Read: 'The Crisis Response in Europe’s Economic and Monetary Union: overview of legal developments', ACELG WP 2015-01.

This Working Paper of the Amsterdam Centre for European Law and Governance was subsequently published in the Fordham International Law Journal, Volume 38, No. 4 June 2015, pp. 1135-1191.


In November 2011, a group of experts submitted a proposal for the joint issue of public debt instruments by Euro area member States. In January 2012, they submitted a revised proposal: The ELEC “Euro T-Bill Fund” A proposal for a two-year refinancing for all € bills/optional refinancing of bond maturities until 2015. Prof. Smits wrote the legal chapter for this posposal which has been submitted as a reply in the European Commission’s consultation on ‘stability bonds’. The ELEC proposal can be found on the websites of the European League for Economic Cooperation (ELEC) and of Graham Bishop

Islamic finance and the influence of religion on the law

The proceedings of a seminar on Islamic finance and the influence of religion on the law, held during the 74th biennial conference of the International Law Association, in The Hague in August 2010, is published by Eleven international publishing. As the editor, Prof. Smits brings together the presentations of the panellists and a contribution on whether Shari’a compliant finance would have diminished the impact of the financial crisis, and whether Islamic finance could thus contribute to a more balanced and sustainable economic system. The book also contains the Surahs from the Qu’ran on the prohibition of riba (interest) and the verses of the Tanach (Hebrew Bible) on the prohibition of interest and the Jubilee year.