The establishment of Banking Union represents a major development in European economic governance and European integration history more generally. Banking Union is also significant because not all European Union (EU) member states have joined, which has increased the trend towards differentiated integration in the EU, posing a major challenge to the EU as a whole and to the opt-out countries. This book is informed by two main empirical questions. Why was Banking Union - presented by proponents as a crucial move to 'complete' Economic and Monetary Union (EMU) - proposed only in 2012, over twenty years after the adoption of the Maastricht Treaty? Why has a certain design for Banking Union been agreed and some elements of this design prioritized over others? A two-step explanation is articulated in this study. First, it explains why euro area member state governments moved to consider Banking Union by building on the concept of the 'financial trilemma', and examining the implications of the single currency for euro area member state banking systems. Second, it explains the design of Banking Union by examining the preferences of member state governments on the core components of Banking Union and developing a comparative political economy analysis focused on the configuration of national banking systems and varying national concern for the moral hazard facing banks and sovereigns created by euro level support mechanisms.

Party and Democracy questions why political parties today are held in such low estimation in advanced democracies. The first part of the volume reviews theoretical motivations behind the growing disdain for the political party. In surveying the parties' lengthy attempt to gain legitimacy, particular attention is devoted to the cultural and political conditions which led to their emergence on the ground' and then to their political and theoretical acceptance as the sole master in the chain of delegation. The second part traces the evolution of the party's organization and public confidence against the backdrop of the transition from industrial to post-industrial societies. The book suggests that, in the post-war period, parties shifted from a golden age of organizational development and positive reception by public opinion towards a more difficult relationship with society as it moved into post industrialism. Parties were unable to master societal change and thus moved towards the state to recover resources they were no longer able to extract from their constituencies. Parties have become richer and more powerful thanks to their interpenetration into the state, but they have paid' for their pervasive presence in society and the state with a declining legitimacy. Even if some changes have been introduced recently in party organizations to counteract their decline, they seem to have become ineffective; even worse, they have dampened democratic standing inside and outside parties, favouring plebiscitary tendencies. The party today is caught in a dramatic contradiction. It has become a sort of Leviathan with clay feet: very powerful thanks to the resources it gets from the state and to its control of the societal and state spheres, but very weak in terms of legitimacy and confidence in the eyes of the mass public. However, it is argued that there is still no alternative to the party. Democracy is still inextricably linked to the party system.

At the heart of the European Union is the establishment of a European market grounded in the free movement of people, goods, services, and capital. The implementation of the free market has preoccupied European lawyers since the inception of the Union's predecessors. Throughout the Union's development, as obstacles to free movement have been challenged in the courts, the European Court of Justice has had to expand on the internal market provisions in the founding Treaties to create a body of law determining the scope and meaning of the EU protection of free movement. In doing so, the Court has often taken differing approaches across the different freedoms, leaving a body of law apparently lacking a coherent set of foundational principles. This book presents a critical analysis of the European Courts' jurisprudence on free movement, examining the Court's constitutional responsibility to articulate a coherent vision of the EU internal market. Through analysis of restrictions on free movement rights, it argues that four main drivers are distorting the system of the case law and its claims to coherence. The drivers reflect 'good' impulses (the protection of fundamental rights); avoidable habits (the proliferation of principles and conflicting lines of case law authority); inherent ambiguities (the unsettled purpose and objectives of the internal market); and broader systemic conditions (the structure of the Court and its decision-making processes). These dynamics cause problematic instances of case law fragmentation - which has substantive implications for citizens, businesses, and Member States participating in the internal market as well as reputational consequences for the Court of Justice and for the EU more generally. However, ultimately the Member States must take greater responsibility too: only they can ensure that the Court of Justice is properly structured and supported, enabling it to play its critical institutional part in the complex narrative of EU integration. Examining the judicial development of principles that define the scope of EU free movement law, this book argues that sustaining case law coherence is a vital constitutional responsibility of the Court of Justice. The idea of constitutional responsibility draws from the nature of the duties that a higher court owes to a constitutional text and to constitutional subjects. It is based on values of fairness, integrity, and imagination. A paradigm of case law coherence is less rigid, and therefore more realistic, than a benchmark of legal certainty. But it still takes seriously the Court's obligations as a high-level judicial institution bound by the rule of law. Judges can legitimately be expected - and obliged - to be aware of the public legal resource that they construct through the evolution of case law.

Europe's trade policies matter in global politics. Despite the recent focus on Brazil, India, and particularly China, the European Union remains the world's largest market and trader. Despite its recent economic troubles, Europe remains in a powerful position to shape how globalization is governed. We know surprisingly little about how its trade policy is actually made, because previous works have focused on individual trade policy decisions to the detriment of the 'big picture' of the Union as a trade power. Parochial Global Europe argues that trade policy is composed of multiple, distinct policies. Each presents a distinctive constellation of mobilized societal preferences, pattern of political institutions, and range of government preferences. The balance of economic power between the EU and its trade partner(s) affects the stakes involved. Together these four factors define trade policy sub-systems, which help explain both the EU's objectives and whether it realizes them. The authors advance this argument by analysing the EU's role in the demise of the Doha Round, its use of anti-dumping and pursuit of market access, the trade effects of its single market programme and efforts at regulatory diplomacy, including the launch of the Transatlantic Trade and Investment Partnership negotiations. Parochial Global Europe thus focuses centrally on modern, 21st century trade policy. It also sheds light on the EU as a global actor by analysing its use of trade policy as a tool of foreign policy from promoting development, to encouraging human rights and environmental protection, to punishing security threats.

As EU non-majoritarian bodies such as the European Commission, the Court of Justice of the European Union, and the European Central Bank grow in political influence, many have identified the pressing need to keep these bodies accountable to the repositories of the EU's democratic legitimacy. This collection of essays sheds light on the inherent tension between independence and legitimacy in the EU's institutional system and explores the options of reconciling the two. Featuring analysis from both legal and political perspectives, the volume assesses whether, to what extent, and how it is possible to control the various EU independent bodies and make them answerable for what they do, while at the same time upholding their independence.

The friendly settlement procedure is an important tool for the reduction of the European Court of Human Rights' (ECtHR) case load. Recent practice demonstrates that this procedure is increasingly resorted to by applicants and Contracting States. Friendly Settlements before the European Courtof Human Rights evaluates this largely unexplored instrument from doctrinal as well as practical perspectives, making recommendations to render the negotiations before the ECtHR more efficient and professional.
The book examines questions relating to the admissibility as well as to the practical manageability of friendly settlements. In contrast to ordinary civil proceedings, the friendly settlements procedure has a mixed legal character: while settlements are an inter-partes procedure, they are also binding under international law, as the ECtHR often hands them down in the form of a judgment. In this context, the question arises as to how far the proceedings can be 'privatized' and where the limits to the monetization of human rights violation lie. This book evaluates possible abuses and identifies the precautions that need to be taken in the framework of friendly settlements. This issue is linked to the question of whether the legal framework which governs the conclusion of a friendly settlement should be formulated in a more concrete manner, given that the position of the parties is unequal and that the role of the Court is hardly defined in this context. Furthermore, the book empirically examines whether the friendly settlement procedure is as advantageous in comparison to ordinary proceedings as others have argued. It also questions whether the friendly settlements procedure can provide the applicant with 'more money faster'.

Focussing on access to territory and authorization of presence and residence for third-country nationals, this book examines the EU law on immigration and asylum, addressing related questions of security of residence. Concentrating on the key measures concerning both the rights of third-country nationals to enter and stay in the EU, and the EU's construction of illegal immigration, it provides a detailed and critical discussion of EU and ECHR migration and refugee law. Rights of admission include three categories of entrants: labour migrants, family migrants, and asylum seekers and refugees. Legal entry raises further questions, and recent key measures, including the EU Blue Card Directive, the Family Reunification Directive, and the Dublin Regulation and related instruments are examined. As most of these EU measures deal with those border crossings where human rights norms have already established some constraints on state discretion, the interaction between the EU norms and the case law of the European Court of Human Rights (ECtHR) is a key concern. The uniting theme is the interaction between established human rights norms, in particular the ECHR, and EU law. Does the EU fulfil its post-national promise to create forms of membership beyond the state, or in its treatment of non-Europeans, does it undermine human rights and existing legal protections?

The past decade has witnessed change in the ways judges for the Court of Justice of the European Union and the European Court of Human Rights are selected. The leitmotif has been securing greater professional quality of the judicial candidates, and, for this purpose, both European systems have put in place various advisory panels or selection committees that are called to evaluate the aptitude of the candidates put forward by the national governments. Are these institutional reforms successful in guaranteeing greater quality of the judicial candidates? Do they increase the legitimacy of the European courts? Has the creation of these advisory panels in any way altered the institutional balance, either horizontally within the international organisations, or vertically, between the respective organisation and its Member States? Above all, has the spree of 'judicial comitology' as currently practised a good way for selecting Europe's judges? These and a number of other questions are addressed in this topical volume in a comparative and interdisciplinary prospective. The book is structured into two elements: first, how the operation of the new selection mechanisms is captured and analyzed from different vantage points, and secondly, having mapped the ground, the book critically and comparatively engages with selected common themes, examining the new mechanisms with respect to values and principles such as democracy, judicial independence, transparency, representativeness, and legitimacy.

The Oxford Handbook of Italian Politics provides a comprehensive look at the political life of one of Europe's most exciting and turbulent democracies. Under the hegemonic influence of Christian Democracy in the early post-World War II decades, Italy went through a period of rapid growth and political transformation. In part this resulted in tumult and a crisis of governability; however, it also gave rise to innovation in the form of Eurocommunism and new forms of political accommodation. The great strength of Italy lay in its constitution; its great weakness lay in certain legacies of the past. Organized crime - popularly but not exclusively associated with the mafia - is one example. A self-contained and well entrenched 'caste' of political and economic elites is another. These weaknesses became apparent in the breakdown of political order in the late 1980s and early 1990s. This ushered in a combination of populist political mobilization and experimentation with electoral systems design, and the result has been more evolutionary than transformative. Italian politics today is different from what it was during the immediate post-World War II period, but it still shows many of the influences of the past.

Despite nearly sixty years of European integration, neither nations nor national loyalties have withered away. On the contrary, national identity rhetoric seems on the rise, not only in politics but also in legal discourse. Lately we have seen a rise in the number of Member States invoking their national identity in an attempt to justify a derogation from a requirement imposed on them by a Treaty article or an EU legislative act, or to legitimize a particular national reading of such an EU norm. Despite this, the European Court of Justice (ECJ) has yet to develop a coherent approach to such arguments, or express a vision of the role national identity should play in EU law. Elke Cloots undertakes this task by providing a principled and coherent scheme for the adjudication of disputes involving claims based on the national identity of a Member State. Should arguments involving national identity be legally relevant? If yes, how should the ECJ approach such identity-related interests? Cloots crafts a normative framework to assist the ECJ in striking the right balance between European integration and respect for the identity concerns at issue. The book combines rigorous theoretical inquiry with thorough analysis of the European Treaties and case law, with particular attention paid to litigation involving domestic measures concerning the national system of government, constitutional rights protections, and language policy. Clarifying the issues at stake and presenting a solution to these problems, this book will be an invaluable resource for the academics, lawyers, and policy makers in the field.

Principles and Practice in EU Sports Law provides an overview of EU sports law. In particular it assesses sporting bodies' claims for legal autonomy from the 'ordinary law' of states and international organizations. Sporting bodies insist on using their expertise to create a set of globally applicable rules which should not be deviated from irrespective of the territory on which they are applied. The application of the lex sportiva, which refers to the conventions that define a sport's operation, is analysed, as well as how this is used in claims for sporting autonomy. The lex sportiva may generate conflicts with a state or international institution such as the European Union, and the motives behind sporting bodies' claims in favour of the lex sportiva's autonomy may be motivated by concern to uphold its integrity or to preserve commercial gain. Stephen Weatherill's text underlines the tense relationship between lex sportiva and national and regional jurisdictions which is exemplified with specific focus on the EU. The development of EU sports law and its controversies are detailed, reinforced by the example of relevant legal principles in the context of the practice of sports law. The intellectual heart of the text endeavours to make a normative assessment of the strength of claims in favour of sporting autonomy, and the variation between different jurisdictions and sports is evident. Furthermore the enduring dilemma facing sports lawyers running throughout the text is whether sport should be regarded as special, and in turn how (far) its special character should be granted legal recognition.

The supranational law of the European Union represents a uniquely powerful, far-reaching, and controversial instance of the growth of international legal governance, one that has forever altered the political and legal landscape of its Member States. The EU has attracted significant attention from political scientists, economists, and lawyers who have analysed its polity and constructed theoretical models of the integration process. Yet it has been almost entirely neglected by analytic philosophers, and the philosophical tools that have been developed to analyse and evaluate the Union are still in their infancy. This book brings together legal philosophers, political philosophers, and EU legal academics in the service of developing the philosophical analysis of EU law. In a series of original and complementary essays they bring their varied disciplinary expertise and theoretical perspectives to bear on central issues facing the Union and its law. Combining both abstract thought in legal and political philosophy and more tangible theoretical work on specific legal issues, the essays in this volume make a significant contribution to developing work on the philosophical foundations of EU law, and will engender further debate between philosophers, political philosophers, and EU legal academics. They will be of interest to all those engaged in understanding the nature and purpose of this unique legal entity.

Since its formation the European Union has expanded beyond all expectations, and this expansion seems set to continue as more countries seek accession and the scope of EU law expands, touching more and more aspects of its citizens' lives. The EU has never been stronger and yet it now appears to be reaching a crisis point, beset on all sides by conflict and challenges to its legitimacy. Nationalist sentiment is on the rise and the Eurozone crisis has had a deep and lasting impact. EU law, always controversial, continues to perplex, not least because it remains difficult to analyse. What is the EU? An international organization, or a federation? Should its legal concepts be measured against national standards, or another norm? The Oxford Handbook of European Union Law illuminates the richness and complexity of the debates surrounding the law and policies of the EU. Comprising eight sections, it examines how we are to conceptualize EU law; the architecture of EU law; making and administering EU law; the economic constitution and the citizen; regulation of the market place; economic, monetary, and fiscal union; the Area of Freedom, Security, and Justice; and what lies beyond the regulatory state. Each chapter summarizes, analyses, and reflects on the state of play in a given area, and suggests how it is likely to develop in the foreseeable future. Written by an international team of leading commentators, this Oxford Handbook creates a vivid and provocative tapestry of the key issues shaping the laws of the European Union.

The European Commission started out in the 1950s as a technocratic international organization. Today, it has acquired many of the organizational features and behavioural patterns that are highly typical of the 'normal' executives in national settings. This 'normalization' of the EU executive is due to a series of treaty reforms and internal administrative transformations that were effectuated after the demise of the Santer Commission. Based on a large number of in-depth interviews with commissioners, heads of cabinet, and senior civil servants in the Commission, and on extensive documentary evidence, this study shows how a reinforced regime of political and administrative accountability has profoundly changed the executive relationships between politicians and bureaucrats in the Commission. The book presents a grounded empirical portrait of life at the top in the EU, exposing the Commission's struggle to revive its legitimacy and to turn it into a more transparent, accountable, and efficient organization during the Prodi and Barroso's tenures. Officials and office-holders describe in their own words the imperatives they face and the relationships they maintain, providing readers a rare insight into the day-to-day practices in one of the world's most powerful executives.

The path from single market to economic union is a continuing, and controversial, story; raising questions about the present and future regulation, structures, and purpose of economic union within the broader objectives of the EU legal and political order. This collection focuses on the evolution and regulation of the EU as an economic union, in tribute to the scholarship of the late Professor John A Usher. The process of treaty reform within the EU has now reached fruition and attention is being re-focused on substantive aspects of EU law and policy. The essays in the collection consider the EU internal market in its broadest sense: the fundamental free movement provisions remain at the core, but the concept of the transnational market must also accommodate competing interests to which the EU is committed but the implications of which can nonetheless distort, and thus need to be carefully balanced within, the basic free trade framework (for example, intellectual property rights and the protection of innovation, and also the implementation of social policy objectives). The collection also situates the market in its broader politico-economic context. The global economic climate remains precarious and questions about optimal financial and fiscal regulation, and monetary stability, remain critically significant, especially in a transnational context given the degree of inter-dependency generated by the EU integration project. The essays in the collection offer in-depth reflections on different 'parts' of this evolving transnational economic union, linked together as a whole by cross-cutting thematic concerns about competence and regulation, and about where and how the economic law of the EU fits within the broader integration narrative. Together, these different elements of the proposed collection demonstrate the different facets of EU economic law and its regulation; and this approach, in turn, reflects the extraordinary breadth of John Usher's remarkable contribution to scholarship.

The law of the external relations of the European Union is a subject of great importance. The EU institutions have developed an extensive practice in this area, by concluding many international agreements, by participating in the work of international organizations, and by legislating and regulating on matters of external relations. It is a practice giving rise to many legal problems and questions, as evidenced by the substantial and fast expanding body of case-law in this area from the EU Courts. These problems and questions are often of constitutional significance, and the external relations law of the EU therefore occupies an important place in the overall constitutional and institutional development of the EU.
This volume examines the legal foundations of the EU's external relations. It focuses on the EU's external competencies and objectives; on the instruments, principles, and actors of external policies; and on the legal effects of international agreements and international law. It analyses a number of key external policies, particularly in the fields of trade and foreign policy.
Substantially updated to take into account recent case law, it also incorporates an examination of the changes made by the Lisbon Treaty. This new edition, formerly published as External Relations of the European Union: Legal and Constitutional Foundations, is an invaluable asset to those studying and working in the field.

Large-scale migration constitutes an unavoidable social reality within the European Union. A European polity is made possible and tangible by the individual acts of migrants crossing the internal borders, developing a transnational life and integrating into European societies. Consequently, migration has become a special feature of the self-understanding of the European Union: its existence depends upon a continuing flow of persons crossing the borders of the Member States, and also upon the management of the flows of third-country nationals knocking at its doors. To respond to this challenge, the Union has developed common European migration policies. This book is a collection of essays which aim to explore a selected number of issues related to the development of these policies. It presents the current state, and the future of European immigration law discussing the political rationales and legal competences driving the action of the Union in this area. It reflects on the cooperation of the Union with third countries and on the emergence of international migration legal norms. It illustrates the role of the European Courts and the emergence of new actors through the adoption of EU instruments.

Over the past decades, governments have increasingly been confronted with problems that transcend their boundaries. A multitude of policy fields are affected, including environment, trade and security. Responding to the challenges triggered by Europeanization and globalization, governments increasingly interact across different spheres of authority. Both theoretically and empirically, the puzzle of institutional choice reflected by the variety of arrangements in which intergovernmental cooperation takes place inside individual countries and across their borders remains surprisingly under-explored. In an attempt to solve this puzzle, the book tackles the following questions: Why are the intergovernmental arrangements governments set up to deal with boundary-crossing problems so different? To what extent do these institutional differences affect the effectiveness of intergovernmental cooperation?
To address this gap theoretically and empirically, this book adopts a deductive, rationalist approach to institution-building. It argues that internal politics, the type of executive-legislative relations within the interacting governments, explains the nature of institutions set up to channel intergovernmental processes: while power-sharing governments engage in institution-building, power-concentrating governments avoid it. It also shows that these institutional choices matter for the output of intergovernmental cooperation. The approach is applied to the United States, Canada, Switzerland, and finally the European Union. Disaggregating individual government units, the theoretical approach reveals how intragovernmental micro-incentives drive macro-dynamics and thereby addresses the neglect of horizontal dynamics in multilevel systems. The willingness and capacity of lower-level governments to solve collective problems on their own and to oppose central encroachment are crucial to understand the power distribution in different systems and their long-term evolutions.

Immigration has become one of the most pressing political issues of the modern day, and public opinion polls indicate that it has been of public concern for some time. This book analyses the impact of immigration on perceptions of national political systems in Europe and contends that public concern about immigration is undermining trust in national political institutions and elites, as well as satisfaction with the way democracy is working. Immigration and Perceptions of National Political Systems in Europe contends that immigration presents more substantial challenges to some national identity constructions, and that while national identity in general can help to bolster support for national political systems, those who emphasize lengthy ties to the country are likely to be less positive about their national political systems, particularly when these allow for relatively easy immigrant incorporation. This book also includes an analysis of the impact of concern about immigration on the British political system, and shows that while concern about immigration appears to have been fairly high since the 1960s, it is only in since 1997 that such concern has come to translate into negative perceptions of the British political system.

Reconfiguring European States in Crisis offers a ground-breaking analysis by some of Europe's leading political scientists, examining how the European national state and the European Union state have dealt with two sorts of changes in the last two decades. Firstly, the volume analyses the growth of performance measurement in government, the rise of new sorts of policy delivery agencies, the devolution of power to regions and cities, and the spread of neoliberal ideas in economic policy. The volume demonstrates how the rise of non-state controlled organizations and norms combine with Europeanization to reconfigure European states. Secondly, the volume focuses on how the current crises in fiscal policy, Brexit, security and terrorism, and migration through a borderless European Union have had dramatic effects on European states and will continue to do so.

The European Court of Human Rights between Law and Politics provides a comprehensive analysis of the origins and development of one of the most striking supranational judicial institutions. The book brings together leading scholars and practitioners to cast new light on the substantial jurisprudence and ongoing political reform of the Court. The broad analysis based on historical, legal, and social science perspectives provides new insights into the institutional crisis of the Court and identifies the lessons that can be learned for the future of the European Convention on Human Rights and Fundamental Freedoms. The European Court of Human Rights is in many ways is an unparalleled success. The Court embarked, during the 1970s, upon the development of a progressive and genuinely European jurisprudence. In the post-Cold War era, it went from being the guarantor of human rights solely in Western Europe to becoming increasingly involved in the transition to democracy and the rule of law in Eastern Europe. Now the protector of the human rights of some 800 million Europeans from 47 different countries, the European system is once again deeply challenged - this time by a massive case load and by the Member States' increased reluctance towards the Court. This book paves the way for a better understanding of the system and hence a better basis for choosing the direction of the next stage of development.

A comprehensive analysis of the European Commission's general role in supervising member state compliance with EU law, this book provides a detailed assessment of centralized EU enforcement. It starts out by asking whether it is viable to establish stronger Commission powers of enforcement at this point in time. Against this backdrop, and as a means of exploring the role of the Commission, the chapters examine a number of different aspects pertaining to enforcement of EU law. Beginning with an appraisal of the Commission's function under the general EU infringement procedure stipulated in Articles 258 and 260 TFEU, the volume argues that the EU lacks independent self-sustained regime authority. Moreover, this is reflected in both substantive EU law and procedural law, including the general EU infringement procedure. Chapter two makes the case that Article 258 TFEU can usefully be explained in terms of managerialism. Chapter three analyses Article 260 TFEU concerning repetitive infringements. In particular, it asserts, EU member state sanctions sustain the managerial approach. It then goes on to examine the Commission's unsuccessful attempts to gain sharper enforcement powers through secondary legislation, and identifies the effective points of functional overlap between enforcement powers and certain types of implementing tools. Finally, it discusses the Commission's role under various non-binding, ad hoc arrangements. The concluding chapter places the general EU infringement procedure in the broader context of a comprehensive (negotiated) policy process. It argues that the enforcement stage shares many features with earlier steps in the legislative process, including flexibility and deliberation.

A critical overview of European Union energy law and policy, this book takes a law-in-context approach as it examines the development of EU energy law from the 1950s to the present day. It discusses the development of EU energy law; the application of general EU law into energy; the regulation of EU energy markets; international aspects of EU energy law; and policy, sustainability, and energy regulation. Presenting an up-to-date overview of EU energy law and policy and a critical analysis of its sub-areas, the book extends the discussion from electricity and natural gas markets to other areas of energy, including oil. This holistic approach to the subject is then placed within the broader context of the international geopolitical sphere which EU energy law and policy operates, as the author considers the impact of regional and international energy policies and markets on the EU markets and the overall EU policy. He also draws on the wider context and takes into account non-legal factors such as the impact of unconventionals, the rise of the BRICS, and the 'Arab spring'. The book frames EU energy law as a topic that can provoke intellectual, political, and professional discussion about the slowly moving train of economic regulation under the typical pressures and contradictions of countries and the European Union in the global economy.

The Global Financial Crisis has re-ordered how the EU intervenes in the EU financial market, both with respect to regulation and with respect to supervision. After 5 years of a behemoth reform agenda, the new landscape is now clear. Rule-making power has decisively moved to the EU and radical reforms have been made to the organization of supervision. EU Securities and Financial Markets Regulation provides the first comprehensive, critical, and contextual account of the vast new rule-book which now applies to the EU financial market in the aftermath of the seismic reforms which have followed the financial crisis. Topics covered in-depth include the AIFMD, EMIR, the Short Selling Regulation, the new market abuse and transparency regimes, the rating agency regime, the UCITS IV-VI reforms, and MiFID II/MiFIR; the analysis is wide-reaching, extending to secondary legislation and relevant soft law. The book also examines the far-reaching institutional changes which have followed and considers in detail the role and impact of the European Securities and Markets Authority and the potential impact of the Single Supervisory Mechanism for euro area banks on the supervision of the EU financial market. EU Securities and Financial Markets Regulation is the third edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Almost entirely recast and re-written from the 2008 second edition to reflect the changes wrought by the Global Financial Crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, international, institutional, and constitutional context of the new regulatory and supervisory regime, and the underlying forces which have (and will continue to) shape it.

The two years since publication of the first edition of The Law of EU External Relations: Cases, Materials, and Commentary on the EU as an International Actor have been characterized by the large amount of case law on the new provisions on external relations, which have found their way into the Lisbon Treaty. Moreover, there have been important changes in EU secondary law on external relations as a consequence of these changes to the Lisbon Treaty. In this second edition, new case law and legislative developments are critically discussed and analysed in this comprehensive collection of EU Treaty law. Combining chapters on the general basis of the Union's external action and its relation to international law, with chapters which further explore the law and practice of the EU in the specialized fields of external action, this book presents the law of EU external relations in a concise and accessible manner for students, practitioners, and academics in the field. Topics include the common commercial policy, development cooperation, cooperation with third countries, humanitarian aid, the enlargement and neighbourhood policies, the external environmental policy, and the common foreign and security policy. Carefully selected primary documents are accompanied with analytic commentary on the issues they raise and their significance for the overall structure of EU external relations law. The primary materials selected include many important legal documents that are hard to find elsewhere but give a vital insight into the operation of EU external relations law in practice.