 2012), 102-111 Detailed reference viewed: 91 (4 UL)![]() Prüm, André ![]() in Revue de Droit Bancaire et Financier (2012), (2, mars-avril 2012), 2-2 Detailed reference viewed: 105 (11 UL)![]() Prüm, André ![]() in Revue de Droit Bancaire et Financier (2011), (1), 3-4 Detailed reference viewed: 148 (5 UL) |
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