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The New Financial Stability Mechanisms and Their (Poor) Consistency with EU Law
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RSCAS_2012_44.pdf (153.48 KB)
2012/44
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1028-3625
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EUI RSCAS; 2012/44; EUDO - European Union Democracy Observatory
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BIANCO, Giuseppe, The New Financial Stability Mechanisms and Their (Poor) Consistency with EU Law, EUI RSCAS, 2012/44, EUDO - European Union Democracy Observatory - https://hdl.handle.net/1814/23428
Abstract
This working paper examines the institutional reaction to the sovereign debt crisis in Europe. The response has so far consisted of three new financial mechanisms: the European Financial Stabilisation Mechanism, the European Financial Stability Facility, and the European Stability Mechanism. These have each a different legal basis and a specific regime. They display a varying degree of compatibility with EU law. The institutional quick fix employed by Eurozone countries was essentially a resort to private law and traditional international law techniques. This constitutes a setback from the evolution of the EU, at the expense mainly of the European Parliament and the Court of Justice.