February 2012 – Conference 2:
Conference on the Euro Crisis In 2010, the EU experienced its first sovereign debt crisis as investors grew fearful that several of the Eurozone members might be unable to repay their government debts. Portugal, Ireland, Italy, Greece, Spain, and Belgium saw their government bonds downgraded and had to watch helplessly as the bond yield spreads between their own government bonds and those of more solvent member states such as Germany rose to new heights. The crisis soon became most acute in Greece, and on May 2, 2010, the International Monetary Fund and the remaining Eurozone countries agreed to a bailout in the form of a €110 billion loan. A week later, the member states of the EU and the International Monetary Fund went even further and pledged to make available as much as €750 billion to secure the solvency of the less stable Eurozone countries. While these measures have so far succeeded in averting sovereign defaults, the threat that the Euro Crisis poses is far from over.
The Euro Crisis has profound implications for law and policy in the EU and raises numerous questions of fundamental importance. Should the Treaty on the EU be amended to provide a clearer basis for financial rescue measures, and, if so, how should such amendments be designed? Should the Eurozone states move toward closer economic and fiscal integration? Should the EU at least be able to interfere in the economic and fiscal policy of individual member states if such interference becomes necessary to preserve the stability of the Euro? Should the EU consider the introduction of insolvency proceedings for member states? Does the Euro Crisis call for a redefinition of the role of the European Central Bank?
To discuss these and other questions, we plan to organize a conference on the Euro Crisis at the UT School of Law. The Texas Journal of International Law has agreed in advance to publish the main contributions.
Proposed 10 Participants: EU Participants:
John Armour, Oxford University, United Kingdom (bankruptcy)
Dr. Armin von Bogdandy, Max Planck Institute for Comparative Public Law and International Law (EU constitutional law)
Dr. Gerard Hertig, Swiss Federal Institute of Technology, Zurich, Switzerland (banking and financial services)
Luis Miguel Poiares Maduro, European University Institute, Florence, Italy (EU constitutional law)
Dr. Wolfgang Schön, Max-Planck-Institut for Tax Law and Public Finance (taxation)
Dr. Chiara Zilioli, Deputy General Counsel of the European Central Bank (EU law)
US Participants:
Grainne de Burca, Harvard Law School (EU constitutional law)
Anu Bradford, Chicago Law School (EU law)
Stavros Gadinis, Berkeley (regulation of financial markets)