Judicial Independence by Carl Baudenbacher

Author:Carl Baudenbacher
Language: eng
Format: epub
ISBN: 9783030023089
Publisher: Springer International Publishing

4 Principle of Liability

4.1 Liability of a State in a Systemic Crisis

As set out in Chap. 14 on the economics of a Single Market, the principle of liability is a constituent element of a market economy. Liability means that you have to pay for your debts or to make good the damage you caused. On the other hand, moral hazard, which means a situation in which one party is taking high risks knowing that it is protected because the other party will incur the cost, must be avoided. In its landmark decision in the first Icesave case, the Court addressed these principles. Icesave, one of the most important cases decided by the EFTA Court in the first 24 years of its existence, will be dealt with in its own Chapter.9

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