European Business Organization Law Review

, Volume 16, Issue 3, pp 357–382 | Cite as

The Banking Union Translated into (Private Law) Duties: Infrastructure and Rulebook

  • Stefan Grundmann


This article starts out from the general question of how fields of regulation have impacted on the private law relationships between individuals, i.e., in competition law and capital market law. It states that the impact is sometimes more direct, as in capital market law, sometimes less direct and felt only after much more time, like in competition law, but that it is always present. Hence, the first result is obvious: the new Banking Union scheme will impact also on private law relationships. While this is already discussed in some specific areas—namely organisation of banks and recovery and resolution of banks (with the bail-in mechanism)—and while these areas are addressed in this article as well, the question most thoroughly dealt with here is whether such impact will be felt more generally and how it should be shaped. It concerns all bank-client relationships—mostly contract law—, the question of how much influence is welcome, and in which ways it can be channelled. The article provides ample material as to where similar questions have already been discussed in neighbouring fields of law and sees the regulatory package introduced under the term ‘Banking Union’ as one which will have a considerable amount of private law repercussions.


Bank-client relationship Regulatory private law Banking contracts Governance of banks Stability Market integrity Resolution of banks 


  1. Admati A, Hellwig M (2013) Des Bankers neue Kleider—Was bei Banken wirklich schief läuft und was sich ändern muss. FinanzBuch-Verlag, MunichGoogle Scholar
  2. Aizenman J (2009) US banking over two centuries: lessons for the eurozone crisis. In: Beck T (ed) Banking Union for Europe—risks and challenges. CEPR, London, pp 129–135Google Scholar
  3. Alcock A (2000) The financial services and markets act 2000. Jordan, BristolGoogle Scholar
  4. Arnaboldi F (2014) Deposit guarantee schemes: a European perspective. Palgrave Macmillan, BasingstokeCrossRefGoogle Scholar
  5. Atamer Y (2011) Duty of responsible lending—should the European Union take action? In: Grundmann S, Atamer Y (eds) Financial services, financial crisis and general European contract law—failure and challenges of contracting. Kluwer International, Alphen aan den Rijn, pp 179–202Google Scholar
  6. Avgouleas E, Cullen J (2014) Market discipline and EU corporate governance reform in the banking sector: merits, fallacies and cognitive boundaries. J Law Soc 41:28–50CrossRefGoogle Scholar
  7. Basedow J (1996) A common contract law for the common market. CMLR 33:1169–1195Google Scholar
  8. Binder J (2013a) An den Leistungsgrenzen des Insolvenzrechts: systemische Bankeninsolvenz und verfahrensförmige Sanierung. Zeitschrift für Insolvenzrecht (KTS) 2013:277–309Google Scholar
  9. Binder J (2013b) Vorstandshandeln zwischen öffentlichem und Verbandsinteresse—Pflichten- und Kompetenzkollisionen im Spannungsfeld von Bankaufsichts- und Gesellschaftsrecht. Zeitschrift für das gesamte Gesellschaftsrecht (ZGR) 2013:760–801Google Scholar
  10. Böhm F (1966) Privatrechtsgesellschaft und Marktwirtschaft. ORDO 17:75–151Google Scholar
  11. Böhm F (1989) Rule of law in a market economy. In: Peacock A, Willgerodt H (eds) Germany’s social market economy: origins and evolution. Macmillan, London, pp 46–67CrossRefGoogle Scholar
  12. Buck-Heeb P (2012) Vom Kapitalanleger- zum Verbraucherschutz. Zeitschrift für das gesamte Handelsrecht (ZHR) 176:66–95Google Scholar
  13. Canaris C-W (1981) Bankvertragsrecht. In: GroßKommentar HGB, 2nd edn. De Gruyter, BerlinGoogle Scholar
  14. Canaris C-W (1988) Bankvertragsrecht. In: GroßKommentar HGB, 4th edn. De Gruyter, BerlinGoogle Scholar
  15. Canaris C-W (2000) Wandlungen des Schuldvertragsrechts—Tendenzen zu seiner Materialisierung. AcP 200:273–364Google Scholar
  16. Cian M (ed) (2014/2015) Diritto commerciale, 2 vols. Giappichelli, TorinoGoogle Scholar
  17. (2000) Corporate group law for Europe: Forum Europaeum Konzernrecht. European Business Organization Law Review (EBOR) 1:165–264Google Scholar
  18. Culpepper P, Grundmann S, Heritier A, Micklitz H (eds) (2015/2016) Banking Union—technocracy, democracy and integration. Conference, European University InstituteGoogle Scholar
  19. D’Sa RM (2009) ‘Instant’ state aid law in a financial crisis—a U-turn? Eur State Aid Law Q 2:139–144Google Scholar
  20. Davies R, Tracey B (2014) Too big to be efficient? The impact of implicit subsidies on estimates of scale economies for banks. J Money Credit Bank 46:219–253CrossRefGoogle Scholar
  21. Dewatripont M (2014) European banking—bailout, bail-in and state aid control. Int J Ind Organ 34:37–43CrossRefGoogle Scholar
  22. Drexl J (1998) Die wirtschaftliche Selbstbestimmung des Verbrauchers. Mohr-Siebeck, TübingenGoogle Scholar
  23. Drijber BJ, Burmester L (2009) Competition law in a crashed economy. Ondernemingsrecht 2009:1389–1456Google Scholar
  24. Enriques L (2006) Conflicts of interest in investment services—the price and uncertain impact of MIFID’s regulatory framework. In: Ferrarini G, Wymeersch E (eds) Investor protection in Europe—corporate law making. Oxford University Press, Oxford, pp 321–328CrossRefGoogle Scholar
  25. Eucken W (1990) Grundsätze der Wirtschaftspolitik, 6th edn. Mohr-Siebeck, Tübingen (1st edn. 1952)Google Scholar
  26. Gilliams H (2011) Stress testing the regulator: review of state aid to financial institutions after the collapse of Lehman. Eur Law Rev 36:2–25Google Scholar
  27. Goodhart CAE, Dimitrios T (2012) Financial stability in practice—towards an uncertain future. Edward Elgar, CheltenhamGoogle Scholar
  28. Goyal R et al (2013) A Banking Union for the euro area. International Monetary Fund Staff Discussion Note 13/01.
  29. Gros D, Schoenmaker D (2014) European deposit insurance and resolution in the Banking Union. JCMS 52:529–546Google Scholar
  30. Grundmann S (2002) Information, party autonomy and economic agents in European contract law. CMLR 39:269–293Google Scholar
  31. Grundmann S (2012) European company law—organization, finance and capital markets, 2nd edn. Intersentia, Antwerp/OxfordGoogle Scholar
  32. Grundmann S (2013a) Costs and benefits of an optional European sales law (CESL). CMLR 50:225–242Google Scholar
  33. Grundmann S (2013b) The Bankinter case on MIFID regulation and contract law. Eur Rev Contract Law (ERCL) 8:267–280Google Scholar
  34. Grundmann S (2015a) In: Ebenroth C-Th, Boujong K, Jost D, Strohn L (eds) HGB-Kommentar, 3rd edn. Vahlen, Munich, BankR, Part VI, para 196 et seqGoogle Scholar
  35. Grundmann S (2015b) Zahlungsgeschäft. In: GroßKommentar HGB, 6th edn. De Gruyter Berlin, Vol 10/2Google Scholar
  36. Grundmann S, Renner M (2013) Vertrag und Dritter—System der Wechselwirkungen zwischen Marktregulierung und Vertragsrechtsdogmatik. Juristenzeitung (JZ) (2013):379–388 (also forthcoming in English)Google Scholar
  37. Hadjiemmanuil C (2014) Special resolution regimes for banking institutions—objectives and limitations. In: Ringe W, Huber P (eds) Legal challenges in the global financial crisis. Hart Publishing, Oxford, pp 209–235Google Scholar
  38. Haus F, Serafimova M (2014) Neues Schadensersatzrecht für Kartellverstöße—die EU-Richtlinie über Schadensersatzklagen. Betriebsberater (BB) 2014:2883–2890Google Scholar
  39. Hofmann Ch (2010) Die Pflicht zur Bewertung der Kreditwürdigkeit. Neue Juristische Wochenschrift (NJW) 2010:1782–1786Google Scholar
  40. Hopt K (1975) Kapitalanlegerschutz im Recht der Banken. Beck, MunichGoogle Scholar
  41. Howells G, Weatherill S (2005) Consumer protection law, 2nd edn. Ashgate, AldershotGoogle Scholar
  42. Joerges Ch (1980) Verbraucherrecht und Marktökonomik—eine Kritik ordnungstheoretischer Eingrenzungen der Verbraucherpolitik. In: Joerges Ch, Assmann H-D, Brüggemeier G, Hart D (eds) Wirtschaftsrecht als Kritik des Privatrechts—Beiträge zur Privat- und Wirtschaftstheorie. Athenäum, Königstein (Ts), p 83Google Scholar
  43. Kegel G (1964) The crisis of conflict of laws. Rec des Cours 112:91–268Google Scholar
  44. Kennedy D (2011) A transnational genealogy of proportionality in private law. In: Brownsword R, Micklitz H, Niglia L, Weatherill S (eds) The foundations of European private law. Hart Publishing, Oxford, pp 185–220Google Scholar
  45. Kumpan Ch (2014) Der Interessenkonflikt im deutschen Privatrecht. Mohr-Siebeck, TübingenGoogle Scholar
  46. Kumpan Ch, Leyens P (2008) Conflicts of interest of financial intermediaries—towards a global common core in conflicts of interest regulation. Eur Company Financ Law Rev 4:72–100Google Scholar
  47. Laffont J, Tirole J (1991) The politics of government decision making. A theory of regulatory capture. Q J Econ 106:1089–1127CrossRefGoogle Scholar
  48. Lambert F, Ueda K, Deb P, Gray DF, Grippa P (2014) How big is the implicit subsidy for banks considered too important to fail?. IMF, WashingtonGoogle Scholar
  49. Langenbucher K (2014) Finanzinnovationen, Geschäftsleiterhaftung und corporate Governance in regulierten Branchen. In: Möslein F (ed) Finanzinnovation und Rechtsordnung. Schulthess, Zürich, pp 272–288 (also published in Zeitschrift für Bankrecht und Bankpraxis (ZBB) (2013):16–23)Google Scholar
  50. Lannoo K (ed) (2014a) ECB banking supervision and beyond. Report of the CEPS Task Force. CEPS, BrusselsGoogle Scholar
  51. Lannoo K (2014b) Bank state aid under BRRD and SRM. Eur State Aid Law Q 4:630–635Google Scholar
  52. Legrain P (2014) Europe’s bogus Banking Union. Project Syndicate, 8 April 2014Google Scholar
  53. Levine M, Forrence J (1990) Regulatory capture, public interest, and the public agenda—toward a synthesis. J Law Econ Organ 6:167–198CrossRefGoogle Scholar
  54. Madaus S (2014) Bank failure and pre-emptive planning. In: Haentjens M, Wessels B (eds) Bank recovery and resolution—a conference book. Eleven International Publishing, The Hague, pp 49–76Google Scholar
  55. Mestmäcker E-J (1968) Über das Verhältnis des Rechts der Wettbewerbsbeschränkungen zum Privatrecht. Archiv für die civilistische Praxis (AcP) 168:235–262Google Scholar
  56. Mestmäcker E-J (2012) European economic constitution. In: Basedow J, Hopt K, Zimmermann R, Stier A (eds) The Max Planck encyclopedia of European Private Law. Mohr-Siebeck, Tübingen, pp 588–592Google Scholar
  57. Mian A, Sufi A (2014) House of debt: how they (and you) caused the great recession, and how we can prevent it from happening again. University of Chicago Press, ChicagoGoogle Scholar
  58. Moloney N (2012) The investor model underlying the EU’s investor protection regime: consumers or investors? EBOR 13:169–193Google Scholar
  59. Moloney N (2013) Resetting the location of regulatory and supervisory control over EU financial markets: lessons from five years on. Int Comp Law Q 62:955–965CrossRefGoogle Scholar
  60. Moloney N (2014) EC securities regulation, 3rd edn. Oxford University Press, OxfordGoogle Scholar
  61. Müller-Graff P (1993) Europäisches Gemeinschaftsrecht und Privatrecht—das Privatrecht in der europäischen Integration. NJW 46:13–23Google Scholar
  62. Murphy F (2013) Observations on the financial crisis in Ireland and the use of the state aid rules by the EU Commission. Eur State Aid Law Q 12:60–289Google Scholar
  63. Reich N, Micklitz H, Rott P, Tonner K (2013) European consumer law, 2nd edn. Intersentia Antwerp/CambridgeGoogle Scholar
  64. Renner M (2014) Kollisionsrecht und Konzernwirklichkeit in der transnationalen Unternehmensgruppe. ZGR 2014:452–486Google Scholar
  65. Ruthig J (2014) Die EZB in der europäischen Bankenunion. ZHR 178:443–485Google Scholar
  66. Schneider C (2013a) Einführung und politische Schlussfolgerungen. In: Friedrich-Ebert-Stiftung (ed) WISO-Diskurs: Die Bankenunion—Wer zahlt die Zeche? (6/2013)Google Scholar
  67. Schneider U (2013b) Inconsistencies and unsolved problems in the European Banking Union. Eur J Bus Law 13:452–458Google Scholar
  68. Stigler G (1971) The theory of economic regulation. Bell J Econ Manag Sci 2:3–21CrossRefGoogle Scholar
  69. Theissen R (2013) EU banking supervision. Eleven International Publishing, The HagueGoogle Scholar
  70. Weder di Mauro B (2013) Zahnlos? In: Friedrich-Ebert-Stiftung (ed) WISO-Diskurs: Die Bankenunion—Wer zahlt die Zeche? (6/2013):18–20Google Scholar
  71. Whitehead C (2011/2012) The Goldilocks approach—financial risk and staged regulation. Cornell Law Review 97:1267–1308Google Scholar
  72. Wisking S, Dientzel K (2014) European Commission finally publishes measures to facilitate competition law private actions in the European Union. Eur Compet Law Rev 35:185–193Google Scholar

Copyright information

© T.M.C. Asser Press 2015

Authors and Affiliations

  1. 1.European University InstituteFlorenceItaly

Personalised recommendations