EU needs to hold legislative reforms

17.10.2011 Recently the ECB President declared about the necessity of changes in existing legislation of the European Union. Today the problems of euro zone states may be connected with non-abidance of the contracts that established the EU by some union members. To the ECB President’s opinion the reforms should cover the issues of Euro-currency stabilization as well as elimination the possibility of one country in crisis to distribute negative effects on other countries - EU member states (as it happened this year with Greece which caused a chain reaction of crisis outbreaks across Europe). Thus in the near future we can expect the amendment to the Maastricht Treaty that established monetary and political system of the EU. The President emphasizes the necessity to improve the whole mechanism of mutual control of the union member states, that will be a preventive measure against economic and political destabilization.

Expert’s opinion

“It is possible that with legislative reform Europe will really avoid crisis in future or at least settle it painlessly. Experts in one voice say that the EU was not ready for the crisis absolutely. It is necessary to secure the establishment of regulatory mechanisms that would prevent the sprawl of crisis centers which happened this year – Greece - the victim of economic collapse pulled to the bottom many European countries”.

On the basis: www.rbc.ru

Andrianova Irina ( the lawyer of international consulting department of “Honest & Bright”)