European Responses to the Financial Crisis

JCP / LA Semaine Juridique - Edition Enterprise et Affaires, Forthcoming

37 Pages Posted: 4 Feb 2009 Last revised: 27 Jun 2009

See all articles by Didier Martin

Didier Martin

Bredin Prat

Olivier Saba

Bredin Prat

Forrest G. Alogna

Darrois Villey Maillot Brochier

Date Written: June 15, 2009

Abstract

The article provides a high-level overview of government responses in certain key European jurisdictions (France, Germany, the Netherlands, Spain and the UK, as well as at the EU-level) to the world financial crisis, including comparisons to the approaches in the United States. In the first phase of the crisis, governments focused primarily on short- to medium-term plans combined with ad hoc measures to address particularly urgent situations. These measures typically were undertaken by individual countries, noting that there was considerable coordination among the European jurisdictions that are the subject of the article, and that the European Commission’s activities, particularly in connection with its state aid review, have had an additional homogenizing effect. More recently, attention has turned to more systematic reforms and there is a general recognition that, to be effective, the reforms of the rules or of the structure of regulators, or both, need to be approached on a more global scale.

The authors are attorneys at the Paris-based law firm Bredin Prat, which provided advice to the French government in connection with the drafting and negotiation of the French financial plan. A draft of the article received comments from attorneys at a number of other law firms involved in various respects with other key European financial plans.

Keywords: Europe, France, Germany, Netherlands, UK, Spain, financial, crisis, financial-crisis, government, response, reform, bailout, European, banks, Sweden, EU

Suggested Citation

Martin, Didier and Saba, Olivier and Alogna, Forrest G., European Responses to the Financial Crisis (June 15, 2009). JCP / LA Semaine Juridique - Edition Enterprise et Affaires, Forthcoming. Available at SSRN: https://ssrn.com/abstract=1337586

Didier Martin

Bredin Prat ( email )

130 rue du Faubourg Saint-Honoré
Paris, 75008
France

Olivier Saba

Bredin Prat ( email )

130 rue du Faubourg Saint-Honoré
Paris, 75008
France

Forrest G. Alogna (Contact Author)

Darrois Villey Maillot Brochier ( email )

69 avenue Victor Hugo
Paris, 75016
France
+33 1 45 02 19 19 (Phone)
+33 1 45 02 49 59 (Fax)

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