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6 Wroclaw Rev. L. Admin. & Econ. 1 (2016)

handle is hein.journals/wrorwolwa6 and id is 1 raw text is: DE DE GRUYTER WroclawRve of Law, Administration & Economics INVESTOR PROTECTION IN TIMES OF CRISIS OF FINANCIAL INSTITUTIONS IN SPAIN IN LIGHT OF EU REGULATIONS MA JA KOZLOWSKA* I. INTRODUCTION - A BRIEF OVERVIEW OF THE FINANCIAL CRISIS The origins of the financial crisis can be traced back to the United States, where a policy of deregulation dominated from the year 2000 on. This entailed easy access to low-interest loans and weak oversight of the sale of high-risk financial products.1 New technologies fostered a rapid spillover of the crisis, as they facilitated operations whose impact was practically immediate, including that of toxic products: the scale to which the current financial crisis has spread is certainly one of the factors which sets it apart from previous similar phenomena. The gravest problems accumulate in the financial sector, although the degree to which the real estate and automotive industries have been affected is not to be neglected. The scale of the unfolding events is inherently associated with the term globalization, which applies both to the size of countries affected and to the nature of the response by the international community (G-20 forum or the IMF).2 The velocity at which decisions were made and of the reactions in response to these developments is also without precedent. The financial crisis is sweeping through Europe, which is also one of the consequences of its political and legal system - the division between monetary policy (administered by the ECB), fiscal policy and strictly economic policy, the last of which is a matter for the individual Eurozone member states3 and which may cause diverging levels of public and private debt across various countries DOI: 10.1515/wrlae-2015-0037 * Ph.D, Lecturer at the University of Opole, m.kozowska~auni.opole.pl. Campus Iberus Mobility Grant for Guest Researchers (Lerida, Spain, April-September 2014). 1 See also Juan Ignacio Signes de Mesa, Derecho de la Competencia y Crisis Economica. El regimen de ayudas p blicas y de concentraciones en el sector financiero (Thomson Reuters Aranzadi, Pamplona 2013) 32-37. 2 The key characteristics of the financial crisis have been detailed by, among others, Antonio Embid Irujo, 'El derecho publico de la crisis economica' in Avelino Blasco Esteve (ed), El derecho publico de la crisis economica. Transparencia y sector publico. Hacia un nuevo derecho administrativo, Instituto nacional de administracian publica (Madrid 2011) 32-35. 3 See also: Antonio Embid Irujo, La constitucionalizacian de la crisis economica (Iustel, Madrid 2012) 22 ff. 1

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