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Medientyp:
E-Artikel
Titel:
The Financial Crisis in the European Union: An Impact Assessment and Response Critique
Beteiligte:
Welch, Jennifer
Erschienen:
Cambridge University Press (CUP), 2011
Erschienen in:
European Journal of Risk Regulation, 2 (2011) 4, Seite 481-490
Sprache:
Englisch
DOI:
10.1017/s1867299x00001550
ISSN:
1867-299X;
2190-8249
Entstehung:
Anmerkungen:
Beschreibung:
This article assesses the impact of the global economic crisis on the European Union and analyzes the recently enacted and future legislative response to repair the EU financial sector. It closely discusses and critiques the main initial response legislation, the European Economic Recovery Plan, finding that the central regulation contained short-term measures, yet managed to remain within the EU's long-term goals. The article also closely examines the significant risk regulation considerations highlighted by the economic crisis, notably those considerations contained in the De Larosiere Report and the Basel III Framework, and discusses the importance of implementing financial risk regulations to stabilize and revitalize the EU financial sector. Ultimately, the article concludes that the EU's recently enacted legislative measures are consistent with, but also must continue in tandem with, the longterm policies of the EU, while including new and crucial financial risk regulatory measures.