The Fiscal Compact and European Union Economic Governance: An Institutional and Legal Assessment
The Fiscal Compact and European Union Economic Governance: An Institutional and Legal Assessment

Summary/Abstract: The Greek sovereign debt crisis has questioned the foundations of the Economic and Monetary Union (EMU) and confronted the Member States with the question of whether a eurozone member should be allowed to fail. The potential risks and costs of further eurozone destabilisation or a break-up has influenced wide European Union actions that aim to maintain the financial stability of the eurozone. The vision of a crisis contaminating other EU economies has affected work on strengthening the economic arm of the EMU, including surveillance of Member States’ fiscal policies in order to avoid similar dilemmas in the future.

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