Copyright law regulates the creation, dissemination and use of a range of different types of ‘works’ ranging from books, plays, musical works, computer programs and films through to sound recordings and television broadcasts. In developing the legal framework to regulate copyright, the law has attempted to balance the interests and concerns of copyright owners with those of authors, users and the public more generally. For example, in setting the duration of copyright protection, the law has balanced the interests of copyright owners, who have always argued for longer protection, with those of the public more generally, who have an interest in the duration of protection being more limited.

The concept of a patentable invention appeared originally in s 6 of the Statute of Monopolies 1623 (21 Jac 1 c 3) and was expressed in terms of any ‘manner of new manufacture’. The purpose of this section was ‘to allow the use of the prerogative to encourage national development in a field which already, in 1623, was seen to be excitingly unpredictable’.

Against the backdrop of the 2007–2009 financial crisis, this chapter discusses the growing importance of macroprudential supervision. In contrast to microprudential supervision, which focuses on the soundness of individual institutions, macroprudential supervision focuses on the stability of the financial system as a whole and on monitoring and assessing so-called systemic risk. This is the risk of a breakdown of an entire financial system rather than the failure of individual parts. The chapter sets out the key features of the conceptual framework for macroprudential supervision. Next, macroprudential instruments are discussed. Finally, the chapter touches on the issue of crisis management and resolution, discussing the main instruments that can be considered in crisis situations.

The function of insurance is to protect individuals and firms from adverse events by pooling risks. Life insurance protects against the financial consequences of premature death, disability, and retirement. Non-life insurance protects against risks such as accidents, illness, theft, and fire. Insurance is a risky business, as insurance companies collect premiums and provide cover for adverse events that may or may not arise. The insurance business is plagued by asymmetric information problems. There is a moral hazard problem when the behaviour of the insured, which can be only partly observed by the insurer, may increase the likelihood that the insurer has to pay. After signing the contract, the insured may behave less cautiously because of the insurance. Another problem is adverse selection: high-risk individuals (for instance, ill people) may seek out more (health) insurance than low-risk persons. The final section of chapter describes the variation in insurance systems across Europe and analyses financial conglomerates that combine banking and insurance

The traditional business of banking is taking deposits and providing loans. Banks have a comparative advantage over other financial institutions in providing liquidity. They have also developed technologies to screen and monitor borrowers in order to reduce asymmetric information between the lender and the borrower. These liquidity-providing and monitoring functions also give banks a key role in modern capital market transactions. Risk is fundamental to the business of banking. Progress in information technology, combined with demands by supervisory authorities, has spurred the development of advanced risk management models. This, in turn, has prompted the centralisation and integration of some management functions such as risk management, treasury operations, compliance, and auditing. This integrated risk management method is designed to ensure a comprehensive and systematic approach to risk-related decisions throughout the banking group. Banks with an integrated risk management unit can exploit diversification opportunities at the group level. The Chapter ends by describing the European banking market, which is made up of 27 national banking systems.