Financial Law – Law: The Basic Concepts

Opis

Financial Law – Law: The Basic Concepts

 Autor: Jolanta Gliniecka (red.) 

Wydawnictwo Uniwersytetu Gdańskiego

We place in the hands of readers a publication. Part I of which aims at presenting the financial policy of the European Union and its instruments. Matters of tax policy, customs policy, investment policy and social insurance policy are discussed in it against the background of the broader issue of public finance stability.

Part II of the book deals with the EU banking sector and monetary system – the European System of Central Banks and European Central Bank, and the European banking, payment services, and capital market regulations in particular.

Some of the matters discussed in the book hove already been dealt with in separate monographs. Considering this fact and due to limitations of space, the themes addressed in this volume had to be carefully selected and treated in a concise manner (albeit with due consideration given each time to the completeness of the discussion). The authors believe that despite such constraints the presented book will answer the pressing questions of all those who take interest in the financial matters of the European Union

Table of contents
Introduction (Jolanta Gliniecka) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Part I
Financial policy of the European Union . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Chapter 1. Fiscal stability (Przemysław Pan! l) . . . . . . . . . . . . . . . . . . . . . 13
1.1. The essence of ” scal stability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
1.1.1. Di$ erent aspects and dimensions of ” scal stability . . . . . 13
1.1.2. Causes and consequences
of a loss of ” nancial stability . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
1.2. Rules of ” scal policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
1.2.1. The importance of ” scal policy rules . . . . . . . . . . . . . . . . . . . 17
1.2.2. Fiscal policy rules: determinants of e% ciency . . . . . . . . . . . 18
1.2.3. Fiscal policy rules in the EU law . . . . . . . . . . . . . . . . . . . . . . . . 20
1.3. Fiscal illusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
1.4. Restoring ” scal stability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
1.4.1. Lender of last resort . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
1.4.2. Debt restructuring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
1.4.3. Monetary funding of borrowing needs . . . . . . . . . . . . . . . . . 29
Chapter 2. Tax law and tax planning in the European Union . . . . . . . 32
2.1. Introduction to the tax law of the EU (Anna Drywa) . . . . . . . . . . . 32
2.1.1. The concept and nature of EU tax law . . . . . . . . . . . . . . . . . . 32
2.1.2. Sources of EU tax law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
2.1.3. Tax policy of the EU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
2.1.4. Tax information exchange with other countries . . . . . . . . . 38
2.2. Harmonisation of indirect taxes (Anna Drywa) . . . . . . . . . . . . . . . . 40
2.2.1. Value added tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
2.2.2. Excise duty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
2.2.3. Tax on raising capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
2.3. Direct taxes (Łukasz Karczyński) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
2.3.1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
2.3.2. The Merger Directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
2.3.3. The Parent-Subsidiary Directive . . . . . . . . . . . . . . . . . . . . . . . . 57
2.3.4. The Interest and Royalties Directive . . . . . . . . . . . . . . . . . . . . 58
2.3.5. The Savings Directive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

2.4. Case law of the EU (Łukasz Karczyński) . . . . . . . . . . . . . . . . . . . . . . . . 60
2.4.1. Characteristics of the case law
of the Court of Justice of the EU . . . . . . . . . . . . . . . . . . . . . . . . 60
2.4.2. A selection of case law
concerning negative integration . . . . . . . . . . . . . . . . . . . . . . . 62
2.4.3. A selection of case law
concerning positive integration . . . . . . . . . . . . . . . . . . . . . . . . 67
2.5. Tax planning in the EU (Edward Juchniewicz) . . . . . . . . . . . . . . . . . . 71
Chapter 3. Customs law of the European Union
(Andrzej Drwiłło) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
3.1. The nature of customs duty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
3.2. Sources of EU customs law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
3.3. Customs tari$ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
3.4. Customs destination and customs procedures . . . . . . . . . . . . . . . . 82
3.5. Customs debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
3.6. Customs representation and agency . . . . . . . . . . . . . . . . . . . . . . . . . 89
3.7. EU customs proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
Chapter 4. European investment law (Edward Juchniewicz) . . . . . . . . 92
4.1. The theoretical background of European investment law . . . . . 92
4.2. Institutions and legal instruments
of European investment law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
4.3. Bilateral investment agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107
Chapter 5. Contemporary legal models
of social insurance (Tomasz Sowiński) . . . . . . . . . . . . . . . . . . 110
5.1. General issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
5.2. Social insurance contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
5.3. Selected concepts of social insurance . . . . . . . . . . . . . . . . . . . . . . . . 113
5.3.1. The Bismarck model of social insurance . . . . . . . . . . . . . . . . 114
5.3.2. The Beveridge model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116
5.3.3. The Danish concept of social security . . . . . . . . . . . . . . . . . . 117
5.3.4. The Swedish concept of pension insurance –
the “ideal account” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
5.3.5. Poland’s concept of pension insurance . . . . . . . . . . . . . . . . . 118
5.3.6. The World Bank’s concept of pension insurance . . . . . . . . 120
5.3.7. The Hungarian concept of social insurance . . . . . . . . . . . . . 122
5.3.8. A human system of pension insurance . . . . . . . . . . . . . . . . . 124
5.4. A single market of pension insurance
in the EU – a pipe-dream or a must? . . . . . . . . . . . . . . . . . . . . . . . . . . 126

Part II
European banking law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
Chapter 6. The European system
of central banks (Jolanta Gliniecka) . . . . . . . . . . . . . . . . . . . . 135
6.1. Legal principles of the operation of the European Central
Bank and the central banks of the EU Member States . . . . . . . . . 135
6.1.1. The principle of independence
of the European Central Bank . . . . . . . . . . . . . . . . . . . . . . . . . . 135
6.1.2. The principle of responsibility
for the monetary policy pursued . . . . . . . . . . . . . . . . . . . . . . . 140
6.1.3. The principle of transparency of operation . . . . . . . . . . . . . 141
6.1.4. The principle of openness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
6.1.5. The principle of operation
in conformity with market mechanisms . . . . . . . . . . . . . . . . 143
6.2. Activity of the European System of Central Banks . . . . . . . . . . . . . 143
6.2.1. Issuance activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
6.2.2. Activities in the credit sector . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
6.2.3. Settlement activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
6.2.4. Foreign exchange activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148
6.2.5. Banking supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
6.3. Organisation of the European System of Central Banks . . . . . . . . 150
6.3.1. The Executive Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152
6.3.2. The Governing Council . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153
6.3.3. The General Council . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154
Chapter 7. European banking regulation
and supervision (Anna Jurkowska-Zeidler) . . . . . . . . . . . . . . 155
7.1. Single regulation of banking activity in the EU . . . . . . . . . . . . . . . . 155
7.2. The European System of Banking Supervision . . . . . . . . . . . . . . . . 163
7.3. The European Financial Safety Net and Banking Union . . . . . . . . 168
Chapter 8. Capital market law
of the European Union (Rafał Mroczkowski) . . . . . . . . . . . . 181
8.1. Institutions of the capital market of the EU . . . . . . . . . . . . . . . . . . . 181
8.1.1. The notions behind the institutions
and services of the capital market . . . . . . . . . . . . . . . . . . . . . . 181
8.1.2. The notion of investment institutions and services . . . . . . 182
8.1.3. The notion of collective investment institutions
and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186
8.1.4. Other institutions and services
of the capital market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188
8.2. European Capital Market Supervision . . . . . . . . . . . . . . . . . . . . . . . . 191
8.3. The European Union of capital markets . . . . . . . . . . . . . . . . . . . . . . . 196

Chapter 9. Payment services
in the European Union (Damian Cyman) . . . . . . . . . . . . . . . 199
9.1. Introductory issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199
9.2. Entities involved in the performance
of payment services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205
9.3. Protection of consumer of payment services . . . . . . . . . . . . . . . . . 210