Maria Elena Salerno is a research fellow in Economics and Law at the School of Economics and Management, University of Siena. She has a degree in Economics and Banking, a postgraduate diploma in Banking Economics and Law (scuola di specializzazione in discipline bancarie), and she holds a post-graduate research grant (assegno di ricerca) in Law and Economics, and the ASN as associate professor (IUS/05). She has run courses on banking and financial law subjects since 2001. Due to her academic publications, in 2017 and 2019 she received three research grants (MIUR and DISAG). She performs several institutional roles at the University of Siena: member of the Commissione Ricerca and the Commissione AQR, member of the Commissione riesame (master of science in Finance). She is also a member of the editorial boards of “IANUS” and “Diritto della banca e del mercato finanziario”. She is a member of the "Economic Law Scolars” Association” (ADDE).
SALERNO MARIA ELENA
On Fridays, from 11 a.m. to 1 p.m.
San Francesco building, on the first floor, room n. 23
Remote office hours:
- Friday, 10 April, 2020, 4-6 p.m.
- Monday, 20 April 2020, 11-13.
- Friday, 24 April 2020, 4-6 p.m.
- Thursday, 30 April 2020, 2-4 p.m.
- Friday, 8 May 2020, 11 a.m. - 1 p.m
- Friday, 15 May 2020, 11 a.m. - 1 p.m
- Friday, 22 May 2020, 11 a.m. - 1 p.m
Interested students can contact me by email to set a specific time for each one. I'll communcate the link to access the virtual classroom and talk to me individually.
On the 10th of June 2020, the exams of "Diritto degli intermediari e dei mercati finanziari" and "International banking and financial regulation" will be oral and remotely.
International Banking and Financial Regulation (2019-2020)
The purpose of the course is to provide students with an analysis of functional and structural changes in the International Financial Regulatory System after global financial crisis. These changes pertain to both Global Financial Architecture and Global Financial Regulation and they are directed to assure a sound governance of global financial markets.
Knowledge of basic principles of Public law, Company law, Banking and Financial Law
- Objectives of and Rationale for Financial Regulation
- The Pre-Crisis International Financial Governance Framework
- International Financial Institutions: structure and mandate
- International Standards Setting Bodies: structure and mandate
- National Financial regulatory and Supervisory Models
- Financial Supervision System in the European Union
- Financial Supervision System in the European Banking Union
- The Feasible Future of Global Financial Regulatory and Supervisory System
1. Maria Elena Salerno, Global Financial Governance. The feasible Future, Giappichelli, torino, 2018.
2. Gimigliano, G. (ed), Money, Payment Systems and the European Union, Cambridge Scholars Publishing, 2016, from page 1 to page 55
3. Joseph E. Stiglitz (2010), Risk and Global Economic Architecture: Why full Financial Integration may be Undesirable, NBER WORKING PAPER SERIES, February 2010, available online
4. Daniel Calvo, Juan Carlos Crisanto, Stefan Hohl and Oscar Pascual Gutiérrez, Financial supervisory architecture: what has changed after the crisis?, 8 FSI Insights on policy implementation, April 2018, available online
Type of exams
- Mid-term exam: ppt presentation or attendance at and interview at the Workshop on EU Money Law (study material: 2)
- Final exam: written text based on the study material:
a) 1. for the students who pass mid-term exam;
b) 1., 2. , for the students who don’t pass mid-term exam or decide not to have mid-term exam.
EU Money Law – Gabriella Gimigliano, Ph.D., Jean Monnet Professor in EU Money Law
The lectures (10 teaching hours), delivered in the first term within the framework of “International Banking and Finanncial Regulation” course (by Prof. Maria Elena Salerno), are provided to the Erasmus students and the regular students enrolled in the master degree course in Finance.
The lectures deal with the “EU harmonisation process for money and payment systems: from EU Commission Communications in the 80s to the PSD2, SEPA rule books and the white papers on mobile payments” (Teaching Activity n. 1, EU MONEY LAW, point n. 3; 8 teaching hours). In addition, the course will analyse a selected number of Court of Justice proceedings as examples of the negative harmonisation with a view of drawing the distintion between the freedom of payments and the freedom of capital (Teaching Activity n. 2, EU MONEY LAW IN ACTION, seminars, point 1, 2 teaching hours)
Table of contents:
- Lecture n. 1 (25 September 2019): the lecture will cover the following topics: i) EUMOL Jean Monnet project goals and tools; ii) objectives and normative tool of the European Union as international organization: positive vs negative harmonisation; iii) the concept of “internal market”, the four freedoms, the allocation of competences between the Member States and the Union; iv) an internal market for payments: from negative to positive harmonisation. An overview; v) an internal market for payments: the policymakers (the Commission, the Parliament, the Council, the Payment Council, the central banks, the European Banking Authority). 2 teaching hours
- Lecture n. 2 (3 October 2019): this lecture is a seminar and it covers “EU Money Law in action”. Namely, it will analyse the negative harmonisation process in the construction of an internal market for payments, going back to the late 70s with the ai of drawing the distinction between freedom of capital and freedom of payments (2 teaching hours).
- Lecture n. 3 (10 October 2019): analysis of the soft rules in the field of the law of payments (2 teaching hours).
- Lecture n. 4 (17 October 2019): from minimum harmonisation process to full harmonisation process; in other words, from the 1997 directive on cross border credit transfers to 2015 Payment Service Directive (PSD2).
- Lecture n. 5 (24 October 2019): positive harmonisation process and the role of the Court of Justice preliminary rulings: analysing a case law in class (2 teaching hours).
Final test: two options
Option n. 1: written test in the first week of November, namely the analysis of a Court of Justice case law
Option n. 2: participation to the Winter School in the second week of December. Group-based activity (no more than 3 students per group); 1 workshop day (one session in the morning and one in the afternoon); three tasks: video-interview with one workshop speaker; a poster on a case; participating to the round table.
If you do not pass the test either in November or in December, you will be required to do a written test in the regular exam sessions, from January to October 2020.
Completion accademic year: 2020/2021
Completion accademic year: 2019/2020
Completion accademic year: 2018/2019
Completion accademic year: 2017/2018
Completion accademic year: 2016/2017
- Salerno, M.E. (2019). Soluzioni normative di governo globale ai problemi di enforcement del diritto finanziario internazionale. BANCA IMPRESA SOCIETÀ, 38(3), 461-496. - view more
- Salerno, M.E. (2019). Centrale dei rischi: la giurisprudenza conferma le proprie posizioni. In Giurisprudenza bancaria (2016-2017) (pp. 68-74). MILANO : Giuffré Editore. - view more
- Salerno, M.E. (2019). Cessione di azienda bancaria: restano responsabili tanto il cedente quanto il cessionario. In Giurisprudenza bancaria (2016-2017) (pp. 75-76). MILANO : Giuffré Editore. - view more
- Salerno, M.E. (2019). Responsabilità della banca. In Giurisprudenza bancaria (2016-2017) (pp. 76-82). MILANO : Giuffré Editore. - view more
- Salerno, M.E. (2019). L'enforcement della disciplina in materia di tutela del contraente debole nei mercati finanziari. IANUS DIRITTO E FINANZA(19), 53-60. - view more