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