Type: Working Paper
The New Financial Stability Mechanisms and Their (Poor) Consistency with EU Law
Working Paper, EUI RSCAS, 2012/44, EUDO - European Union Democracy Observatory
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
Retrieved from Cadmus, EUI Research Repository
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.
Cadmus permanent link: https://hdl.handle.net/1814/23428
Series/Number: EUI RSCAS; 2012/44; EUDO - European Union Democracy Observatory