E-Book Overview
Tillmann C. Lauk examines the process of law-making at the European level, paying particular attention to laws that regulate the banking sector. He describes the most important legislation influencing and regulating the global banking system, with a particular emphasis on the financial and economic effects of certain laws. He also examines the legislative process which led to the introduction of the single European currency – the euro – and discusses the sustainability of the single currency and global fiat money system in principle. The Triple Crisis of Western Capitalism is a powerful and challenging read, insisting on the need for radical reform of both banking and international money. It gathers together and brings to the public's attention a wealth of information, weaving it into a strong argument and making an important contribution to the debate on the future of finance.
E-Book Content
The Triple Crisis of Western Capitalism
This page intentionally left blank
The Triple Crisis of Western Capitalism Democracy, Banking and Currency Tillmann C. Lauk
© Tillmann C. Lauk 2014 Foreword © Alfredo Pastor 2014 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2014 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978–1–137–43295–7 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. Typeset by MPS Limited, Chennai, India.
Dedicated to democrats with an independent mind
This page intentionally left blank
Contents Foreword
xiii
Acknowledgements
xx
Abbreviations
xxi
1. Democracy
1
1.0 The conceptual starting point 1.0.1 The structure of this book 1.1 Lawmaking on the European level 1.2 Right to initiate legislation exclusively assigned to the executive branch – the EU Commission 1.3 Exclusive assignment to initiate legislation to the executive branch makes it vulnerable to the creation of ‘special interest laws’ or to ‘structural corruption’ 1.4 ‘European Parliament’ – unequally elected and excluded from legislation in key policy areas 1.5 Lawmaking process in ‘European Parliament’ is dominated by executive branch – the ‘Conciliation Committee’ 1.6 The missing ingredient in the elections for the ‘European Parliament’ bringing a European democracy to life 1.7 Permanent initiatio