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 4: Some thoughts on the internal market in a time of crisis

Jonathan Faull

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


While the economic, financial, and sovereign debt crises led to a major overhaul of the EU’s and EMU’s economic governance, it had also profound implications on the EU’s internal market. Benefitting from the unique vantage point of Director-General Jonathan Faull, Chapter 4 investigates how during the economic crisis the Barroso II Commission affected the internal market for financial services in boosting Europe’s competitiveness. The Commission strove to ensure that investments are financed and bring about the sustainable growth and employment. The Chapter also points out that the crisis offered the Barroso Commission an opportunity in re-structuring the roles and relationships between various actors such as creditors, shareholders and taxpayers. Such changes would arguably make the European financial markets more effective and legitimate. This quest for legitimacy seems important because, as Faull argues, the Member States also need to face the social challenges that the economic turmoil accentuates. Very high unemployment and other long-term social issues such as aging population, increased immigration and the distribution of social benefits to non-nationals are examples of European challenges. Simultaneously, diversity seems to be increasing on numerous fronts. The role of the internal market thus seems fundamental in providing stability for a prosperous European future.

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