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Tijdschrift Justitiële verkenningen x Jaar 2009 x Rubriek Artikel x

    There is currently no legal base for financial supervision and crisis management at the European level. Powers are nationally based. This article develops the financial trilemma, which states that a stable financial system, an integrated financial system and national financial autonomy are incompatible. Any two of the three objectives can be combined, but not all three; one has to give. Assuming that a stable financial system is desirable, this article explores the trade-off between national financial autonomy and financial integration in Europe. Policymakers face a clear choice. If they want to preserve the benefits of the single market for financial services (financial integration), financial supervision and crisis management have to be based on a European footing. This article stresses that a strong legal base is needed for such European arrangements. Voluntary cooperation does not work in a crisis, as national governments tend to follow their national interests. The alternative to European arrangements is preserving the current national powers. This article predicts that banking will then become national: each country has its own national banks.


D. Schoenmaker
Prof. dr. Dirk Schoenmaker is decaan van de Duisenberg School of Finance.

    In the past few years, an increasing number of Private Security Companies (PSCs) - also sometimes referred to as Private Military Companies (PMCs) - have emerged offering and conducting anti-piracy services. These companies offer services in addition to security provided by states and their government agencies. PSCs are today hired to provide anti-piracy services in different parts of the world, but mostly in strategically important waterways where piracy is a serious security concern. This article examines the employment of PSCs in two such waterways, namely the Malacca Straits and the Gulf of Aden, and discusses the risks, challenges and benefits of privatising maritime security.


C. Liss
Carolin Liss is als onderzoeker verbonden aan het Asia Research Center van de Murdoch University in Perth, Australië.
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