Impact Of Economic Loss On The European Union

All throughout Europe citizens were uneasy due to the economic struggle they were facing. In the midst of the 19th century, Europe eventually declared to be within a severe economic depression. This depression led to devastating outcomes, some including revolutions all throughout Europe.

At the end of the seventeenth century, European economy was based on the agriculture. About 80% of the population depend upon the farming for their survival. At that period, the process of cultivating plants was ancient and the products obtained was very poor. As a result, when crops were damaged by natural disaster, people were forced to eat grass, bark, nuts and other famine foods to escape from starvation. Due to the shortage of food, people became weak and suffered from epidemic diseases such as influenza, dysentery and smallpox. When new methods and developments were introduced in agricultural technology, the output was good enough and finally starvation came to an end in western Europe.

Colossal loss of life and most of Europe was left in ruins. The war divided continents as they search for supremacy. After the war Germany was left completely devastated, allied fighter jets bomb the country practically destroying it. Germany was financially destroyed due to Nazis. The country was also disgraced due to the atrocities carried out during the holocaust.

If as nations we put humanity first instead of ourselves, would there really be a more peaceful international order, or would there still be wars to show power?

The Global Financial Crisis revealed many flaws in the institutional framework of the Eurozone, as well as the flaws in the policies implemented in the aftermath of the revelation of the crisis. One of the major flaws revealed in the institutional arrangement of the Eurozone project, is the clause in the Maastricht Treaty which limits the ceiling on the ratio of the annual government deficit to gross domestic product. As a result of the Global Financial Crisis, The Maastricht Treaty put into place structural impediments that prevented member states from implementing counter-cyclical policies. It is likely that the crisis left a deep and long-lasting effect on economic performance and overall social hardship. Job losses were contained for some

Law and economics is an interdisciplinary field that applies economic theory to examine the formation and the impact of tort law and the tort damages. It focuses mainly on deterrence, paying little attention to justice, fairness, or distribution. It is a tool to assess the costs and benefits that UCC was looking as an outcome of setting up a plant in India - Union Carbide India Ltd (UCIL) - a subsidiary of the Union Carbide Corporation (UCC). We need to determine who bears the burden of the injury and if this injury caused by UCC are compensable to what extent. Two important forms of tort law, which can be used to analyze, are Positivistic Economics and the Normative Economics. Positive economics describes how legal rules influence

"Europe must prevent Greece from becoming an out-and-out catastrophe and make sure that the same fiscal 'remedy' is not applied to other weak economies" -- Franziska Brantner

Financial cost of construction accidents represent the losses incurred by the private investors, such as contractors, due to the occurrence of

Surely, such a risk is inherent to all employment sectors and not just a specific business. Although Giliker contends that this risk-based liability enhances the principles of fairness and justice, due to the fact that it is more pragmatic to distribute the losses amongst members of the community, it is difficult to conceive how fairness is being upheld as “it is one thing to say that the enterprise should be responsible for the risks it has created; it is quite another to say that it remains responsible when the existence of the risk is entirely coincidental”. Furthermore, a distribution of losses based on an employer’s ability to compensate the victim due to insurance cover, or through loss spreading by means of increased consumer prices, should not be sufficient reasoning to inspire courts to expand the doctrine. The courts ought not to treat this social policy justification as a safety net, which allows them to sit on the fence whilst providing justice to the victim, assuming the employer will not see noticeable losses.

The European Union is not perfect. It has its own weaknesses and faults as well. Therefore, now I would like to write a short description about the mistakes of the monetary union. Then I put a question to all of us if the Eurozone, and especially the Euro, need to be reformed after the last years experiences. Finally – at the end of this subsection – I briefly summarize the negative effects of the crisis on the EU as a single currency area.

In the aftermath of the 1957 Treaty , the European Economic Community (EEC) was established and customs barriers between the member states have been abolished. Member States throughout the Community, can “promote a harmonious development of economic activities, a continuous and balanced expansion, an increased stability, an accelerated raising of the standard of living and closer relations between them”. Therefore, in order for a common market to be established between Member States, the Community enacted some legislative provisions which aimed to a true harmonization of laws; incorporate different legal systems under a basic legal framework. The main issue arising is whether these legal provisions in accordance with the case law, ensured the free movement of goods within this market.

One of the main objectives of the European Union (EU) is the establishment of the internal market, which shall consist of “area without internal frontiers in which the free movement of goods, persons, services and capital is ensured. The internal market is based upon a customs union achieved through the abolition of the imposition of customs duties and charges having an equivalent effect and the prohibition of discriminatory taxes on intra-EU imports. The internal market is enhanced by the provisions on free movement of workers, freedom of establishment, free movement of services, and free movement of capital. Whereas Articles 28 to 30 of the Treaty on the Functioning of the European Union (TFEU) provide for the establishment of an EU common external tariff and the elimination of customs duties, Articles 34 and 35 of the TFEU (with exceptions under Article 36) go further, and prohibit quantitative restrictions and measures having equivalent effect. Taken together, Articles 28 to 32 and 34 to 36 serve to ensure the free movement of goods within the EU and to facilitate the operation of the internal market.

The European Economy series contains important reports and communications from the Commission to the Council and the Parliament on the economic situation and developments, such as the Economic forecasts, the annual EU economy review and the Public finances in EMU report. Subscription terms are shown on the back cover and details on how to obtain the list of sales agents are shown on the inside back cover. Unless otherwise indicated, the texts are published under the responsibility of the Directorate-General for Economic and Financial Affairs of the European Commission, BU24, B-1049 Brussels, to which enquiries

With the effect of the Single European Act on 1st July 1987, the emergence of European Union (EU) as a common market has essentially been created. The benefits of this act are substantial to European firms, economies, and workers. It eliminates conflicting national regulations and trade barriers, as well as offering firms opportunity to sell their goods to all other EU members (Griffin & Pustay 2005).

The subject of the research is the law applicable in international commercial arbitration. The paper will first deal with the law applicable to arbitration agreement. Secondly, the question of determination of law applicable to the merits of the dispute will be brought up including the case when the intention of the parties can be found and the situation when there is absence of the choice of law made by the parties. The significance of the selected research topic can be explained by the fact that international commercial arbitral proceedings is widely used by the parties of commercial transactions as the effective method of dispute settlement and the issue of applicable law to the merits of the dispute is one of the main which the arbitral tribunal has to decide.