Money Law, Capital, and the Changing Identity of the European Union

This book addresses three questions: is money a way to create a European Union identity? If so, which type of identity is this? And in what ways is the EU identity changing? The book brings together experts from a variety of backgrounds and academic approaches to analyse the law of money and payments on the one side, and the law of capital and investments on the other. The book is divided into two parts. Part I covers scriptural, electronic and digital money. It analyses the European framework for payment services users, explores limits and challenges of the Banking Union, and looks at the project for a digital euro. Part II investigates the policy and regulatory drivers of the EU’s changing identity, from the early modern roots of the European law of money and capital to the regulatory strategy set in the Capital Markets Union and the role conferred on venture capital; from the FinTech-based developments of payment systems to the newly-established fiscal and monetary policies in the post-COVID phase. The book will be of interest to researchers, academics and policy makers in the fields of law and regulation, as well as political economy and political sciences. Acknowledgements Contents List of Contributors 1. The Life of EU Money: Value, Credit and Capital as Societal Processes I. The Pure Energy of Money II. A Wave-Particle Duality III. The Life of Money, Technology and the Changing Identity of the European Union IV. A Chair and a Banquet 2. Monetary Identity of the EU and the Drivers of Regulatory Change I. Monetary Identity and the EU II. Money as a Matter of Exchanges III. Money as Energy PART I: THE CHANGING MATTER OF MONEY 3. EU Law of Money and the Payment Service Consumers: Miles Done and the Challenges Ahead I. Introduction II. Consumers in EU Payment Law III. Accessing the Payment System IV. Addressing Payment Service Consumers as Digital Users V. Any Holes in the (Legislative) Net? VI. Conclusions 4. The Interplay between the Framework for Payment Services and Data Protection: A Piece of European Community Identity I. Introduction II. The Interplay of the PSD2 and the GDPR III. The Problem of Processing of 'Silent Party Data' and Special Categories of Personal Data by TPPS IV. Conclusions 5. Boosting Economic Growth in Europe with the Help of Technology: Innovation and the Role of FinTechs in Payments I. Introduction II. A Recap of Europe's Payment Journey and the Role of FinTechs III. Thoughts on the Potential for a Digital Euro IV. Supporting the European FinTech Ecosystem V. International Cross-border Payments: A P(l)ay for FinTechs? VI. Conclusion 6. A Substitute without Substitute: Cash Money, Digital Euros, and the Shifting Futures of Currency Communities I. Introduction II. The Shift from Competing Currencies to Competing Payment Forms III. Cash, Currency Communities, and Identity IV. Euro Cash and Digital Euros - Complementary or Competing Forms? V. Substitutability, Design, and the Ethos of Choice in Framing Digital Payments VI. The Payment Neutrality Paradox VII. Maintaining the Euro Cash Infrastructure as a Public Good 7. Thinking of the Digital Euro as Legal Tender I. Introduction II. Money as Legal Tender III. European Union Monetary Law IV. Digital Euro: A Monetary Policy Perspective V. Digital Euro and Banks: A Dangerous Relationship VI. What About Citizens' Rights? VII. The Function of Money VIII. Cash Payment Limits IX. Conclusions 8. The Approximation of National Banking Law in the European Banking Union I. Introduction II. The Legal Basis of the European Banking Union III. The European Banking Authority: Mandate and Constitutional Weaknesses IV. The Impact of the European Banking Union on the Single Rulebook V. Interaction between the European Banking Union and the European Banking Authority VI. De Iure Condendo Prospects for Further Harmonisation VII. Conclusions 9. The Banking Union in the Aftermath of the COVID-19 Pandemic: An Incentive to Finalise the Project? I. Introduction II. The Establishment of the Banking Union III. The COVID-19 Crisis and its Impact on Credit Institutions IV. Concluding Remarks PART II: THE ENERGY OF CREDIT AND CAPITAL 10. The Progressively Increasing Relevance of Commercial Partnerships' Monetary Capital in Early Modern Europe I. Introduction II. From Intuitus Personae to Intuitus Pecuniae III. The Mechanics of the Legal Transition IV. Conclusions 11. Towards European Venture Capital? A Proposal for More State Involvement in Venture Capital to Foster Inclusive and Green Growth and European Community I. Introduction II. Historic Learnings – The Role of the State in Financing and Enabling Innovation in the US III. A Note on Method IV. Should States (or the EU) Invest More into Startups? V. How Can We Build a European VC Ecosystem, Beyond Investments? VI. How Can We Use Europe's Natural Cultural Strengths and Reputation as a Regulator to its Advantage? VII. Conclusions 12. Building an EU Venture Capital Market: What About Corporate Law? I. Introduction II. The VC World III. VC Investments IV. VC and Corporate Law V. What Has the EU Done? VI. What About Corporate Law? VII. Conclusion 13. Policy Coherence for Corporate Sustainability in the EU: Can We Achieve Sustainable Corporate Governance Without Sustainable Finance? I. Introduction II. The Urgency of the Climate Emergency III. State of the Art in the EU and the Renewed Impetus for Further Regulation IV. Moving Forward with the EU Green Deal: Mapping of the Sustainability Regulation in Business Law V. Need for Policy Coherence for Corporate Sustainability VI. Conclusion: Corporate Finance and Sustainability in 2030 and the Capital Market Union 14. FinTech in Luxembourg: A New Risk-management Approach I. Introduction II. The Architecture of the Luxembourgish Financial Centre III. SWOT Analysis of E-Money Service Providers and Virtual Currency Issuers IV. SWOT Analysis V. A New Risk Management Philosophy for Virtual Currencies and E-Money Services VI. Conclusion 15. Some Thoughts on the Uneasy Fit between the ECB's Legal Mandate and its Crisis-Driven, 'Whatever it Takes', Policy Empowerment I. Introduction II. The ECB'S Mandate Expands: Reinterpreting the Mandate's Wording III. The ECB'S Mandate Expands: Political Momentum Propels Policy Capacities IV. Concluding Remarks Index "This book addresses 3 questions: is money a way to create a European Union identity? If so, which type of identity is this? And in what ways is the EU identity changing? The book brings together experts from a variety of backgrounds and academic approaches to analyse the law of money and payments on the one side, and the law of capital and investments on the other. The book is divided into 3 parts. Part I gives the reader an overview of the issues covered as well as of the goals and structure of the book. Part II covers scriptural, electronic, and digital money. It analyses the European framework for payment services users, explores limits and challenges of the Banking Union, and looks at the project for a digital euro. Part III investigates the policy and regulatory drivers of the EU's changing identity, from the early modern roots of the European law of money and capital to the regulatory strategy set in the Capital Markets Union and the role conferred on venture capital; from the fintech-based developments of payment systems to the newly-established fiscal and monetary policies in the post-COVID phase. The book will be of interest to researchers, academics and policy makers in the fields of law and regulation, as well as political economy and political sciences."-- Provided by publisher "This book addresses 3 questions: is money a way to create a European Union identity? If so, which type of identity is this? And in what ways is the EU identity changing? The book brings together experts from a variety of backgrounds and academic approaches to analyse the law of money and payments on the one side, and the law of capital and investments on the other. The book is divided into 2 parts. Part I covers scriptural, electronic, and digital money. It analyses the European framework for payment services users, explores limits and challenges of the Banking Union, and looks at the project for a digital euro. Part II investigates the policy and regulatory drivers of the EU's changing identity, from the early modern roots of the European law of money and capital to the regulatory strategy set in the Capital Markets Union and the role conferred on venture capital; from the fintech-based developments of payment systems to the newly-established fiscal and monetary policies in the post-COVID phase. The book will be of interest to researchers, academics and policy makers in the fields of law and regulation, as well as political economy and political sciences"-- Provided by publisher "This book addresses three questions: is money a way to create a European Union identity? If so, which type of identity is this? And in what ways is the EU identity changing? The book brings together experts from a variety of backgrounds and academic approaches to analyse the law of money and payments on the one side, and the law of capital and investments on the other. The book is divided into 2 parts. Part I covers scriptural, electronic, and digital money. It analyses the European framework for payment services users, explores limits and challenges of the Banking Union, and looks at the project for a digital euro. Part II investigates the policy and regulatory drivers of the EU's changing identity, from the early modern roots of the European law of money and capital to the regulatory strategy set in the Capital Markets Union and the role conferred on venture capital; from the fintech-based developments of payment systems to the newly-established fiscal and monetary policies in the post-COVID phase. The book will be of interest to researchers, academics and policy makers in the fields of law and regulation, as well as political economy and political sciences."