Europe's economies risk being overtaken and marginalised by emerging 'mega-regions' in Asia and South America in the wake of the global economie crisis, with potentially dramatic effects for tlle continent's legai profession, ltaly's foreign secretary told a leading group of lawyers recentIy. Speaking at the first Mediterranean Law Conference organised by the International Bar Association (!BA) at the end of June, Stefania Craxi counselled that enhanced cooperation across Europe \Vas the prescription for the continent's economic ilIs. 'Europe tangibly risks ending up marginalised in the shifting sands of the post·crisis \Vorld,' Ms Craxi told some 150 delegates at the Rome meeting. 'How is Europei with its mature econom)', lolV producti'~ty and slow demography, going to fit into this ne\\' order?' sile asked. 'Probably not very well on its own. Fully integrated with the whole Mediterranean region, however, it would be perfectly capable of facing the challenge of old and new competitors' Buge effort Ms Craxi's address \Vas delivered by an aicte, as tlle foreign secretary had fallen ili the day befare. However, her words were no less impactful as her speech pointed aut that: 'The ' Italian government is convinced that [greater economie harmonisation] is the only way forward far Europe. Enhanced regional integration could really be an essential source of employment, growth and social stability.' Addressing the methods by whieh the legai mechanisms could promote deeper European integration, Ms eraxi said: 'Simply taking stock of ex.isting practices in the EU and in the Mediterranean countries requires a huge effort, implying the comparative stucly of European law, member states' domestic legislation, Mediterranean countries' legislation international agreements - both bilateral and multilateral - local traditions and religious customs.' Ms Craxi acknowledged the task was challenging, pointing out that 'there are so many fields of activity to consider before even contemplating harmonisation or regulatory convergence, since it is nol possible to simply transpose EU rules to the south and east'. She highlighted a range of complex areas, including laws on public procurement, mechanisms to fLlncl infrastructure, the provision of publie services, competition legislation and financial regulation. Industry foeu,ed The two·day conference can trace its roots to the lllA's East European Forum, which was launched following the fall of the BerUn Wall. Conference organiser Gianmatteo Nunziante, a name partner with Italian law finn Nunziante Magrone, explained that as the group evolved to become a Europe-wide forum, there \Vas an impetus for industry-focused conferences that woulcl have more of a practical focus than meetings analysing substantive law. 'Obviously, you end up talking about law,' explained Mr Nunziante, 'but from a completely different perspective. That is the reason why we normally tend to have not just lawyer delegates but representatives of industry. We want to look at the areas that are important to Europe and the Mediterranean is an obviously important area. The idea was to interact with other regional fora and regions arouod Europe so tl1at we can activate a dialogue between different cultures to try to lind a commoo language.' Delegates in Rome focused on industries of vital importance to the Mediterranean infrastructure, energy and fmance - as \Veli as looking at the overarching issue of public debt and the precarious positions of Greece and Spain. Encrgy a.l1d tOllrism According to Mr Nunziante, 'energy is by far the most important issue for the area and there are important projects in the infrastructure field. Tourism is also crucial to the region'. The conference organisers ilIustrated their desire to broaden the meeting's remit by including delegates from the IBA's recently reinvigorated Arab Forum. However, terrorism and security - a subject that hangs over both regions - was missing [rom the meeting agenda. Mr l unziante ackno",ledged that seclIrity issues linflllence the economy anp investment in the regioni, but he \Vas unrepentant about leaving the subject off the debating schedule in Rome. Although he said his branch of the !BA was enthusiastic abollt future co-operation with the Arab Regional Forum. 'It is a good way of bolstering that region because hithèrto those ceuntries have net been very active in the IBA: he added. The lBA's Mediterranean conference is now planned for every two years. No venue has yet been chosen far 2012, but Barcelona appears to be the front runner because it is home to the Union for the Mediterranean. lstanbul and Cairo have also been mooted.
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