In the wake of the 2008 fiscal crisis, Europe and the U.S. took quite different paths. While the U.S. Congress opted stimulus, as did the Federal Reserve Board, and Congress passed the Dodd-Frank Act, Europe took a quite different and somewhat winding approach to the problem. Initially, European nations quarreled about whether they could or should coordinate their regulatory schemes. Over time, the fiscal crisis emboldened centralized organizations (EU-wide regulators), and pushed Europe towards sector by sector regulatory answers. This approach contrasts with the Dodd-Frank Act, a single overarching law that directs agencies to adopt more precise rules and practices. At the same time, the EU has to deal with internal debates regarding the efficiency of its own models, as well as with a debt crisis originating in its own political failures. The practice of the European Commission had also to be adapted as regard to the question of State aids to banks and to State liability. This discussion group will focus on the very different approaches that Europeans and Americans adopted in response to the financial crisis.
Interested Scholars: Bear in mind that you must register for the SEALS meeting and pay the registration fee.
Russell L. Weaver
Professor of Law & Distinguished University Scholar
University of Louisville
Louis D. Brandeis School of Law