A list of my academic work can be found below, in order of publication date. An overview on SSRN can be found via the SSRN-link

Click to go to SSRN

A special page is dedicated to my most recent publications, both academic and otherwise

Click for the recent publications

Federico Della Negra and I regularly update our list of case law on the banking union.

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A selection of my appearances in a diversity of newspapers, podcasts, et cetera are listed here

Click for the selected appearances


  1. De Conventie van Lomé, economische en juridische aspecten

(“The ACP-EEC Convention of Lomé, economic and legal aspects”),

Graduation paper, Vrije Universiteit (Free University), Amsterdam,

September 1977

(awarded ex aequo the 1979 François Prize of the Nederlandse Vereniging voor Internationaal Recht, the Netherlands Branch of the International Law Association)

  1. De vestiging van ACS-onderdanen in de EG

(“Establishment of ACP nationals in the EC”)


Nederlands Juristenblad

1978, pp. 858-860

  1. Het Europees Monetair Stelsel

(“The European Monetary System”)


student law review Ars Aequi,

Volume 28, No. 6 (June 1979), pp. 303-311

  1. The Second Lomé Convention, an assessment with special reference to human rights


Legal issues of European integration

1980/2, pp. 47-74

  1. De investeringsparagraaf in de nieuwe Overeenkomst van Lomé

(“The investment clauses of the new Lomé Convention”)


Sociaal-Economische Wetgeving,

Volume 28, No. 12 (December 1980), pp. 742-751

(An English version of this article is available)

  1. De Akkoorden van Algiers, de Iraans-Amerikaanse regelingen van januari 1981 en hun uitvoering

(“The Algiers Accords: the Iranian-American arrangements of January 1981 and their implementation”)


Nederlands Juristenblad

1982, pp. 745-760

(An English version of this article is available)

  1. Vereisten van Nederlander- en ingezetenschap voor commissarissen van NV’s en BV’s; een reactie

(“Dutch nationality and residence in the Netherlands required for board members? – a response”)


Weekblad voor privaatrecht, notariaat en registratie (WPNR),

Volume 113, No. 5619, pp. 516-517

(A critical response to a proposal to introduce a requirement that at least 50% of the members of the ‘supervisory board’ (i.e.non-executive directors) of a Netherlands (public) limited company be citizens and residents of the Netherlands)

  1. The implementation in the Netherlands of the EEC Directives on the Credit System


European Law Review,

Volume 7, No. 6 (December 1982), pp. 447-476

(This article is based on a report written for a University of Naples seminar in December 1981, the Italian translation of which (“L’attuazione nei Paesi Bassi delle direttive comunitarie in materia di credito”) was published in L’attuazione delle direttive CEE in materia creditizia, atti del convegno tenuto a Napoli il 10 e 11 dicembre 1981, Milan 1983, pp. 169-207)

  1. Verslag van het 60econgres van de International Law Association

(“An account of the 60th Conference of the International Law Association”)


Nederlands Juristenblad

1983, pp. 280-283

  1. NV Settlement Bank of the Netherlands, een bijzondere bank nader beschouwd

(“NV Settlement Bank of the Netherlands, a closer look at an exceptional bank”)


Bank- en effectenbedrijf

3-1983, pp. 92-93

  1. Enige aspecten van de Amerikaans-Iraanse arbitrage in Den Haag

(‘Some aspects of the US-Iran arbitration at The Hague’)


Tijdschrift voor Abritrage

1983, pp. 42-54

  1. Some aspects of the monetary law of the European Community


Legal issues of European integration

1983/2, pp. 39-85

(The Spanish translation of an earlier version (“Algunos aspectos del derecho monetario de la Comunidad Europea”) appeared in Jurídica, the Yearbook of the Law Faculty of the Iberoamericana University in Mexico, D.F., No. 16, 1984, pp. 131-169)

  1. The end of claustrophobia: European Court requires free travel payments


European Law Review

Volume 9, No. 3, 1984, pp. 192-202

(A case note on the European Court of Justice’s judgement in the Luisi & Carbone case on the freedom to provide services and the freedom to effect payments in the common market, judgment of 30 January 1984 in Joined Cases 286/82 and 26/83, [1984] ECR 377; ECLI:EU:C:1984:35)

  1. Verslag van de 61ste conferentie van de International Law Association

(“An account of the 61st Conference of the International Law Association”)


Nederlands Juristenblad

1984, pp. 1422-1424

  1. A note to a decision by the President of the Rotterdam District Court of January20, 1982 on the application of Article 48 of the EEC Treaty (on the free movement of workers)


Sociaal-Economische Wetgeving

Volume 33, No. 2, 1985, pp. 137-141

  1. Bancaire dienstverlening over de grenzen: een Europees perspectief

(“Cross-border provision of banking services: a European perspective”)


Sociaal-Economische Wetgeving

Volume 33, No. 7/8, 1985, pp. 454-487

(A report for the 1985 annual meeting of the Nederlandse Vereniging voor Europees Recht/Association néerlandaise pour le droit européen)

  1. Nationaliteit en ingezetenschap van de voorzitter van de Raad van Commissarissen: een (late) reactie

(“Nationality and residence of the chairman of a company’s supervisory board: a (late) reaction”)


TVVS – maandblad voor ondernemingsrecht en rechtspersonen

1985/10, pp. 263-264

  1. Bankgeheimnis und Bankauskunft nach niederländischem Recht


Hadding/Schneider (eds), Bankgeheimnis und Bankauskunft in der Bundesrepublik Deutschland und in ausländischen Rechtsordnungen,

Duncker & Humblot, Berlin-Munich, 1986, pp. 185-226

(A contribution on banking secrecy and bankers’ opinions under Netherlands law, published in a book edited by professors of the Institut für Internationales Kreditrecht at the Johannes Gutenberg-Universität in Mainz, Federal Republic of Germany)

(A summary in English is available)

  1. The international monetary system and development: general outlook on the legal issues


Detlev Chr. Dicke (ed.),

Foreign Debts in the Present and a New International Economic Order

University Press, Fribourg (Switzerland), 1986, pp. 74-96

  1. Free movement of capital and payments: a further step on the road to liberalisation?


European Law Review

Volume 11, No. 5, pp. 456-465

(Case note to the European Court of Justice’s judgement in the Brugnoni & Ruffinengo case on the free movement of capital, judgment of 24 June 1986, in Case 157/85, [1986] ECR 2013; ECLI:EU:C:1986:258)

  1. Verslag van de 62econferentie van de International Law Association

(“An account of the 62nd Conference of the International Law Association”),

co-authors Messrs Cuperus, Van Loon and De Waart,


Nederlands Juristenblad

1987, pp. 1194-1196

  1. A review of Professor Herman Braeckmans’ book on legal aspects of syndicated Eurocurrency credits (Juridische aspecten van consortiumkredieten in Eurodeviezen)


Rechtsgeleerd Magazijn Themis

1988/1, pp. 37-43

  1. Rechtspersonen op het snijpunt van (internationaal) privaat- en publiekrecht

(“Legal entities at the intersection of (international) private and public law”),

a report with special emphasis on the Netherlands central bank, the International Red Cross and the International Tin Council, prepared for the Nederlandse Vereniging voor Internationaal Recht (the Netherlands Branch of the International Law Association) (with a summary in English)


Mededelingen van de Nederlandse Vereniging voor Internationaal Recht

No. 97, Kluwer, Deventer, 1988, pp. 77-195

  1. Banking regulation in a European perspective


Legal issues of European integration

1989/1, pp. 61- 87

(This article is based on a presentation before the Conference on Banking and Financial Law organized in Leiden on 11 November 1988 by the Leiden Institute of Anglo-American Law and the Centre for Commercial Law Studies of Queen Mary College, University of London)

  1. De bepalingen uit het verdrag van Maastricht over een Europese munt in 1999

(“The Maastricht Treaty provisions on a single currency in 1999”)



Special 1992, pp. 3 – 6

  1. Commentary on Articles 6, 103, 105, 106 and 107 of the EEC Treaty,


Groeben-Thiesing-Ehlermann (eds.), Kommentar zum EWG-Vertrag,

4th edition, Nomos, Baden-Baden, 1991, pp. 152-157; 3001-3022; 3026-3039, 3039-3061, 3061-3099

  1. Co-editor of a report by a working group within the Nederlandse

Vereniging voor Europees Recht / Association néerlandaise pour le droit européen on financial services regulation in the Netherlands:

The regulation of financial services in the Netherlands: a survey,


Sociaal-Economische Wetgeving

Volume 40, No. 4, 1992, pp. 216-255

  1. Co-editor with Professor Martijn van Empel (then, University of Amsterdam) of Banking and EC Law: Commentary,

published as a part of the Amsterdam Financial Series, a loose-leaf publication on financial services and EC law containing a commentary on EC banking supervision legislation,

Kluwer Law International, Deventer 1992

Co-author of two chapters

  • together with Patrick Pearson: Treaty provisions; and
  • together with Marieke van den Berg and Patrick Pearson: Institutional Arrangements

Author of chapter 6 on Freedom of establishment and freedom to provide services under the Second Banking Directive

  1. De monetaire unie van Maastricht – een overzicht van de Verdragsbepalingen inzake economische en monetaire unie

(“The monetary union of Maastricht, a survey of the Treaty provisions on economic and monetary union”)


Sociaal-Economische Wetgeving

Volume 40, No. 8/9, 1992, pp. 702-740

  1. Economisch en monetair beleid,

Chapter B12 – on economic and monetary policy coordination – of a legal practioners’ handbook on EC law

Praktijkboek EG-recht

loose-leaf, Kluwer, Deventer, 1992 (1993 update), pp. 1-132

  1. A review of M. Moore’s (eds.) book Financial Services in the New Europe: The Comparative Law Yearbook of International Business, Special Issue


Common Market Law Review

No. 30, 1993, pp. 878-880

  1. De externe bevoegdheden van de Gemeenschap onder de EMU

(“External Community competences under Economic and Monetary Union”),


Externe bevoegdheden van de Europese Unie,

acts of the XXIIIrd Asser Institute Colloquium on European Law, held on

10 September 1993, T.M.C. Asser Instituut, The Hague, 1993, pp. 63-98

  1. Aspecten van de nieuwe Wet toezicht kredietwezen

(“Aspects of the new Act on the Supervision of the Credit System”)


Sociaal-Economische Wetgeving

January 1994, Volume 41, No 1, pp. 5-26

  1. A single currency for Europe and the Karlsruhe Court

(a critical assessment of the judgment of the Bundesverfassungsgericht (the German Constitutional Court) on the Maastricht Treaty on European Union)


Legal issues of European integration

1994/2, pp. 115-134

  1. Economic Policy Coordination and the Freedom to Effect Financial Transactions in the European Community,

chapter 5 A of European Economic and Monetary Union (chapter 5)


Robert C. Effros (ed.),

Current Legal Issues Affecting Central Banks,

Volume 3, International Monetary Fund, Washington, D.C., 1995, pp. 55-65

  1. The Community and International Contexts


Banking supervision in the European Community – Institutional Aspects,

Report of a Working Group of the ECU Institute, Éditions de l’Université de Bruxelles, Brussels, 1995, pp. 32-48

  1. Comments on EMU external aspects


Jan A. Winter, Deirdre M. Curtin, Alfred E. Kellerman, Bruno de Witte (eds.)

Reforming the Treaty on European Union – The Legal Debate

(Asser Institute Colloquium on European Law Session XXV, September 1995), Kluwer Law International, The Hague / Boston / London, 1996, 318-322

  1. The European Central Bank – Institutional Aspects


45 International and Comparative Law Quarterly

1996, pp. 319-342

  1. The European Community’s Second Banking Directive

chapter 6 in

Robert C. Effros (ed.),

Current Legal Issues Affecting Central Banks,

Volume 4, International Monetary Fund, Washington, D.C., 1997, pp. 83-103

  1. The European Central Bank – Institutional Aspects (thesis),

Kluwer Law International,

The Hague/London/Boston, 1997, 2000 reprint (638 pp)

  1. Brief description of The European Central Bank – Institutional Aspects,


student law review Ars Aequi,

Volume 46, No. 6, 1997, pp. 469-473

  1. De gevolgen voor de EMU,

(“The consequences [of the Amsterdam European Council meeting] for EMU)


De resultaten van de Europese Raad van Amsterdam,

(“The outcome of the Amsterdam meeting of the European Council’)

Asser Round Table Session, held on 9 July 1997,

T.M.C. Asser Instituut, The Hague, 1997, pp. 17-25

  1. Economic and Monetary Union: Progress to Date and the IGC


Wybo P. Heere (ed.),

Contemporary international law issues: new forms, new applications, Proceedings of the Fourth Hague Joint Conference, held in The Hague,

2-5 July 1997,

(section on: The Intergovernmental Conference of the European Union), T.M.C. Asser Instituut, The Hague, 1997, pp. 249-259

  1. La monnaie unique: quelques réflexions sur sa préparation (editorial)


Cahiers de Droit Européen,

Larcier, Brussels, Volume 33, Nos. 5-6, 1997, pp. 523-530

  1. Commentary on Articles 105, 109 and 109 M of the EC Treaty, and on Articles 2, 3, 4, 5, 6, 17 to 24, and 25 of the Statute of the European System of Central Banks and the European Central Bank


Groeben-Thiesing- Ehlermann (eds.), Kommentar zum EU-/EG-Vertrag,

5th edition, Nomos Verlagsgesellschaft, Baden-Baden, 1997,

  1. 3/152-3/179, 3/244-3/286, 3/532-3/567, 3/609-3/663
  1. Freedom of payments and capital movements under EMU


Albrecht Weber (ed.),

Währung und Wirtschaft, Das Geld im Recht, Festschrift für Prof. Dr. Hugo J. Hahn zum 70. Geburtstag, Nomos Verlagsgesellschaft, Baden-Baden, 1997

  1. Het begin van de muntunie: besluitvorming en regelgeving

(“The start of the monetary union: decision-making and regulations”)


Sociaal-Economische Wetgeving,

Volume 46, No. 1, January 1999, pp. 2-12


  1. Banking supervision in the monetary union


Journal of International Banking Regulation,

Volume 1, No. 2, 1999, pp. 122-130

(Also published in De Nederlandsche Bank Reprint Series under No. 649.

Also published in a reader on Financial Services and Financial Markets: Changes and Adjustments, Katholieke Universiteit Leuven, Leuven, 1999)

  1. Together with Ron F. Luberti:

Supervisory liability: an introduction to several legal systems and a case study


Mario Giovanoli & Gregor Heinrich (ed.)

International Bank Insolvencies,

Kluwer Law International, Boston/The Hague/London, 1999, pp. 363-380

  1. The Euro five months young – an initial legal assessment


Euredia, European Banking and Financial Law Journal

No. 2, 1999, pp. 125-128

51. Le statut monétaire de l’euro


Luc Thévenoz/Marcel Fontaine (eds.),

Colloque international/International Symposium, La monnaie unique et les pays tiers / The euro and non-participating countries,

Schulthess Juristische Medien SA, Zurich, 2000, pp. 41- 66

  1. together with Frank Elderson et alii:

Legal Consequences of the Single Currency: National Report for the Netherlands

(Report to the 2000 Helsinki Conference of the Fédération Internationale pour le Droit Européen)


Sociaal-Economische Wetgeving,

Volume 48, No. 4, 2000, pp. 122-132

  1. Central Bank Independence and Accountability in the light of EMU


Mario Giovanoli (ed.)

International Monetary Law, Issues for the New Millennium,

Oxford University Press Inc., New York, 2000, pp. 245-266

  1. Commentary to a report on legal aspects of the euro by M.E. Koppenol-Laforce and H.M.G. Denters, Juridische aspecten rond de euro (“Legal aspects surrounding the euro”)


Mededelingen van de Nederlandse Vereniging voor Internationaal Recht

No. 122, 2001, pp. 3-11

  1. International monetary and financial law in the new millennium

based on a lecture (“EMU and the Court”) before the seminar on International Monetary and Financial Law in the New Millennium, the London Memorial Tribute to Sir Joseph and Ruth Gold, London, 1-2 June 2001


Norton, Joseph J. and Andenas, Mads (eds.), International monetary and financial law upon entering the new millennium – a tribute to Sir Joseph and Ruth Gold, Norton, London 2002, chapter 18, p. 475 – 494

  1. A review on Chiara Zilioli and Martin Selmayr’s book The Law of the European Bank, Oxford, Hart Publishing, 2001


Common Market Law Review,

No. 39, 2002, pp. 429-430

  1. A review of Stefan Tilch’s book

Europäische Zentralbank und Europäisches System der Zentralbanken,

Europäische Hochschulschriften, Frankfurt am Main, Peter Lang, 2000


Common Market Law Review,

No. 39, 2002, pp. 653-656

  1. Changing legal basis of central banks


Central Banking (Quarterly Journal),

Volume XII, No. 4, 2002, pp. 88-95

  1. The position of the European Central Bank in the European constitutional order

inaugural address, Universiteit van Amsterdam,

4 June 2003

published under the title The European Central Bank in the European constitutional order by Eleven International Publishing, Utrecht, 2003.

60. European Central Bank and the Convention

interview in

Central Banking (Quarterly Journal),

Volume XIV, No. 1, August 2003, pp. 85-92

  1. Four aspects of a single currency


Mélanges en l’honneur de Jean-Victor Louis

2 volumes, Éditions de l’Université de Bruxelles, Bruxelles, 2003, 2nd volume, pp. 325 – 348

  1. Het Stabiliteits- en Groeipact nagekeken

(“The Stability and Growth Pact reviewed”)


SEW, Tijdschrift voor Europees en Economisch recht

Volume 52, February 2004, pp. 50-57

  1. Law of the Economic and Monetary Union


Recueil des Cours de l’Académie de Droit international de la Haye,

Volume 3001, Martinus Nijhoff Publishers, The Hague 2004, pp. 313-422

  1. Commentary on Articles 105 and 111 EC Treaty and Articles 2 – 4 and 6 ESCB Statute and, together with Christian Kroppenstedt, of Article 5 ESCB Statute, and, together with Georg Gruber, of Articles 21 – 24 ESCB Statute


von der Groeben – Schwarze (eds.),

Kommentar zum EU-/EG-Vertrag,

6th edition, Nomos, Baden-Baden, 2004

Volume 3, pp. 110-137, 214-256, 390-394, 394-406, 406-410, 463-478

  1. Het Europese Hof beslecht geschil over communautair toezicht op begrotingsdiscipline

(“The European Court decides dispute on Community oversight of budgetary discipline”)

commentary on the decision of the European Court of Justice of 13 July 2004 in Case C-27/04 on the Excessive Deficit Procedure and the Stability and Growth Pact, [2004] ECR I-6649; ECLI:EU:C:2004:436


Nederlands tijdschrift voor Europees recht

Volume 10, No. 8/9, September 2004, pp. 221-227

  1. Commentary on the decision of the European Court of Justice of 10 July 2003 in Case C-11/00 on the position of the European Central Bank (OLAF Case),

([2003] ECR I-7147; ECLI:EU:C:2003:395)


SEW, Tijdschrift voor Europees en Economisch recht

Volume 52, December 2004, pp. 537-543

  1. The European Competition Network: selected aspects


Legal Issues of Economic Integration

32 (2): 175-192, 2005

  1. The European Constitution and EMU: an appraisal


Common Market Law Review

42: 425-468, 2005

  1. The European Constitution and Economic and Monetary Union


Proceedings of the Workshop on 5 November 2004 entitled:

A Constitutional Treaty for an Enlarged Europe:

Institutional and Economic Implications for Economic and Monetary Union

Proceedings of OeNB Workshops, No. 4, pp. 12-19

Oesterreichische Nationalbank, 2005

  1. The role of the ESCB in banking supervision


Legal Aspects of the European System of Central Banks

Liber Amicorum Paolo Zamboni Garavelli

ECB, 2005, pp. 199-212

  1. On Parallel Trade and Preliminary Issues – a Healthy Approach to Competition Law Enforcement?

(A case note to the judgment of the European Court of Justice of 31 May 2005 in

Case C-53/03, Syfait and Others v. GlaxoSmithKline plc and GlaxoSmithKline AEVE, [2005] ECR I-4609; ECLI:EU:C:2005:333)


Legal issues of economic integration

33(1): 61-83, 2006

  1. What is wrong with the Payment Services Directive?


SPEED (Settlement · Payment · E-money & E-trading · Development)

Volume 1, No. 3, Winter 2006-07, pp. 20-24

  1. Some Reflections on Economic Policy


Legal issues of economic integration

34(1): 5-25, 2007

  1. Why London can’t go it alone

(A rebuttal to a contribution by David Lascelles in a previous issue of the

publication arguing that the City should not be regulated by EU rules)


The Financial Regulator

Volume 11, No. 4, March 2007, pp. 21-25

  1. The impact of EMU law on national budgetary freedom:

An inquiry into the limits of State sovereignty in economic policy matters


Dr. D. Obradovic and Dr. N. Lavranos (editors),

Interface between EU Law and National Law

University of Amsterdam, The Hogendorp Papers 7,

Europa Law Publishing, 2006, pp. 131-168

  1. Note to the European Court of Justice’s judgement in Case C-359/05

(Estager v. Receveur principal de la recette des douanes de Brive,

Judgment of 18 January 2007, [2007] ECR I-581); ECLI:EU:C:2007:36),

on conversion of amounts into euro


SEW, Tijdschrift voor Europees en Economisch recht

Volume 55, November 2007, pp. 471-473

  1. ABN AMRO: A take-over battle with far-reaching implications

Editorial, 16 January 2008


Euredia, European Banking and Financial Law Journal, 2007-2008-1,

  1. 1-4
  1. The Challenges of the Credit Crunch and Beyond

‘From the Board’ (editorial), 8 February 2008


Legal Issues of Economic Integration 35(2): 103–107, 2008


  1. Towards a borderless market in securities post-trading:

issues of competence and competition

Presentation at the Joint ECB-Commission Conference on “The Safety and Efficiency of Post-Trading Arrangements in Europe”, Frankfurt am Main,

21-22 April 2008,


  1. The European Central Bank’s Independence and its Relations with Economic Policy Makers

based on a presentation before the 50 Years of EU Law Conference organised by Fordham Law School, 29 February – 1 March 2008,

(state of the law as at 28 February 2008)


Fordham International Law Journal Vol. 31:301

(Number 6, June 2008), pp. 1614-1636

  1. The changing payments landscape of Europe: issues of regulation and competition

Based on a presentation before a two-day seminar on “EU Financial Services Regulation: completing the internal market”, held at Queen Mary,

University of London, on 26-27 October 2006

(state of the law as at 25 July 2008)


Piet Eeckhout and Takis Tridimas (editors), Yearbook of European Law 2008, Volume 27, pp. 405-444

  1. Together with Esther Lamboo, Pablo Amador Sanchez and Milou Dijkman:

De ontmanteling van kartelparadijs Nederland; tien jaar Mededingingswet en NMa

(“The dismantling of cartel paradise The Netherlands; ten years of competition law and NMa [Netherlands Competition Authority]”)


Justitiële Verkenningen, Volume 34, October 2008, pp. 22-51

published by the Wetenschappelijk Onderzoeks- en Documentatiecentrum (Centre for Research and Documentation) of the Dutch Ministry of Justice

  1. Together with Hein Blocks, Peter Cornet and Fred von Dewall:

Inbedding van MVO door verankering van integriteit

– een beschouwing over financiële ondernemingen, menselijk gedrag en compliance

(“Embedding Corporate Social Responsibility by anchoring integrity

– reflections on financial undertakings, human behaviour and compliance”)


Bank- en Effectenbedrijf, October 2008, pp. 28-33

(Banking and Securities Business, the monthly publication of NIBE-SVV,

the Dutch Institute for the banking, insurance and investment industry)

  1. Together with Laurens Jan Brinkhorst and Jean-Victor Louis

De Larosière: fine recommendations fail to tackle main issues

Eur.activ website, 26 March 2009

  1. International representation of Europe in the area of Economic and Monetary Union: legal issues and practice in the first ten years of the Euro

paper for the Conference 10 years of European Monetary Union: a legal perspective, organised by the Legal Committee of the ESCB, and held in

Frankfurt am Main (D) on Thursday 29 January and Friday 30 January 2009,

available at: in

Euredia, European Banking and Financial Law Journal, 2009/2, pp. 297-333

  1. De aansprakelijkheid van toezichthouders

(“Supervisory liability”)


De Blijvende Uitdaging, Liber Amicorum for Gert Zijl and René Jansen,

NMa (Netherlands Competition Authority) 2009, pp 45-60

  1. The credit crisis and its aftermath

‘From the Board’ (editorial), 14 August 2009


Legal Issues of Economic Integration 36(4), 2009, pp. 279–284


  1. European supervisors in the credit crisis: issues of competence and competition

Chapter 15 in Mario Giovanoli and Diego Devos (eds.),

International Monetary an Financial Law in the light of the Global Crisis,

2010, pp. 305-327

(A book with contributions by members of the International Monetary Law Committee of the International Law Association (MOCOMILA))

  1. Europe’s post-crisis supervisory arrangements – a critique

A critical review of the EU’s post-crisis supervisory arrangements implementing the proposals contained in the De Larosière Report, from legal and enforcement perspectives


C&R Revista de Concorrência & Regulaçao

Volume 1, Nº 2, April-June 2010, pp. 125-166

  1. Key issues for European financial sector legislators

(“Ten legal gaps European regulators must close”)

A bird’s eye view of the legal issues in need of redress for new supervisory

arrangements and new material standards in respect of the financial sector to

work properly


Central Banking Journal

Volume 20, No. 4, 2010, pp. 35-44

  1. L’euro(pe) à l’épreuve

(“Euro(pe) put to the test”)

Editorial for Cahiers de Droit Européen

Larcier, Brussels, Volume 46, No. 1-2, 2010, pp. 7-24

  1. Perspectives on the Euro Crisis

‘From the Board’ (editorial), February 2011


Legal Issues of Economic Integration 38(2), 2011, pp. 107–114


  1. Tax deductibility of fines imposed for competition law infringements

An overview of the case law on tax deductibility under Dutch law of antitrust

fines imposed by the Dutch and EU competition authorities


European Competition Law Review 2012

Volume 33: Issue 3 2012, pages 138-145

  1. Islamic finance and the influence of religion on the law (editor)

Proceedings of a panel held during the 74th Conference of the International Law Association (ILA), The Hague (NL), 17-24 August 2010. This booklet contains 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. Plus Surahs from the Qu’ran and verses of the Tanach (Hebrew Bible) on the prohibition of interest

Eleven/Boom, The Hague, 2012

  1. The European debt crisis and European Union law: comments and a call for action

A reply to the article of Matthias Ruffert, The European debt crisis and European

Union law, Common Market Law Review 48: 1777-1806, 2011


Common Market Law Review 49: 827–832, 2012

  1. Pfleiderer en andere zaken: op weg naar duidelijkheid over bescherming

clementiemateriaal (“Pfleiderer and other cases: towards clarity on the

protection of evidence submitted by leniency applicants”)

A note on the Pfleiderer judgment of the European Court of Justice of 14 June

2011 (Case C-360/09; ECLI:EU:C:2011:389) and further case law relating to the

protection of evidence by leniency applicants in follow-on proceedings for the

enforcement of EU competition law


Tijdschrift Mededingingsrecht in de Praktijk (“Review of competition law in practice”)

No. 2012/2. 2, April 2012, pp. 53-65

  1. Legal traps facing the ECB

An overview of legal challenges for the ECB when it assumes operational tasks as prudential supervisor of credit institutions in the Euro Area


Central Banking Journal

Volume XXIII, No. 2, November 2012, pp. 53-58

  1. Naleving mededingingsregels: aandacht vereist!

(Compliance with competition rules: attention, please!)

An overview of the views of antitrust enforcement agencies in the EU and the Netherlands on compliance programmes concerning competition law, including an indication of the requirements of effective competition law compliance programmes for undertakings


Tijdschrift voor Compliance

No. 3, 2013, pp. 235-240

  1. Is my money safe at European banks? – Reflections on the ‘bail-in’ provisions in recent EU legal texts


Capital Markets Law Journal (2014) 9 (2), pp. 137-156.

  1. Sustainable Competition Law Enforcement: Animal Rights – An Essay on

Integrating Other Sentient Beings’ Interests in the Work of a Competition



Dirk Arts, Wouter Devroe, René Foqué, Karel Marchand, Ivan Verougstraete (eds.), Mundi et Europae Civis Liber Amicorum Jacques Steenbergen, 2014, 533-542.

  1. Constitutional Reflections and Crisis Ruminations

‘From the Board’ (editorial),

Legal Issues of Economic Integration 41, no. 4 (2014): 315–330


  1. European Central Bank’s room for manoeuvre provisionally confirmed

Blogpost ACELG, 19 January 2015 on the Opinion of Advocate General Cruz Villalón of 14 January 2015 in Case C-62/14 (Gauweiler v. ECB); ECLI:EU:C:2015:7 on the European Central Bank’s OMT programme


  1. Book notes: Sovereign debt management, by Rosa María Lastra and Lee Buchheit


Central Banking Journal

Volume XXV, No. 3, February 2015, pp. 92-93

(complete, 4-page review at:

  1. The crisis response in Europe’s Economic and Monetary Union: overview of legal developments


Fordham International Law Journal,

Volume 38, No. 4, June 2015, pp. 1135-1191

Published as ACELG Working Paper 2015-01, available at:

  1. Commentary on Articles 138 and 219 of the Treaty on the Functioning of the

European Union

A commentary of the provisions on the external relations of EMU, and the EU’s and Euro Area’s relations with the IMF


von der Groeben, Schwarze, Hatje (eds.),

Europäisches Unionsrecht,

7th edition, Nomos, Baden-Baden, 2015, Volume 3, pp. 1201-1220 (Article 138 TFEU) and 1287-1291 (Article 6 ESCB/ECB Statute); and Volume 4, pp. 563-591 (Article 219 TFEU).

  1. A review of Christoph G. Paulus (Ed.), A Debt Restructuring Mechanism for Sovereigns. Do We Need a Legal Procedure?Baden-Baden/Munich/Oxford: Nomos/C.H.Beck/Hart Publishing, 2014, 300 pages. ISBN: 9781849467407


Common Market Law Review 53: 273-276, 2016

  1. ESM conditionality in court: two Advocate Generals on 14 Cypriot appeal cases pending in Luxembourg

Blogpost ACELG, 22 April 2016 on the Opinion of AG Wathelet of 21 April 2016 in Joined Cases C‑105/15 P to C‑109/1 (Mallis); ECLI:EU:C:2016:294,


  1. EMU Law developments

Remarks for the CIRSF (Centro de Investigação sobre Regulação e Supervisão

do Sector Financeiro – Research Center on Regulation and Supervision of the Financial Sector) Annual International Conference, Lisbon, 23 June 2016

at: C3CA2_1.pdf

  1. A More Coherent Project

‘From the Board’ (editorial)


Legal Issues of Economic Integration 43:3 (2016), pp. 219 – 233


  1. Sustainable Economic and Monetary Union in Europe in turbulent times

ADEMU/PWC Lecture at the European University Institute, Fiesole (FI),

10 October 2016

at: europe-in-turbulent-times/

  1. together with John L. Taylor:

Bank Holding Company Regulation in Kenya, Nigeria and South Africa:

A Comparative Inventory and a Call for Pan-African Regulation


Journal of Banking Regulation, July 2017, pp. 1-36,

available at:

Also at SSRN:

  1. From subordinated to prominent: the role of the European Commission in EMU – Reflections on Euro Area democracy


Luigi Daniele, Perluigi Simone, Roberto Cisotta (eds), Democracy in the EMU in the Aftermath of the Crisis, 2017, pp. 51-71; proceedings of the Conference The Democratic Principle and the Economic and Monetary Union, held in Rome (I), 22 January 2016

  1. A central bank in times of crisis: the ECB’s developing role in the EU’s currency union


Research Handbook on Central Banking, edited by Peter Conti-Brown and Rosa María Lastra, Edward Elgar, 2018, pp. 184-207

  1. together with: Concetta Brescia Morra and Andrea Magliari

The Administrative Board of Review of the European Central Bank:

experience after two years


European Business Organization Law Review (2017) 18:567–589; DOI 10.1007/s40804-017-0081-3, at:

  1. Competences and alignment in an emerging future – After L-Bank: how the Eurosystem and the Single Supervisory Mechanism may develop,

Paper for the Conference The New ECB in Comparative Perspectives, European University Institute, 19-20 September 2017, Florence (I), published as Working Paper 77 in the ADEMU Working Paper Series (http://ademu-, at: alignment-in-an-emerging-future.pdf

  1. Reflections on Euro Area banking supervision: context, transparency, review and culture – A contribution to the conversation on the SSM after three years

Paper for the Conference The European Banking Union and its relationship with the law: reflections three years on, London (UK), 23 October 2017

published as

Reflections on euro area banking supervision: context, transparency and culture from an institutional law perspective,

Chapter 8 in Gianni Lo Schiavo (ed.),

The European Banking Union and the Role of Law, Elgar Financial Law,

pp 130-154.


  1. Interplay of administrative review and judicial protection in European prudential supervision – Some issues and concerns

Paper presented at the Conference Judicial review in the banking Union and in the EU financial architecture, jointly organized by the Bank of Italy and the European Banking Institute, Rome (I), 21 November 2017,


Quaderni di Ricerca Giuridica della Consulenza Legale, number 84

Version at SSRN:

  1. together with: Concetta Brescia Morra and Andrea Magliari

De Administrative Board of Review van de Europese Centrale Bank: de eerste

ervaringen (The Administrative Board of Review of the European Central Bank: the first experiences)


Tijdschrift voor Financieel Recht 2018 No. 4, at:

  1. The Invisible Core of Values in the European Integration Project

‘From the Board’ (editorial)


(2018) 45 Legal Issues of Economic Integration, Issue 3, pp. 221–227, at:

  1. Accountability of the European Central Bank


student law review Ars Aequi, January 2019, pp 27-37

  1. together with Nikolai Badenhoop:

Towards a single standard of professional secrecy for supervisory authorities

– A reform proposal


(2019) 44 European Law Review 295-318,

at SSRN:

  1. ECJ annuls a national measure against an independent central banker

Blogpost, 5 March 2019, European Law Blog, on

Joined Cases C‑202/18 (Ilmārs Rimšēvičs v Republic of Latvia) and C‑238/18 (European Central Bank v Republic of Latvia); Opinion of AG Kokott of 19 December 2018, ECLI:EU:C:2018:1030; judgment of the Court of 26 February 2019, ECLI:EU:C:2019:139,

at: independent-central-banker/

  1. Challenging a bank’s license withdrawal by the ECB: can the bank act or can its shareholders?,

Blogpost, 2 May 2019, European Law Blog, at: by-the-ecb-can-the-bank-act-or-can-its-shareholders/.

A blogpost on the Opinion that Advocate General Juliane Kokott gave on 11 April 2019 (ECLI:EU:C:2019:323) in three appeal proceedings against an Order of the General Court of 12 September 2017 (ECLI:EU:T:2017:623) in (Case T- 247/16Trasta Komercbanka and others v ECB, renamed Fursin and Others v ECB) on the admissibility of the shareholders or the former bank management in review proceedings against the withdrawal of a bank’s license by the ECB. This Order was contested by the ECB (Case C-663/17 P), the European Commission (Case C-665/17 P) and Trasta and its shareholders (Case C-669/17 P).


  1. The ECB and the rule of law

Paper for the ECB Legal Conference 2019, in

Building bridges: central banking law in an interconnected world, ECB Legal Conference 2019, pp. 350-383, at:

  1. A national measure annulled by the ECJ, or: high-level judicial protection for independent central bankers

Annotation of the Judgment of the ECJ of 26 February 2019 in Case C‑202/18 (Ilmārs Rimšēvičs v Republic of Latvia) and Case C‑238/18 (European Central Bank v Republic of Latvia), ECLI:EU:C:2019:139


European Constitutional Law Review 2020, pp 16(1), 120-144, DOI:10.1017/S1574019620000012

  1. My PhD thesis on the ECB – looking back after 22 years


student law review Ars Aequi, February 2020, pp 206-211, at:

  1. The European Central Bank’s pandemic bazooka: mandate fulfilment in extraordinary times



EU Law Live (https://eulawlive), 23 March 2020, at:

PM 1 Member (1988-1995) of the ‘Groupe Système européen de banques centrales‘, a working group of lawyers chaired by Professor Jean-Victor Louis, formerly General Counsel of the National Bank of Belgium. This group, which operated under the auspices of the Institut de l’Ecu (later renamed: Institut de l’euro) in Lyon, published

> a proposal for the Statute of the European System of Central Banks: Vers un système européen de banques centrales: projet de dispositions organiques,

Études Européennes, Éditions de l’Université de Bruxelles, Brussels, 1989, and

> a study on the institutional aspects of prudential supervision under Economic and Monetary Union:

Banking Supervision in the European Community: Institutional Aspects,

Études Européennes, Éditions de l’Université de Bruxelles, Brussels, 1995.

PM 2 Member (2011-2012) of an expert group (Chair: Wim Boonstra, Secretary: Graham Bishop) that submitted a proposal for the joint issue of public debt instruments by Euro area Member States: The ELEC “Euro T-Bill Fund” A proposal for a two-year refinancing for all € bills/optional refinancing of bond maturities until 2015. The ELEC proposal can be found on the websites of the European League for Economic Cooperation (ELEC), (ELEC), and of Graham Bishop.

PM 3 Responsible for an on-line list of cases (pending or decided) on banking union, at the website of the European Banking Institute, in an endeavour for transparency in banking union-related case law, undertaken jointly with Federico Della Negra: