When reflecting upon the course of EU Company Law since the report of the High Level Group and the issue of the EU Action Plan, it is inevitable to take into account the financial and economic crisis of the last three years that has led to a substantial economic downturn. The financial and economic crisis of the last three years has shaken a number of received truths about the functioning of financial markets and how its agents, including financial and non-financial companies, make decisions and allocate resources. The presence of bubbles, first in equity markets back in the 1990s, then in credit markets in the 2000s, casts doubts on the ability of investors to rationally price financial products with a view to the long term success of investee companies.
Furthermore, the financial crisis has highlighted how important it is for businesses to operate in a flexible environment allowing for adaptation to new circumstances and for experimentation of innovative financial, organisational or industrial ideas. Leaner organisations have been quicker and better at adopting all the changes that were needed to survive and thrive in the new business environment of the crisis and its aftermath.