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No, they can't! The potential and limitations of the EU (as a supranational state in the making) to reform finance and overcome the crisis


  • Peter Wahl

    () (WEED - Weltwirtschaft, Ökologie & Entwicklung)


After the financial crisis had fully broken out in 2008 there were strong statements about the need for reforms. However, the official EU statements kept a lower profile from the beginning for several reasons. The existing structures and procedures have created a strong path dependency. This does not mean that there is no alternative. But it takes time to implement change and it is very difficult to make it real at least as long as one does not want to give up democracy. This is why the crisis management in place is confined to muddling through.

Suggested Citation

  • Peter Wahl, 2012. "No, they can't! The potential and limitations of the EU (as a supranational state in the making) to reform finance and overcome the crisis," PSL Quarterly Review, Economia civile, vol. 65(263), pages 403-427.
  • Handle: RePEc:psl:pslqrr:2012:43

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    financial reform; European Union; financial crisis;

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-


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