The Impact of the Financial Crisis on the European Economic Constitution

Abstract

The financial crisis challenges the European Economic Constitution in that the two major pillars, the competition rules and the economic freedoms are put into question. This working paper contains the proceedings of a workshop which was held in Florence on the 4th December 2009. Takis Tridimas traces the development of the current institutional architecture of financial supervision and its possible reforms. Susan Emmenegger brings the consumer protection dimension into focus which has to be taken into account when it comes down to revise the architecture. Jürgen Keßler discusses the impact of the financial crisis on competition rules and state aids. Christophe Giolito comments on the role of the European Commission in the management of state aids granted to rescue banks and to stabilise the economy. Harold James and Chris Kobrak combine a historical perspective with an outlook on the impact of the crisis on banks and on competition. Harold James and Hans-W. Micklitz formulate some tentative options on the management of the financial crisis in a broader perspective.

Keywords: financial crisis, European economic constitution, monetary union, economic crisis