State Aids, Central Banks and the Financial Crisis

Psaroudakis Georgios
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Psaroudakis Georgios: Dr. jur., MJur (Oxon); Lecturer at the University of Thessaloniki; Attorney-at-Law at the Bank of Greece. All views expressed are solely the author’s own.

European Company and Financial Law Review, 2012, vol. 9, issue 2, 194-220

Abstract: The EU Commission has developed a rich practice on State aids to credit institutions as a consequence of the current financial crisis. The reasons for applying a hitherto rarely used legal basis to allow such aids, as well as the criteria developed by the Commission in applying it, are presented. The Commission’s active role in shaping the banking market is justified, while there are also significant tasks falling under the competence of banking authorities. Lastly, it is explained that central banks may in principle be the source of State aids; the interplay between monetary policy and State aid law is examined in the case of ELA, which can, under certain circumstances, be a State aid.

Date: 2012
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DOI: 10.1515/ecfr-2012-0194

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