Report: Facing the test of Global Financial and Economic Crisis: Will the EU rise to the challenge and deepen integration?
The current financial and economic crisis constitutes a unique challenge to the economic and financial governance of the European Union. While economic and fiscal policies remain national competencies of the Member States, they exercise them within an EU system of non-discrimination, solidarity and mutual co-ordination, with fifteen of the Member States sharing a common currency and monetary policy. However, the scale of this crisis forced national political leaders to concentrate primarily on battling their economies’ slide into depression, and only in the second place on complying with the EU’s economic governance. The principal aim of the report is to analyse policy reactions to these crises at national and EU level and to evaluate their contribution to the EU’s evolution on the continuum between less and more integration.