Suchergebnisse

The Slovenian economy appeared on the brink of bankruptcy at the end of 2013. The situation was caused by high level of classified debts in state-owned banks. This can be seen as surprising because Slovenia used to be (for a long time) considered as a (textbook) example of the gradualist transformation approach. The goal of this article is first to describe the transformation process in the country and consequently to determine causes of the economic problems that resulted in the 2013 crisis. The article concludes that the economic problems were rooted already in the specific functioning of the centrally planned system in Yugoslavia. These specifics had a direct influence on the transformation process in the country and stood behind the application of gradualism. Among the most telling features of gradualism were slow privatization, cold attitude towards foreign investment and the foremost lasting casual economic environment caused by behaviour of the state-owned banks. My conclusion is that the country's economic problems can be ascribed to gradualism and that they are a clear example of the path dependence development.

Die Manipulation der Referenzzinsen LIBOR und EURIBOR hat im Dezember 2013 eines der höchsten bislang verhängten europäischen Kartellbußgelder zur Folge gehabt. Die dortigen Manipulationen haben dazu beigetragen, Vertrauen in die Finanzmärkte zu erschüttern. Die Aufarbeitung dieser, aber auch anderer unlauterer Einflussnahmen beschäftigt Wissenschaft und Praxis in der Folge bis heute. Die Arbeit beleuchtet die dogmatischen Ansatzpunkte des kartellbehördlichen Vorgehens und unterzieht sie einer kritischen Würdigung. Hierbei wird insbesondere die Anwendung des Kartellverbots hinterfragt und ausgehend von dessen Zweck vertiefter analysiert. Zudem nimmt sie diese Fälle zum Anlass, das Nebeneinander von Kartell- und Kapitalmarktrecht zu untersuchen, wofür angesichts des nun erhöhten Anwendungs- und Sanktionsrahmens des Marktmanipulationsverbotes auch ein rechtspraktisches Bedürfnis vorhanden ist. Denn insbesondere die drohende Strafkumulation birgt ein erhebliches Risiko für Marktteilnehmer. / »The Manipulation of Reference Interest Rates such as LIBOR and EURIBOR. An Analysis of Antitrust Implications of Coordinated Reference Value Manipulations in Connection with Capital Market Law« -- In 2013, the manipulation of the reference interested rates LIBOR and EURIBOR resulted in one of the highest antitrust fines ever imposed at European level. This thesis analyses the dogmatic background of the antitrust authorites` decisions and subjects them to a cricital evaluation. In this context, especially the application of the ban on cartels under Art. 101 TFEU is questioned and analysed, based on its ratio legis. In addition, the author closely examines the coexistence of antitrust law and capital market law.

The current financial crisis has hit us, compelling to reflect about the global financial system and its social effects. Political awareness can be radically altered by catastrophic experiences, enabling us to think of a transformation of the status quo. In this paper, we propose to reflect on the regional and global financial relations in light of the recent scandal LIBOR. It is essential that intergovernmental organizations, NGOs, democratic states, companies and civil society engage in processes of financial responsible innovations in the context of a global sustainable governance. ; La actual crisis financiera nos ha impactado de tal forma que es imposible escapar a una reflexión sobre el sistema financiero global y sus efectos sociales. La conciencia política puede ser radicalmente alterada a través de experiencias catastróficas, dándonos la posibilidad de pensar en una transformación del orden establecido. En este trabajo, nos proponemos reflexionar sobre las relaciones financieras regionales y globales a la luz del reciente escándalo de la LIBOR. Es fundamental que las organizaciones intergubernamentales, las organizaciones no gubernamentales, los Estados democráticos, las empresas y la sociedad civil se involucren en procesos de innovaciones financieras responsables en un contexto de gobernanza sostenible global.