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From the Board The financial world is in turmoil. In this From the Board, we cannot ignore this crisis as many of the developments and the remedies pursued to face this financial melt-down and bring it to a halt demonstrate the deep differences in views and approaches, not only between the two sides of the Atlantic but also within the European Union and between its Member States. This is not the place, and this Board does not have the expertise, to offer any economic or technical solutions to this crisis. Moreover, we are in the middle of it and will not know when the world has manoeuvred itself out of it for some time. As always, hindsight may then prove to be the world's best advisor. However, it was deemed appropriate to offer a few comments on the European Competition Law ramifications of all of this. 1. First, it should be concluded that where the US does not have specific rules on State Aid, let alone a categorical prohibition thereof, the EC Treaty does have a mechanism in its Articles 87 and 88 under which Member States may grant aid and subsidies to specific undertakings only after they
Legal Issues of Economic Integration – Kluwer Law International
Published: Feb 1, 2009
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