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Micklitz, Hans-W.; Tridimas, Takis --- "Introduction" [2015] ELECD 1057; in Micklitz, Hans-W.; Tridimas, Takis (eds), "Risk and EU law" (Edward Elgar Publishing, 2015) 1

Book Title: Risk and EU law

Editor(s): Micklitz, Hans-W.; Tridimas, Takis

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781783470938

Section Title: Introduction

Author(s): Micklitz, Hans-W.; Tridimas, Takis

Number of pages: 18

Extract:

Introduction
Hans-W. Micklitz and Takis Tridimas

RISK AND RISK CONTROL MECHANISMS
Although the assessment and management of risk has always been an
integral part of government and private decision-making, it has acquired
particular importance in contemporary polities. Multiple factors, such as
the openness of liberal societies, market competition, the constant
endeavour to innovate, globalisation and new technologies, have
increased the types and diversity of risks as well as the potential
magnitude of their undesirable effects. Furthermore, risk awareness and
with it the struggle to prepare, pre-empt and confront have also increased.
A series of recent events have brought to the fore the importance of
risk management. In 2008, the world experienced the deepest financial
crisis since the 1930s. Its effects, which are still unfolding, have been
compounded by the on-going Eurozone crisis. Events such as terrorist
attacks, international health scares and natural disasters poignantly illus-
trate that sudden and unpredictable events may have far-reaching conse-
quences in economic, social and political life at a global level. The
financial crisis, in particular, is set to have a long-lasting impact on the
regulatory regime in Europe and the US. Although risk is an innate
element of economic and political life, a worldwide discussion is taking
place with a view to facilitating better prevention and suppression
mechanisms in modern complex societies.
Risk regulation is well established in various sectors, such as health
and safety, food and medical law, but is also gaining pace in other areas,
such ...