European Business Law Review

Volume 26 (2015)

Volume 26 (2015) / Issue 3

Giuseppe Bianco, 'EU Financial Stability Mechanisms: Few Certainties, Many Lingering Doubts' (2015) 26 European Business Law Review, Issue 3, pp. 451–472

Abstract

This article 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, and display a varying degree of compatibility with EU law.

The institutional quick .x employed by Eurozone countries was essentially a resort to private law and traditional international law techniques. Even after the well-known Pringle decision, several doubts still linger on. This framework constitutes a setback from the evolution of the EU, at the expense mainly of the European Parliament and the Court of Justice.

 

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ISSN: 0959-6941
ID: EULR2015023