Los movimientos de capital y los servicios financieros en las relaciones con Reino Unido y Gibraltar tras el Brexit: ¿Seguridad jurídica o ley de la selva?
DOI
https://doi.org/10.25267/Cuad_Gibraltar.2021.i4.1301Info
Authors
- Luis M. Hinojosa Martínez (ES) University of Granada (Spain)
Abstract
This study undertakes a prospective work explaining how the regulation of capital movements and financial services will be organized in the relations between the EU and the United Kingdom and Gibraltar after Brexit. The paper examines the different possibilities that can be articulated for a Free Trade Agreement that rules such a future relationship, although its analysis focuses particularly on the legal and economic consequences of a hard Brexit, that is, of a withdrawal without deal. The article explains that the relocation to different Member States of financial services previously provided from the United Kingdom is causing a certain fragmentation of the European financial market. This can create problems if the liquidity and depth of these European financial markets decrease, financial services become more expensive or opportunities for regulatory arbitrage appear as legal differences between Member States become more relevant. In this context, the culmination of both the European Banking Union and the Capital Markets Union appear as unavoidable priorities in the European integration process in order to avoid financial inefficiencies that could erode the competitiveness of productive activities in the EU. Ultimately, an important part of EU’s financial autonomy is at stake here. If, after Brexit, a substantial part of the financing of EU's economic activities remains in the hands of a third country, such as the United Kingdom, the European growth will be weighed down by this dependence and by the ups and downs of its relationship with that country.
Keywords
Downloads
How to Cite
License
Copyright
Papers will be published under the condition that the author or authors yield to the Journal exclusive reproduction rights. Cuadernos de Gibraltar–Gibraltar Reports is an open access journal which means that all content is freely available without charge to the user or his/her institution. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles, or use them for any other lawful purpose, without asking prior permission from the publisher or the author. This is in accordance with the BOAI definition of open access.
References
– Austvik, O. G. Norway and the European Economic Area: Good Deal or Just an EU Rule-Taker?, 8.5.2017. Disponible en <http://www.kaldor.no/energy/SCER20170502-EEA-Norway.pdf> [Fecha de consulta: 26 de junio de 2020].
– Baetens, F. «No Deal is Better than a Bad Deal?: The Fallacy of the WTO fall-back Option as a post-Brexit Safety Net», C.M.L.Rev., vol. 55, special issue, 2018, pp. 133-174.
– Baldon, CL; Azzi, A. «La politique européenne de protection des investissements dans les traites de libre échange (CETA, TTIP...) : De nouveaux risques pour l’Union européenne ?», Revue de droit des affaires internationales, nº 1, 2018, pp. 3-18.
– Bartels, L. «Human Rights, Labour Standards, and Environmental Standards in CETA», en S. Griller, W. Obwexer y E Vranes (Eds.), Mega-Regional Trade Agreements: CETA, TTIP, and TiSA : New Orientations for EU External Economic Relations, OUP, 2017, p. 202.
– Ballesteros Barros, A. M. «El Brexit y la libertad de establecimiento de sociedades en la UE: el caso de Gibraltar», Cuadernos de Gibraltar–Gibraltar Reports, nº 3, 2019, 25 pp., disponible en <https://revistas.uca.es/index.php/cdg/article/view/5899> [Fecha de consulta: 26 de junio de 2020].
– Bergmann, E. The Icesave dispute: case study into crisis of diplomacy during the Credit Crunch, ECPR 2014, disponible en <https://ecpr.eu/Filestore/PaperProposal/9d850d33-d60a-4ee1-a5fd-067dfcb3922b.pdf> [Fecha de consulta: 26 de junio de 2020].
– Demmou L; Franco G; Stefanescu I., Productivity and finance: the intangible assets channel - a firm level analysis, OECD Economics Department Working Papers, No. 1596, 2020, OECD Publishing.
– Delcher, É. «L’espace économique européen: un futur pour le Royaume Uni?», Revue du droit de l’Union Européenne, nº 3, 2017, pp. 151-161.
– Doherty B. et al., «Northern Ireland and ‘Brexit’: The European Economic Area Option», University of Michigan Law & Econ Research Paper nº 16-038, 4 Abril 2017, disponible en <https://ssrn.com/abstract=2933715> [Fecha de consulta: 26 de junio de 2020].
– Ekwueme E; Bagheri, M. «Money Cleansing and Effectiveness of FATF Coercive Measures: An Overview», Amicus Curiae, Series 2, vol. 1, nº 2, 2020, pp. 274-286
– Gadzo S; Jozipovic, S. «International Corporate Tax Regime post-BEPS: a Regulatory Perspective», Intertax, vol. 48, nº 4, 2020, págs. 432-445.
– González García. I; Acosta Sánchez, M. «The Consequences of Brexit for Gibraltar», Cuadernos de Gibraltar–Gibraltar Reports, num. 3, 2019, 21 pp., disponible en <https://revistas.uca.es/index.php/cdg/article/view/5845> [Fecha de consulta: 26 de junio de 2020].
– Griller S./ Obwexer W; Vranes E. (Eds.), Mega-Regional Trade Agreements : CETA, TTIP, and TiSA : New Orientations for EU External Economic Relations, OUP, 2017.
– Guglielmo Meardi, «What does migration control mean? The link between migration and labour market regulations in Norway, Switzerland and Canada», Warwick Papers in Industrial Relations nº 109, 2017, pp. 11-19. Disponible en <https://www.econstor.eu/bitstream/10419/197742/1/1008135313.pdf> [Fecha de consulta: 26 de junio de 2020].
– Hanten M. / Plaschke, M. «EU law impact on deposit protection in the financial crisis: Icesave. Case E-16/11, EFTA Surveillance Authority v. Iceland (Icesave), Judgment of the EFTA Court of 28 January 2013», C.M.L.Rev., vol. 51, nº 1, 2014, pp. 295-309.
– Hillion, Ch.«Brexit Means Br(EEA)xit: the UK Withdrawal from the EU and its Implications for the EEA», C.M.L.Rev., vol. 55, nº 1, 2018, pp. 135-156.
– Koutrakos, P. «Brexit and European Economic Area Membership», European Law Review, nº 5, 2017, págs. 617-618.
– Marín Odio, A., The most favoured nation and non-discrimination provisions in international trade law and the OECD codes of liberalisation, OECD Working Papers on International Investment, No. 2020/01, 2020, OECD Publishing.
– Méndez Pinedo, E. «Nota a la sentencia Icesave del Tribunal de la Asociación Europea de Libre Comercio (AELC) de 28 de enero de 2013. Garantía de depósitos bancarios, discriminación territorial y deuda soberana tras la crisis financiera en Islandia», Revista de Derecho Comunitario Europeo, nº 46, 2013, pp. 1093-1117.
– Moloney, N. «Brexit, the EU and its Investment Banker: Rethinking ‘Equivalence’ for the EU Capital Market», LSE Legal Studies Working Paper No. 5/2017, 8 de marzo de 2017, disponible en <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2929229>.
– Moloney, N. «Brexit and financial services: (Yet) another re-ordering of institutional governance for the EU financial system?», C.M.L.Rev., vol. 55, special issue, 2018, pp. 175-201, en pp. 180-182.
– Nakanishi, Y. «The Economic Partnership Agreement and the Strategic Partnership Agreement between the European Union and Japan from a Legal Perspective», Hitotsubashi Journal of Law and Politics, vol. 47, 2019, pp. 1-15.
– Olariu, O. «The right to regulate in the EU - Canada comprehensive economic and trade agreement and its impact on the european social model», en Luis M. Hinojosa; Pablo Martín (Dirs), International Markets Regulation and the Erosion of the European Polítical and Social Model, Thompson Reuters Aranzadi, pp. 139-174.
– Ostrowski, M. S: «Gibraltar after Brexit: why Spain, not Ireland will decide the UK’s fate», en The Conversation, 19 de febrero de 2019, disponible en <https://theconversation.com/gibraltar-after-brexit-why-spain-not-ireland-will-decide-the-uks-fate-111581> [Fecha de consulta: 26 de junio de 2020].
– Pass, J. «Brexit Unravelled: Why the UK chose to leave the EU», en AA.VV., Europa y España frente al Brexit, Tirant lo Blanch, Ciudad de México, 2019, pp. 21-42.
– Schön, W. «Interpreting European Law in the Light of the BEPS Action Plan», Working Paper of the Max Planck Institute for Tax Law and Public Finance No. 2020-01, 21 de enero de 2020, disponible en <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3522962> [Fecha de consulta: 26 de junio de 2020].
– Segura Serrano, A. «The Comprehensive Economic and Trade Agreement (CETA): Trade and Regulatory Issues», en Luis M. Hinojosa Martínez; Pablo J. Martín Rodríguez (Dirs.), International Markets Regulation and the Erosion of the European Polítical and Social Model, Thompson Reuters Aranzadi, 2019, pp. 115-137.
– Tatham, A. F. «The Legitimacy of Discriminatory Disenfranchisement? The Impact of the Rules on the Right to Vote in the Bremain/Brexit Referendum», Perspectives on Federalism, vol. 8, issue 1, 2016. Disponible en <https://www.degruyter.com/downloadpdf/j/pof.2016.8.issue-1/pof-2016-0006/pof-2016-0006.pdf> [Fecha de consulta: 26 de junio de 2020].
– Van Thiel, S. «The WTO Implications of Brexit: UK Traders Caught Between International and EU (Trade and Tax) Law?», en Adolfo J. Martín Jiménez (Dir.), The External Tax Strategy of the EU in a Post-BEPS Environment, International Bureau of Fiscal Documentation, 2019, pp. 297-325.