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
Date Written: June 15, 2009
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
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