Paul Craig. The Emerging Picture of EU Macro-Economic Regulation

This paper is a report of the lecture given by professor Paul Craig (Oxford University) at Sapienza University of Rome, on April 11 2013, during a class of the Master in Global Regulation of Markets. The paper aims to give a representation of professor Craig’s viewpoint, as structured during his speech. The subject of the lecture is the definition of the macro-economic regulation in the European Union, as developed in recent years. In his speech professor Craig distinguishes between regulation as assistance – the constraints enacted when a crisis resolution mechanism is activated – and regulation as supervision – ordinary constraints and sanctions – articulating both intergovernmental tools (e.g. ESM) and EU measures (e.g. Six-pack), and closing with a perspective on the possible outcomes of a more sensible economic union: a single supervision mechanism and the empowerment of the ECB. As for all the most stimulating lectures, furthermore on such a magmatic subject, professor Craig leaves more question marks than quick and easy answers, and the resulted picture cannot be more than an "emerging" one: the author of the paper aims to reflect this very complexity and the challenges that EU Institutions are facing.