WTO Hints EU Should Phase Out Heavy Recession Aid

Law360, New York (July 6, 2011, 3:11 PM EDT) -- Europe is leaving a "deep economic recession," the World Trade Organization said Wednesday in a review of European Union trade policy, calling for the EU's 27 member states to phase out crisis support for banking, automotive, tourism and other industries.

"The extraordinary intervention by many EU member states in support of domestic firms affected by the economic crisis was directed primarily at the financial sector," the WTO said. "Other sectors, notably automobiles, construction and tourism, received considerable support too."

Working with the EU, member states managed...
To view the full article, register now.