EU Economic Law in a Time of Crisis

EU Economic Law in a Time of Crisis

Edited by Harri Kalimo and Max S. Jansson

How has the EU’s economic crisis affected the development of economic law in the Union? This book contributes to the debate by examining EU economic law from a contextual and policy-oriented perspective. The expert authors explore areas such as the EMU and the internal market, and emphasize the important fields of public procurement, taxation, and intellectual property rights. The investigation proceeds along themes such as harmonization, institutional interplay, non-economic values, and international actions. The authors conclude that, during the crisis, the attention of the Barroso Commission focused quite narrowly on the most urgent problems, failing to consider longer-term issues to spark off bold policy endeavours, and break inter-institutional blockages.

Chapter 2: How the sovereign debt crisis changed the euro zone

Jan Strupczewski

Subjects: law - academic, european law, law and economics

Abstract

Chapter 2 is written by the Reuters long-time EU economic and monetary affairs correspondent Jan Strupczewski. Strupczewksi highlights the key developments in European economic and monetary policy during the past years and thereby frames the forthcoming analyses on how the crisis during the Barroso II Commission has affected key areas of EU economic law. He claims that the time during the Barroso II Commission has been crucial to the way Europe is now organized and how it will do business in the future. In particular how the crisis made national governments take seriously their own commitments and cede more of their sovereignty in economic policy making and financial supervision to the EU level. The Chapter further explains how the Commission managed to sharpen existing laws and initiated new treaties. The transfer of more national powers to the European level would have never happened were it not for the crisis. The Chapter finishes by assessing the fundamental issues that are left on the table for the Juncker Commission to come to grips with: the lack of trust between EU’s banks and their aversion to lend to each other and the real economy: the euro zone companies and individuals. Just how much further will the next Commission need to, and be able to proceed?

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