Is the EU able to quickly react to political emergencies? Can member states achieve the required degree of cooperation when they are faced with surprising developments which demand a coordinated response? The global financial turmoil after the collapse of Lehman Brothers in September 2008 was a major test case for the capacity of the EU to meet new challenges. Faced with chaotic markets, a potential meltdown of financial systems in many member states, and the ensuing global momentum towards the re-regulation of ‘Big Finance’, the EU was called upon to provide a quick and coherent answer to the crisis.
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