The Legal Regulation of the European Union’s Financial Sector: Problems and Possible Solutions. Summary of the Doctoral Thesis

Abstract

The economic events of the past ten years caused a need for systemic legal research about the European Union's financial sector, especially for sustainable normative regulation for financial sector stability. With the promotional thesis „Legal Framework of the European Union’s Financial Sector: Problems and Possible Solutions” the author, firstly, made the first comprehensive legal research in Latvia about the European Union’s financial sector. Secondly, at the time of completion the work covers the most elaborate interdisciplinary assessment in the European Union about the specific creation rights of fiat money and their interaction with legal interests of sovereign jurisdictions of today. The aim of the thesis is to determine the systemic content of the legal regulation of the European Union’s financial sector, it’s shortcomings and possible legal solutions. Used research methodology (analytical, historical, inductive, deductive, comparative) and instruments cover a dialectic study by analysis of normative and doctrinal sources within historical and current legal positivism, evaluation of the leading consensus and legal–technical synthesis for writing of possible solutions of judicial deficiencies. Demarcated results are suited for falsification. Additionally research has been done by statistical analysis, content analysis of money and other terms, as well as legal anthropology inquiries through primary data, doctrine and informal interviews with industry representatives. The dissertation consists of an introduction, four chapters with further subchapters, a summary, acknowledgments, a list of used literature and sources, as well as attachments. By the used structure the aim of the dissertation is progressively achieved by describing the normative terms, system, history and evaluation of practical legal phenomena, shortcomings and solutions. With the theses the author confirms the hypothesis, highlighting the minimal regulation of non–cash money creation and the contemporary gradual loss of the purchasing power as occurences adversely affecting the property rights of members of the public, the prevention of which is the legislator's responsibility. As a result the author developed a juristic theory for inflationary proportionality. JEL (Journal of Economic Literature) classificaiton: G2 Financial Institutions and Services – G20 General; H6 National Budget, Deficit, and Debt – H63 Debt, Debt Management, Sovereign Debt; K2 Regulation and Business Law – K23 Regulated Industries and Administrative Law; K3 Other Substantive Areas of Law – K33 International Law, K34 Tax Law.