By Laura N Haar
The global economic crisis has forced national and regional policy makers to reconsider their policy priorities in order to speed up economic recovery. Below, Laura N Haar considers how some EU policies have been affected by the financial crisis.
The global economic crisis, beginning with the credit and liquidity crunch of 2008, followed by the various banking crises of 2009 and 2010, and manifested afterwards in the sovereign debt crises across Europe and the USA, has undoubtedly forced national and regional policy makers to reconsider their policy priorities in order to speed up economic recovery. The European Union (EU) policy makers were no exception as the crisis deepened the challenges already faced by many EU-promoted policies, including agriculture, energy, fisheries and trade. Importantly, the impact of the financial crisis on the monetary and social policies cannot be neglected either. As it is amply explained in a recent edited collection of essays on EU policies entitled Re-examining EU Policies from a Global Perspective1, the EU decision makers need to consider more carefully the interdependencies between various policies and, where financial constraints are the greatest, propose a degree of decentralisation at country level. The book dedicates a chapter to each of the most important EU policies and explains how these have evolved over time in both scope and instruments. In what follows I will offer a snapshot of how some of these EU policies have been affected by the financial crisis.