I Fondi Strutturali europei 2007-2013 in Italia: un'analisi delle criticità

A 7 anni dall’avvio dell’ attuazione della Politica di Coesione dell’Unione Europea 2007- 2013, l’Italia ha il tasso di assorbimento dei Fondi Strutturali più basso d’Europa, insieme alla Romania, e rischia di subire un disimpegno delle risorse, che rappresenterebbe un gravissimo fallimento economico e politico. Il contributo di questo lavoro al dibattito sull’uso dei Fondi strutturali in Italia è duplice. Da una parte, per la prima volta, si propone uno studio sistematico delle criticità nella gestione del periodo 2007-2013, che hanno causato l’attuale ritardo nella spesa. Dall’altra, si affronta il problema italiano sia da una prospettiva europea sia nella sua dimensione nazionale, indagando le differenze regionali nella performance di spesa e proponendo un’analisi basata su tre dimensioni principali delle criticità: finanziaria, politica, amministrativa. L’approccio della ricerca consiste nella convergenza di dati quantitativi e qualitativi, raccolti durante un periodo di ricerca a Bruxelles e presso le Autorità di Gestione dei Programmi Operativi cofinanziati dal FESR. La questione dell’assorbimento finanziario e del ritardo nell’attuazione è stata indagata da tre punti di vista. Una prospettiva “storica”, che ha raccontato il ritardo strutturale nell’utilizzo dei Fondi Strutturali in Italia e che ha chiarito come il problema italiano, prima dell’attuale ciclo 2007-2013, sia stato non di quantità, ma di qualità della spesa. La seconda prospettiva è stata di respiro europeo, ed è servita a indagare le cause del basso livello di assorbimento finanziario dell’Italia suggerendo alcuni elementi utili a comprendere le ragioni di un simile divario con gli altri Paesi. Infine, la prospettiva nazionale e regionale ha svelato l’esistenza di un mix complesso, e micidiale, che ha letteralmente paralizzato la spesa italiana dei Fondi. Un mix di fattori finanziari, politici e amministrativi che non ha avuto eguali negli altri Paesi, e che si è concentrato soprattutto, ma non esclusivamente, nelle regioni dell’Obiettivo Convergenza.

Credit-Default-Swaps and the 2008 Financial Crisis: An Inquiry into the Underlying Legal Origins and the European Union’s Regulatory Reforms

After the 2008 financial crisis, the financial innovation product Credit-Default-Swap (CDS) was widely blamed as the main cause of this crisis. CDS is one type of over-the-counter (OTC) traded derivatives. Before the crisis, the trading of CDS was very popular among the financial institutions. But meanwhile, excessive speculative CDSs transactions in a legal environment of scant regulation accumulated huge risks in the financial system. This dissertation is divided into three parts. In Part I, we discussed the primers of the CDSs and its market development, then we analyzed in detail the roles CDSs had played in this crisis based on economic studies. It is advanced that CDSs not just promoted the eruption of the crisis in 2007 but also exacerbated it in 2008. In part II, we asked ourselves what are the legal origins of this crisis in relation with CDSs, as we believe that financial instruments could only function, positive or negative, under certain legal institutional environment. After an in-depth inquiry, we observed that at least three traditional legal doctrines were eroded or circumvented by OTC derivatives. It is argued that the malfunction of these doctrines, on the one hand, facilitated the proliferation of speculative CDSs transactions; on the other hand, eroded the original risk-control legal mechanism. Therefore, the 2008 crisis could escalate rapidly into a global financial tsunami, which was out of control of the regulators. In Part III, we focused on the European Union’s regulatory reform towards the OTC derivatives market. In specific, EU introduced mandatory central counterparty clearing obligation for qualified OTC derivatives, and requires that all OTC derivatives shall be reported to a trade repository. It is observable that EU’s approach in re-regulating the derivatives market is different with the traditional administrative regulation, but aiming at constructing a new market infrastructure for OTC derivatives.

The Financial Services Regime in International Economic Law: on the Difficult Relationship between Trade Liberalization and Prudential Measures

The PhD thesis analyses the financial services regime in international economic law from the perspective of the difficult relationship between trade liberalisation and prudential measures. Financial stability plays a fundamental role for the well-being and well-functioning of the global economy, but, it is at the same time a complex sector to regulate and supervise and, especially after the 2007-08 economic crisis, States have tightened up their regulation of financial services, introducing more severe and protectionist prudential measures. However, in an increasingly interconnected global economy, the harmonization of prudential regulation at the international level is an essential step to guarantee integrity, fairness and stability of financial markets and trade. The research analyses the tools at disposition to achieve this aim, the related problematic issues and the perspectives and possible solutions for the future, starting from the World Trade Organization (WTO) legal framework and its General Agreement on Trade in Services (GATS), devoted to discipline trade in services among the WTO Members. Then, the research moves to a second legal instrument, the Free Trade Agreements (FTAs), which has witnessed a remarkable spread in the last decades. Finally, the research addresses the international standards, developed by supranational entities and implemented by an increasing number of States, as they offer rules and guidelines adequate to update the international financial scenario. Nevertheless, the international standards alone cannot be the solution because, first, they are not mandatory, as governments decide voluntarily to apply them and, second, their decision-making process do not respect the requirements of transparency and representative membership. In light of this analysis, the thesis aims at providing an answer to its research question: how to give more certainty to States and economic operators in the planning of the domestic disciplines and business activities in order to provide a sound and stable international financial system.