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Flexibilisation of the Euro area : challenges and opportunities

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https://hdl.handle.net/1814/29697
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1830-7728
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2014
Type of Publication
Working Paper
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Eurocrisis; Treaty amendment; Flexibility; Euro area flexibility clause; Democratic legitimacy; Institutional unity; Membership; ESM Treaty; Fiscal capacity; Stability Bonds; Banking Union
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EUI MWP; 2014/01
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BEUKERS, Thomas, Flexibilisation of the Euro area : challenges and opportunities, EUI MWP, 2014/01 - https://hdl.handle.net/1814/29697
Abstract
This working paper explores the challenges and opportunities of a possible euro area flexibility clause. Such a clause, if introduced through a limited revision of the current EU Treaties, could be used to partially respond to one of the institutional challenges exposed by the Eurozone crisis, namely that member states (permanently) outside the euro area can block change desired by the member states within the euro area. It would provide an alternative to a comprehensive treaty revision and to going outside the treaties by concluding additional intergovernmental treaties.
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An earlier version of this paper was presented at the Workshop “Revising European Treaties”, organised by the RSCAS/EUI on 11 November 2013.
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