bluuebunny/crossref_metadata_2025_split huggingface dataset:
The ECB’s Collateral Framework from the 1990s until the Pandemic
Authors: van ’t Klooster Jens 
Published: June 2023

Abstract
This chapter analyses how the European Central Bank (ECB) has dealt with risk, focusing on its refinancing operations, from its creation in the 1990s until 2020. It discusses how developments after 2010 forced the ECB to pay more attention to the financial market impact of its risk management strategy; both to the pro-cyclical dynamics in sovereign bond markets and the climate impact of bond issuers. Asking whether the ECB’s strategy is still suitable today, the chapter argues that changes are necessary, and outlines the form that these could take. The author argues that the ECB should set out principles for how policy priorities such as financial stability and environmental sustainability should inform its approach to risk. Instead of market neutrality, this should involve a policy of market attentiveness; following markets where appropriate but leaning against the wind where necessary. Two key institutional innovations to bring the ECB’s risk management practices into the twenty-first century are: improve internal credit rating facilities and enhance political coordination for monetary policy implementation.
The Relationship between the ECB and the National Competent Authorities in the Single Supervisory Mechanism
Authors: Della Negra Federico , Lo Schiavo Gianni 
Published: June 2023

Abstract
This chapter examines the first pillar of the European Banking Union, the Single Supervisory Mechanism, by focusing on the relationship between the European Central Bank (ECB) and National Competent Authorities. The chapter outlines the existing problems and future perspectives in this respect and shows how judicial decisions of the Court of Justice of the European Union have contributed to clarify this relationship. It discusses whether the attribution of new competences to the ECB in the area of prudential supervision has affected its role and standing within the EU, and concludes that administrative integration at the EU level should be further reinforced in this area going forward.
The Legitimacy and Accountability of the ECB at the Age of Twenty
Authors: Amtenbrink Fabian , Markakis Menelaos 
Published: June 2023

Abstract
This chapter considers the accountability framework and practice of the European Central Bank (ECB) over its more than twenty years of existence and, relatedly, its degree of transparency. To this end, it employs a chronological and contextual analysis of the relevant legal and institutional arrangements and draws on the concepts of input, throughput, and output legitimacy where appropriate. The principal–agent model is also used as a basic reference point in considering the past and present arrangements regarding the ECB. The discussion begins with the function and main characteristics of accountability, the accountability arrangements at the time of the ECB’s inception, and the subsequent practice. The focus then shifts to the evolution of the ECB’s tasks over the last twenty years. It is argued that the ECB’s accountability framework has not evolved sufficiently to match its expanded powers, thereby rendering it vulnerable to accusations regarding the degree of democratic legitimacy of its action. The chapter identifies the (remaining) gaps across its main fields of activity (monetary policy, financial assistance programmes, and banking supervision), also in light of the ECB’s role during the COVID-19 pandemic. Solutions are proposed, inter alia, in the form of greater involvement of directly or indirectly democratically legitimized Union institutions in the determination of monetary policy objectives. Also, the role of the ECB in tackling major societal challenges including environmental and social sustainability as a means to increase its output legitimacy is explored, but it is argued that it should not be considered a substitute for robust accountability arrangements.
The ECB and the Court of Justice
Authors: Tridimas Takis 
Published: June 2023

Abstract
This chapter explores the judicial accountability of the European Central Bank (ECB). Has judicial control kept pace with the evolution of its functions? The euro-area crisis, in the fight against which the ECB assumed a dominant role, and the advent of Banking Union have had a transformative effect on the ECB’s mandate. Is judicial scrutiny a reliable form of accountability? How has the Court of Justice responded? The chapter engages with the rationale for judicial review of central bank decisions, discusses the distinction between economic and monetary policy, and reflects on the role of proportionality. It also looks at the standard of review and the application of process requirements by the Court of Justice. It then examines the new litigation landscape of prudential supervision focusing on composite procedures, the application of national law by the ECB, and litigation on the imposition of fines. It finds that, thus far, judicial control has kept pace with the evolution of the ECB’s functional transformation although the ECB remains part of a governance framework that suffers from an undue level of uncertainty and the greatest challenges are perhaps still to come.
Assessing and (Re-)situating Today’s ECB in the EU’s Institutional Landscape
Authors: Fromage Diane 
Published: June 2023

Abstract
This chapter analyses the evolution of the European Central Bank (ECB)’s institutional structures—which it finds to have indeed been great since its creation—and compares them to that of other European Union institutions and bodies. It also shows that the dual national and European nature of the National Central Banks and their governors has given rise to tensions and varying dynamics between supranational and national logics. The analysis provided concludes, among other things, that the institutional logics that govern today’s ECB are somewhere between those of the supranational Commission and the intergovernmental Council, although in some ways the Supervisory Board could also be compared to EU agencies. It also outlines what the existing challenges might be in terms of accountability as a result of the existing (varying) institutional structures of the ECB.
The ECB in the New Normal
Authors: Riet Ad van 
Published: June 2023

Abstract
Within the Economic and Monetary Union (EMU) of Europe the responsibility for monetary policy lies with the European Central Bank (ECB). EMU was designed without a fiscal counterpart to the ECB that could assist monetary policy with stabilizing the euro area economy. This chapter reviews how euro area governments could cooperate to establish fiscal framework conditions in support of monetary policy that are more similar to those found in other currency areas. First, they could create a central fiscal capacity to ensure a euro area economic policy stance that is consistent with the orientation of monetary policy. Second, member countries could introduce a safe sovereign asset for the eurozone in order to anchor financial integration, secure an even monetary transmission, and facilitate the implementation of monetary policy. Third, euro area governments could commit when necessary to recapitalize their own National Central Bank and (indirectly) the ECB to underpin the credibility of large-scale monetary policy operations. A new normal of fiscal support for monetary policy could strengthen the EMU architecture and support confidence in the euro.
Kant on Freedom and Rational Agency
Authors: Kohl Markus 
Published: June 2023

Abstract
Kant on Freedom and Rational Agency provides an original, comprehensive interpretation of Kant’s doctrine of freedom. It shows that for Kant absolute transcendental freedom or rational autonomy is the necessary presupposition of all meaningful, norm-governed human agency in its moral, epistemic, and aesthetic dimensions. The book thereby gives a compelling sense to Kant’s estimation that freedom is a “cardinal point,” even the “keystone” of his entire critical philosophy. Kant’s doctrine of freedom emerges as a systematic critique of a naturalistic worldview that regards all our capacities, representations, and actions as the causal upshot of natural laws and forces. The book shows why Kant holds that the naturalistic worldview fatally undermines our self-conception as rational agents. Kant’s critique of naturalism culminates in the argument that naturalistic cognizers cannot explain away our freedom from natural forces because they must presuppose such freedom in their own cognitive efforts when they aim to devise rationally valid naturalistic theories.
Freedom, Idealism, and Standpoints
Authors: Kohl Markus 
Published: June 2023

Abstract
This chapter provides an interpretive framework for interpreting Kant’s views on freedom. It introduces various desiderata that any adequate interpretation must meet. It argues that certain prominent approaches, such as the metaphysically deflationary “two-standpoint” reading, fail some of these desiderata. The chapter defends a metaphysical dual-aspect reading of Kant’s transcendental idealism on the grounds that such a reading is uniquely suited to capture his views on human freedom. It articulates a key feature of Kohl’s interpretation: Kant’s doctrine involves a metaphysical belief in the existence of an atemporal, undetermined form of causality, but this belief does not lend itself to any further metaphysical theorizing. The belief that we are free from determination by foreign causes can be adopted only from a distinctive normative standpoint that brackets explanatory questions. The chapter concludes by introducing the main challenges that arise for a rational reconstruction of Kant’s libertarian doctrine. Such a reconstruction must show how Kant can motivate his theoretically inscrutable conception of freedom against naturalistic, compatibilist views on which free capacities can be explained as part of the deterministic natural order. Moreover, it must show how Kant might be able justify the belief that we really are free in his metaphysically ambitious transcendental sense.
Freedom as Autonomous Self-Determination
Authors: Kohl Markus 
Published: June 2023

Abstract
This chapter examines how we can conceive our non-sensible noumenal freedom even though our categorial concepts like causality, contingency, or necessity seem restricted to sensible, empirical phenomena. It argues that we can adequately represent our free will through the idea of the moral law as an autonomous normative standard which governs the noumenal causality of free will. The resulting concept of noumenal causality is a distinctively practical concept that cannot be used for any theoretical, explanatory purposes. The chapter further shows that even though both the free divine will and the free human will are governed by the same moral law, human freedom of will as a faculty of choice (Willkür) differs from divine freedom since it involves metaphysical contingency or alternative possibilities. The human will is akin to the divine will only, but significantly, as law-giving pure practical reason, the faculty of practical judgment (rather than choice). The chapter concludes by suggesting two conceptually separate grounds for Kant’s incompatibilism and anti-naturalism about free will: the causality of nature threatens our freedom of Willkür by removing the absolute contingency of human choice, and it threatens our freedom of practical reason by undermining the lawful a priori necessity of moral judgment.
Freedom of Imagination and the “Autonomy of Taste”
Authors: Kohl Markus 
Published: June 2023

Abstract
The final chapter examines whether Kant’s views on freedom of imagination in his aesthetics (in the Critique of the Power of Judgment) fit into his systematic doctrine of freedom. Kant’s account of the free imagination seems to disrupt his canonical account of freedom as a law-governed rational faculty, since he insists that imaginative freedom is a freedom from rational laws or concepts. The chapter shows that we can nevertheless regard freedom of imagination as a distinctive species of Kant’s generic notion of transcendental freedom. Like freedom of will and freedom of thought, imaginative freedom requires independence from determination by foreign natural causes. And, while our aesthetic activity must not be determined by intellectual laws and concepts, it is still loosely, indeterminately governed by such laws and concepts; hence it does not collapse into an arbitrary liberty of indifference. This interpretation is congenial to various core tenets of Kant’s aesthetics, especially to his view that aesthetic ideas play a central role in our creation and reception of beauty. The account of imaginative freedom developed here further explains how Kant’s aesthetics connects with his transcendental idealism, specifically with his claim that aesthetic ideas are grounded in our super-sensible faculties. The chapter concludes by suggesting that, with some leeway, we can regard our freedom of aesthetic imagination as exhibiting a special form of autonomy, the “autonomy of taste.”
The Pitfalls of ‘Evidence’
Authors: Wedgwood Ralph 
Published: June 2023

Abstract
Chapter 4 turns to consider the notion of “evidence” which is central to many contemporary epistemological discussions. Here it is argued that talk of “evidence” is best avoided, at least in our most precise statements of our account of rational belief. Given the meaning that the term ‘evidence’ has in everyday English, the claim that rational beliefs must “respect the evidence” has some unfortunate results. In particular, it encourages some assumptions that are in fact inconsistent with the general conception of rationality that was articulated in the previous chapter. According to the account that is developed here, the degree to which each of the available alternative belief systems is rational for a thinker at a time is determined by how this belief-system relates to what is “given”—that is, to the relevant internal mental facts that cannot be changed by the way in which the thinker deploys her reasoning capacities at that time. But this notion of “the given” does not in fact correspond to what in everyday English could at all naturally be called the thinker’s “evidence”. It is suggested that the concept of ‘evidence’ belongs, not in an account of the rationality of an individual’s beliefs, but in a kind of social epistemology: in effect, “evidence” is what one can use to show that something is the case, to a particular audience.
Correct Belief
Authors: Wedgwood Ralph 
Published: June 2023

Abstract
Chapter 7 turns to the question of the standard of correctness for beliefs, beginning with the case of believing propositions with certainty. It is argued that, if you have such a belief, this belief is correct if and only if the proposition believed is true. We can represent this by giving each belief of this kind in a true proposition an incorrectness score of 0 (it is not incorrect at all), and each belief of this kind in a false proposition an incorrectness score of 1 (it is completely incorrect). Then, in comparing two or more alternative systems of such beliefs that are defined over the same set of propositions, the way to measure the degree to which each system is incorrect is simply by a weighted sum of the incorrectness scores that the belief system gets for each proposition. The consequences of this idea are explained, and the idea is defended against a number of objections—including objections that are due to Krister Bykvist and Anandi Hattiangadi, and Selim Berker, among others.
Cannon, Cash, and Kin
Authors: Pert Thomas 
Published: June 2023

Abstract
This chapter looks at the resources available to the Palatine Family during the Thirty Years’ War, broadly categorized as military, financial, and dynastic ‘capital’. The chapter will examine the extent to which the Palatine exiles had access to each type of capital and the relative significance of each in assisting dispossessed regimes and dynasties to recover their lost lands and titles in early modern Europe, especially during the tumultuous period of the Thirty Years’ War. In doing so, this chapter details the military, material, and financial support received by the Palatine Family as a result of their dynastic ties to the rulers of Britain and Denmark, as well as successive Stadtholders within the Dutch Republic. By comparing the resources of the Palatine Family with those of their dispossessed contemporaries both within and outside of the Holy Roman Empire, the chapter will provide an assessment of how representative the experiences of the Palatine dynasty were for exiled rulers in early modern Europe.
‘Best-laid Plans’
Authors: Pert Thomas 
Published: June 2023

Abstract
This chapter covers the strategies pursued by the Palatine family between the ascension of the young Charles Louis as head of the exiled dynasty in 1632 and the outbreak of the First English Civil War in 1642. The chapter is divided into four distinct chronological sections to reflect the changing circumstances facing the Palatine exiles and how they amended their actions in response to developments in the military and diplomatic situation in both the British Isles and on mainland Europe. By looking at how the Palatine Family reacted to events such as the Bishops’ Wars and the early stages of the British Civil Wars, as well as the ongoing Thirty Years’ War, the chapter will examine the extent to which they were able to exercise autonomy during the second half of their exile.
Conclusion
Authors: Pert Thomas 
Published: June 2023

Abstract
This chapter provides a summary for the work as a whole and summarizes many of the key themes identified throughout the preceding chapters, such as the importance of diplomatic recognition, image, and dynastic connections for noble and royal exiles in early modern Europe. The experiences of the Palatine family during the Thirty Years’ War are also compared to those of other dispossessed regimes and rulers during the early modern period. This chapter addresses the significance of this work for the study of early modern exiles as well as the interplay of dynasticism and diplomacy.
Abusive Tax Avoidance and Tax Professionals’ Responsibilities
Authors: Brock Gillian 
Published: June 2023

Abstract
This chapter highlights the ways in which various professionals play an integral role in facilitating corruption. A central case study helps us appreciate how this happens. Illicit flows are a massive driver of corruption around the world, helping those who make use of offshore options to evade the rule of law in the jurisdiction where they reside. Focusing on activities and agents that enable illicit flows is particularly worthwhile, as we can then appreciate the key enablers whose activities currently contribute greatly to corruption and where reforms are urgently needed. Accountants, lawyers, bankers, and other financial professionals have important responsibilities to assist with reforms, given the ways in which they have contributed to, benefit from, and have capacity to fix, corruption. Considering their professional responsibilities adds weight to the argument. This case study serves as a good illustration of key principles that can be applied to fair assignments of responsibilities in this and other cases. There are further important reasons to focus on tackling corruption in this area. The scale of corruption is huge. Stemming and recouping losses here would also release resources that can assist in addressing global justice goals, such as fulfilling human rights and addressing global poverty effectively. While the chapter focuses on the role of tax professionals as key enablers, it also shows how similar arguments apply to other key enablers, such as realtors and those who trade in high value assets.
Who Has the Power to Enforce Private Rights?
Authors: Stone Rebecca 
Published: June 2023

Abstract
It is commonplace among deontological theorists to assume that moral rights are accompanied by enforcement powers that belong in some sense to the right holder, precluding third parties from enforcing a private plaintiff’s rights on her behalf unless she acquiesces or authorizes such third-party action. But why isn’t it everyone’s business when a person’s right is infringed? Can we find a pro tanto justification for leaving enforcement up to victims that is directly grounded in their rights? I offer a qualified defense of the commonplace assumption. Because there is considerable normative uncertainty about what justice requires, there can be legal rights infringements that are beyond the pale on any plausible resolution of the normative uncertainty and legal rights infringements that are only arguably unjust. The former are always everyone’s business, and thus the commonplace view cannot be defended with respect to those. But when it comes to merely arguable infringements, the parties to the dispute, as the persons who are morally authorized to settle questions of justice between them, might validly agree to a settlement that would validate in whole or in part legal rights infringements as conduct that is in fact compatible with justice. This gives us reason to ensure that any enforcement of the infringed legal right should occur at the victim’s behest. If third parties can intervene in the process against the wishes of the parties, any settlement between the parties is less likely to reflect the parties’ views about what justice between them requires.
Equivalence and Substituted Compliance in Financial Markets Law
Authors: Schürger Jonas 
Published: June 2023

AbstractThe fragmentation of financial markets is growing. The reason behind this is not only the increasingly extraterritorial regulation of states following the Global Financial Crisis. Protectionist tendencies are also on the rise, as evidenced by Brexit, emerging trade conflicts and the EU’s tightening of its foreign trade policy. This development poses considerable risks. This book analyses a concept that can help overcome market fragmentation: deference. Deference is a form of (mutual) recognition whereby states waive their regulation of foreign service providers to the extent that they are sufficiently supervised in their home state. This concept has been widely implemented in the EU and Switzerland in the form of equivalence. Although not to the same extent, a mechanism of mutual recognition has also been introduced in the US under the name of substituted compliance. The present work examines these mechanisms from a comparative, economic, constitutional, and public international law perspective. It advocates a depoliticization, strengthening, and expansion of deference to reinforce the global financial architecture.
Access to EU Financial Markets: Equivalence as a New Approach
Authors: Schürger Jonas 
Published: June 2023

AbstractThe first chapter begins with the critical observation that financial markets law is highly fragmented, which stands in striking tension with the reality of globalized financial markets. The author then presents the different options for financial service providers to access the European financial market. He points out that each of these ways is connected to decisive disadvantages. In particular, European rules are often applied extraterritorially, and third country financial service providers are forced to move to the EU (‘forced territoriality’), leading to legal market fragmentation. In the author’s view, the new approach of equivalence is one solution to this problem. The first chapter discusses the historical roots of equivalence, introduces the different regimes by setting out the areas of financial law covered by equivalence and examines the procedure for obtaining equivalence.