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Introduction
Financialserviceshaveforalongtimebeenseenasakeysec-
torforEuropeaneconomicintegration.1Theyarewellsuitedfor
thecreationofaninternalmarketinservices.Nevertheless,the
financialmarketisasdangerousasitisbeneficial.First,financial
servicesarecomplexandcharacterizedbyinformationasymme-
try.Second,thereistheissueoffinancialstabilityandthesys-
temicandcontagionriskrelatedtoit.
TheglobalfinancialcrisisbeganinearnestinAugust2007withali-
quidityfreezeresultingfromthecollapseofthemortgage-backed
securitiesmarketintheUnitedStates.TherunonNorthernRock
inSeptember2007,thebailoutofBearStearnsinMarch2008and
theSeptember2008collapseofLehmanBrotherswerewatershed
moments.2Theslumpthatresultedfromthefinancialcrisiswasan
approximatecauseoftheeuroareasovereigndebtcrisis.
Theglobalcrisishasledtoageneralacknowledgementoftheim-
portanceoffinancialstabilityandmitigatingsystemicriskaspoli-
cygoalsatEUlevel.Thus,inthewakeoftheglobalfinancialcrisis,
Hfinancialstability”hasbecomeaspecificpublicpolicydriverfor
enhancedlegalintegrationandharmonizationinfinancialmar-
ketregulationintheEuropeanUnion.3Moreover,intheaftermath
1Completingtheinternalmarket,CommissionWhitePaper,COM(85)
310final,pp.27-29.
2Forthechronologyandcausesoftheglobalfinancialcrisisandregula-
toryresponsestoit,see:R.M.Lastra,G.E.Wood,Thecrisisof2007-2009:
Nature,CausesandReactions,JournalofInternationalEconomicLaw
2010,No.13,p.531.
3However,thatlegalintegrationmaynotadequatelyaddressthe
needsoffinancialstability,andtheconcernforfinancialstability
couldequallyfacilitatedivergingpracticesonthepartofMember
States,causingtensionwiththepromotionoflegalintegrationwithin
INTRODUCTION
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