The roles of the main EU institutions (Council, Commission and Parliament) in the management of the continuing/financial crisis

The roles of the main EU institutions (Council, Commission and Parliament) in the management of the continuing/financial crisis”

I. Introduction.

The ongoing euro economic/financial crisis has exposed large gaps in the ability of both the European Union’s (EU) institutions as a whole, and of the euro zone group in particular, to take a common approach to solving the problem. In the absence of an adequate common policy approach we have seen individual member states, including Ireland, resorting to national responses. This has led to fears that member states have acted in an anti-competitive manner, bringing the basis of the Single Market and the stability of the euro (EUR) into question. In turn this has led to fundamental questions being asked about the proper role of the EU, versus that of individual member states, in managing the crisis. The report will therefore seek to address these questions in relation to the past, current and possible future roles of the main EU policy-making institutions in addressing these issues.

II. Methodology.

This report utilized the descriptive method of research. The methodology research required gathering relevant data from different sources. As widely accepted, the descriptive method of research is fact finding. The main topic analyzed in this report is to critically evaluate the roles of the main EU institutions in the management of the current economic/ financial crisis. Thus, this research is based on lectures, scholarly historical and current perspectives on EU accession, convergence to the euro, and the debt crisis also news sources dedicated to the financial crisis resulting political and economic issues as they unfolded.
Historical information is found mostly in journals, news sources including newspapers and magazines, and scholar books. However the European institutions provide many sources online from actual European law to specific information related to each member state. The economic statistic can

Bibliography: Bessley, A. (2012). ‘Plan for EU bank rescue scheme gets go-ahead’, The Irish Time Weekend, 15 December, p. 11. Ball, D., Geringer, M., Minor, M., McNett, J. (2012). ‘International Business: the challenge of global competition’.13th edn. Mc-Graw Hill. BBC. (2012). ‘The Great Euro Crash with Robert Peston’. Available at: http://wrestlingandpolitics.blogspot.ie/2012/06/on-great-euro-crash-bbc-documentary.html Brookings. (2009). ‘The G-20 London Summit 2009: Recommendations for Global Policy Coordination’. Available at: http://www.brookings.edu/research/reports/2009/03/26-g20-summit (Accessed: 18.11.12). Central Statistic Office. (2012). ‘Quarterly National Accounts’. Available at: http://www.cso.ie/en/media/csoie/releasespublications/documentAvalas/economy/2009/regincome_2009.pdf (Accessed: 08.12.2012) Citizens Information. (2012a). ‘Summary of the Fiscal Stability Treaty’. Available at: http://www.citizensinformation.ie/en/government_in_ireland/european_government/fiscal_stability_treaty/fiscal_treaty_summary.html (Accessed 12.12.2012). Citizens Information. (2012b). ‘EU stabilization mechanism’. Available at: http://www.citizensinformation.ie/en/government_in_ireland/european_government/fiscal_stability_treaty/eu_stabilisation_mechanisms.html (Accessed 15.12.2012). EU Business. (2012). ‘European Financial Stabilisation Mechanism’. Avaiable at: http://www.eubusiness.com/topics/finance/efsm (Accessed 27.11.2012). Europa. (2012a).‘EU institutions and other bodies’. Available at: http://europa.eu/about-eu/institutions-bodies/index_en.htm (Accessed: 18.11 Europa. (2012b).‘EU economic governance’. Available at: http://ec.europa.eu/economy_finance/economic_governance/index_en.htm (Accessed 28.11.2012). Europa. (2012c). ‘Towards a banking union’, Available at: http://europa.eu/rapid/press-release_MEMO-12-656_en.htm (Accessed 11.12.2012). European Banking Authority. (2012a). Available at: http://www.eba.europa.eu/ (Accessed 09.12.2012). European Banking Authority. (2012a.) ‘The EBA publishes a revision of the common reporting framework’. Available at: http://www.eba.europa.eu/News--Communications/Year/2011/The-EBA-publishes-a-revision-of-the-common-reporti.aspx (Accessed 09.12.2012). European Commission. (2009). 'From financial crisis to recovery: A European framework for action '. Available at: http://ec.europa.eu/economy_finance/articles/article13318_en.htm (Accessed 08.12.2012). European Commission. (2010).‘Economic Adjustment Programme for Ireland’. Available at: http://ec.europa.eu/economy_finance/assistance_eu_ms/ireland/index_en.htm (Accessed 09.12.2012). European Commission. (2012a).‘The EU Single Market’. Available at: http://ec.europa.eu/internal_market/index_en.htm (Accessed: 25.11.2012) European Commission. (2012b). ‘Europe 2020’. Available at: http://ec.europa.eu/europe2020/index_en.htm (Accessed 18.12.2012). European Council. (2012a) ‘Treaty Establishing the European Stability Mechanism’. Available at: http://www.european-council.europa.eu/media/582311/05-tesm2.en12.pdf (Accessed 09.12.2012). European Council. (2012b) ‘Treaty on Stability, Coordination and Governance in the Economic and Monetary Union’. Available at: http://european-council.europa.eu/eurozone-governance/treaty-on-stability (Accessed 15.12.2012). European Financial Stability Facility, (2011). ‘EFSF places inaugural benchmark issue’. Available at: http://www.efsf.europa.eu/mediacentre/news/2011/2011-004-efsf-places-inaugural-benchmark-issue.htm (Accessed: 08.12.2012). European Stability Mechanism (2012). Available at: http://www.esm.europa.eu/ (Accessed 09.12.2012). European Union. (2010).‘Consolidated versions of the Treaty on European Union and the Treaty on the Functioning of the European Union’. Official Journal C 83 of 30.3.2010. Eurostat. (2012) ‘Financial crisis’. Available at: http://epp.eurostat.ec.europa.eu/portal/page/portal/financial_crisis/introduction (Accessed 03.11.12). Euroweek. (2011). 'EU seizes €5bn from disintegrating market ' 2011, Euroweek, 1222, p. 20, Business Source Complete, EBSCOhost, (Accessed 27.11.2012). Greenspan, A 2011, 'Activism ', International Finance, 14, 1, pp. 165-182, Business Source Complete, EBSCOhost, (Accessed 19.11. 2012). International Monetary Fund. (2012). ‘The IMF and Europe’. Available at: http://www.imf.org/external/region/eur/index.htm (Accessed 03.11.12). Kalisz, D. and Aluchna, M. (2012), 'RESEARCH AND INNOVATION REDEFINED. PERSPECTIVES ON THE EUROPEAN UNION INITIATIVES ON HORIZON 2020 ', European Integration Studies, 6, pp. 140-149, Business Source Complete, EBSCOhost, (Accessed 18.12. 2012). Larry E. (2011). ‘Global financial crisis: five key stages 2007-2011’. Available at: http://www.guardian.co.uk/business/2011/aug/07/global-financial-crisis-key-stages (Accessed: 18.11. 2012). Lewis, M. (2011). ‘Touring the Ruins of the Old Economy’, New York Times, 27 September, p. C1. Mayer, C. ( 2012), 'THE IRISH ANSWER ', Time International (South Pacific Edition), 180, 16, pp. 24-29, Business Source Complete, EBSCOhost, (Accessed 15.12.2012). ‘NPR-The Giant Pool of Money’ (2008). Available at: http://www.thisamericanlife.org/radio-archives/episode/355/the-giant-pool-of-money (Accessed: 17.11.2012) Pisany-Ferry, J. and Sapir, A. (2009) Banking crisis management in the EU: An interim assessment. Bruegel Working Paper 2009/07. 'Resolving and avoiding unsustainable imbalances ' (2010), OECD Economic Surveys: Euro Area, 2010, 20, pp. 45-85, Business Source Complete, EBSCOhost, (Accessed 15.12.2012). RTE, (2008a). ‘Banking guarantee bolsters Irish market’. Available at: http://www.rte.ie/news/2008/0930/economy.html (Accessed: 08.12.2012). RTE, (2008b). ‘€5.5bn bank recapitalisation plan announced’. Available at: http://www.rte.ie/news/2008/1221/bank.html (Accessed 19.12.12). RTE, (2009). ‘McAleese sings Anglo Irish Bank Bill’. Available at: http://www.rte.ie/news/2009/0121/angloirish.html (Accessed 19.12.12).