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Article

A Crisis Beyond Law, or a Crisis of Law?

Reflections on the European Economic Crisis

Journal European Journal of Law Reform, Issue 4 2014
Keywords Eurozone, economic crisis, Greece, debt, Grexit
Authors Ioannis Glinavos
AbstractAuthor's information

    This paper attempts to locate the place of law in debates on the economic crisis. It suggests that law is the meeting point of politics and economics, not simply the background to market operations. It is suggested therefore that the law should be seen as the conduit of the popular will through political decision making onto economic systems and processes. The paper argues that the crisis can be seen as being the consequence of the dis-embedding of the political from the economic, and it is this distance that causes legal frameworks to operate in unsatisfactory ways. With this theoretical basis, the paper examines the sovereign debt crisis in Europe. The European debt crisis in general and the plight of Greece in particular show why plasticity in policy making is necessary and also reveal why current orthodox solutions to economic calamities fail. The inflexibility of the neoclassical understanding of the state-market relationship does not allow for avenues out of crisis that are both theoretically coherent and politically welcome. Such realisations form the basis of the examination of the rules framing the Eurozone. This paper, after conducting an investigation of exit points from the Eurozone, condemns the current institutional framework of the EU, and especially the EMU as inflexible and inadequate to deal with the stress being placed on Europe by the crisis.


Ioannis Glinavos
Dr Ioannis Glinavos is Senior Lecturer in Law at the University of Westminster, i.glinavos@westminster.ac.uk.
Article

Investor Protection v. State Regulatory Discretion

Definitions of Expropriation and Shrinking Regulatory Competence

Journal European Journal of Law Reform, Issue 1 2011
Keywords regulatory freeze, expropriation, investor protection, economic governance, environmental protection
Authors Ioannis Glinavos
AbstractAuthor's information

    The purpose of this paper is to offer support to the idea that the contemporary international legal framework offers opportunities to investors to challenge and control government action via what has been described as a ‘regulatory freeze’. This regulatory freeze is the consequence of government reluctance to legislate/regulate in areas where claims of expropriation may be brought. The paper presents evidence from investment-treaty dispute resolution mechanisms, national and supranational judicial processes from both sides of the Atlantic. The paper concludes by suggesting that the potential for expanded definitions of expropriation is having a greater impact than actual case outcomes, as states seek to preempt any adverse developments by shying away from regulations that may provide fertile grounds for challenge. This effect is significant, as it is contrary to expectations of greater state involvement in economic management bred by the financial crisis.


Ioannis Glinavos
Dr. Ioannis Glinavos is Lecturer in Law at the University of Reading, School of Law, i.glinavos@reading.ac.uk.
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