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- Title
EL DERECHO CONSTITUCIONAL ANTE EL NUEVO ORDEN MUNDIAL POSTPANDEMIA. UNA NUEVA OPORTUNIDAD PARA EL PARADIGMA CONSTITUCIONAL EUROPEO: LA NECESIDAD DE REGULAR UNAS GLASS STEAGALL EN EL MARCO DE LA UE COMO CAMINO INELUDIBLE PARA LA AUTONOMÍA ESTRATÉGICA
- Authors
González, Octavio Velayos
- Abstract
The massive expansion of COVID-19 has ended up collapsing the overall health systems, mostly unprepared and unprotected, which oblige all countries to implement drastic measures of prolonged isolation, with terrible global consequences for employment, income and expenditure, whose horizon is still uncertain in virtually all parts of the world. The pandemic has caused the breakdown of productive chains that sustain not only world trade but the international division of labour once the damage to supply channels has ended up affecting 30 per cent of global manufactures. In this context of destruction China far from recession has recovered all pre-pandemic GDP, while Europe and the US are suffering from historic recessions that force the supply chains to review, especially over six strategic sectors: defence, public health, biotechnology, communications technology, energy, transport and food production. It is time for Europe to come up with constitutional regulation to imitate what Glass Steagall meant in the US as the top exponent of banking regulation banning commercial banking and investment banking could act together through a capture of predatory rents; all this financial prudence of US governments jumped in 1999 when Alan Greenspan as president of the American Federal Reserve and Bill Clinton, as President of the United States repealed the Glass Steagall Law and authorized the merger of two giants, Citicorp and Travelers, born from the Citigroup merger that would have been banned with Glass Steagal, a new Graham Leach Billey Act, which allowed the unification of commercial banking activities with the activities of the investment banking. This led to the 2008 crisis that almost resulted in the destruction of the euro by European dependence on US and Chinese investment banking. As a result of this economic turmoil, which is still very present in Europe, has become aggravated by the pandemic, so constitutionalists can continue to ignore the macroeconomic reality in their analyses hidden behind positivism or, on the contrary, have at least the daring to interpret macroeconomists from our discipline, which should provide its methodological approach since market understanding cannot be limited to mere mathematical algorithms that the previous crisis already called into question, since the methodology of rational expectations with macroeconomic optimization through dynamic Stochastic models of General Equilibrium were positioned years light of the real economy.
- Subjects
REAL economy; BANKING laws; ECONOMIC recovery; INVESTMENT banking; DIVISION of labor; INAUGURATION of United States presidents; COMMERCIAL drivers' licenses
- Publication
Revista Jurídica de Castilla y León, 2023, Issue 59, p33
- ISSN
1696-6759
- Publication type
Article