The European Commission provides some interesting reading these days. The spring edition 2009 of the State Aid Scoreboard is concerned with the measures of the Member States to tackle the financial and economic crisis, which the Member States reported to the Commission within the scope of the state aid probe.
The report of the Commission contains a sentence which could be interpreted as a hidden criticism of the current inactivity of the Commission and the Member States with respect to the regulation of the financial markets: “In the absence of a comprehensive Europe-wide supervisory, regulatory and legal framework for the financial sector, it was the EU competition policy, which provided the framework for the … policies in the Member States …”. The AK and other representatives of the interests of employees in Europe have for years criticized exactly this function of the guardians of competition. Both with regard to financial regulation as well as public services, the Commission - under the pressure of influential lobbies and liberal governments - has failed for years to put the necessary regulatory framework conditions into place and left it subsequently to competition policy and the European Court of Justice to make decisions with far-reaching social effects and without sufficient democratic legitimation.

The development of the crisis as well as the replies of the Member States, from the first banking turbulences in 2007 via the protective screens for the financial institutes in the majority of the Member States up to the measures for the real economy and the automobile and aviation sector can be read in the now published State Aid Scoreboard.

Further information:

Press release of the Commission on the State Aid Scoreboard

Report of the Commission "State Aid Scoreboard" spring edition 2009