Bulletin n. 1/2012
June 2012
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Marchat Philippe
    Que penser de cette série ininterrompue de crises qui s'interpénètrent?
    in Revue de l'Union européenne/Revue du Marché Commun et de l'Union européenne , n. 557, avril ,  2012 ,  222-238
    The current world financial and economic crisis derived from a conventional American real estate crisis. Yet its ultra liberalism, the lack of control of a rather imaginative world, extreme securitisation of junk bonds and reprehensible sloppiness by rating agencies allowed to saturate the markets with them, dry them up and multiply bankruptcies and failures. Faced with that situation, the political and monetary authorities had to tackle the salvaging of banks and companies in multiple ways (repayable loans, nationalisations, central bank intervention...). Budget deficits and sovereign debts became targets for hedge funds, speculators and rating agencies with huge powers. Thus States perfected and adapted their defence means to a globalised world, by asking emerging countries to their meetings, in order to better fight, like firemen, developing crisis centres. Failing common management and compliance with base criteria, many of the 17 countries with the same currency are in a crisis: Ireland, Spain, Portugal, Italy, France and mainly, Greece, the "weakest link". Its difficult salvaging, which remains to be confirmed, already involves, from a financial point of view the combined intervention of two European funds set up for that purposes, by the IMF and the ECB, as well as a loss of 50% of the claims held by banks. It should be the prelude to the necessary and prompt establishment of real governance.
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