87522 - Advanced Banking Regulation and Central Banking

Learning outcomes

This course studies the legal foundations of the European System of Central Banks (ESCB) and the ECB mandate of monetary policy also in comparison with the Federal Reserve system and central banking in other relevant jurisdictions. Conventional and unconventional monetary policy instruments are considered in depth, also in light of relevant CJEU case law. Macroprudential supervision, lending of last resort and remits over financial stability are discussed in all their institutional and legal implications.

Course contents

I Central Banks mandates, independence and institutional framework: The EMU

Money and central banks

Central Banks mandates and independence

The institutional framework of the ESCB and the ECB’s monetary mandate

The ECB: organization and procedure

Financial stability and macroprudential regulation and supervision

II Fundamentals on Central Banks operations and the implementation of the Eurosystem monetary policy framework

Open markets operations, collateral and securitization with David Ramos

Emergency Liquidity assistance

Unconventional monetary policy programs

III A special focus on topical issues on central banking Judicial review of monetary policy

Judicial review of monetary policy: Pringle and Gauweiler

Weiss and post Weiss

Readings/Bibliography

A reading list shall be provided at the beginning of the course.

Teaching methods

Lectures with slides available on IOL. The use of these materials in study and preparation for examination is to be considered as complementary and not substitute for the use of the manuals indicated.

Seminars with high level experts.

Assessment methods

Oral exam.

To subscribe to the exam, you must sign up using the AlmaEsami application, with due regard for the deadlines provided. Those who failed to sign up by the due date are required to report in a timely manner (and in any case before the official closing of the enrollment lists) the problem with the teaching secretariat.

Teaching tools

Slides and materials available on IOL.

Office hours

See the website of Marco Lamandini

See the website of René Smits