Abstract
The objective of this paper is to explore selected strategies of countering the financial crisis in Spain, with a special focus on the issue of investor protection. I will attempt to highlight good solutions and the most significant mistakes made in the struggle to tackle the crisis, based on comments provided by experts in the field - both scholars and practitioners. Owing to the great complexity of the subject, in this work I focus on aspects connected with the restructuring of Spanish banking institutions and with the deposit guarantee system, and I discuss the efforts to overcome the financial crisis in Spain within the context of new challenges to public law (especially in light of the new European supervision system). Keywords: financial crisis, investor protection, banking institutions
Highlights
The origins of the financial crisis can be traced back to the United States, where a policy of deregulation dominated from the year 2000 on
The scale of the unfolding events is inherently associated with the term “globalization”, which applies both to the size of countries affected and to the nature of the response by the international community (G-20 forum or the IMF).[2]
The financial crisis is sweeping through Europe, which is one of the consequences of its political and legal system – the division between monetary policy, fiscal policy and strictly economic policy, the last of which is a matter for the individual Eurozone member states[3] and which may cause diverging levels of public and private debt across various countries
Summary
The origins of the financial crisis can be traced back to the United States, where a policy of deregulation dominated from the year 2000 on. Regulation of the Spanish savings banks sector reflects this country's model of division of powers between the state and autonomous communities.[40] Pursuant to Article 149.1.11 of the Constitution, the basic legal framework of the credit system and banks fall within the authority of the state, which lays down fundamental norms that are elaborated through legislation adopted by individual autonomous communities.[41] The operations of savings banks are governed by Law 31/1985 (Ley de Organos Rectores de las Cajas de Ahorros – LORCA) and by numerous regional laws. In the plenary session on the 15 April 2014 the European Parliament adopted in the second reading the draft Deposit Guarantee Schemes Directive
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