European Union: Process of Simplified Treaty Amendment and Financial Stability Mechanism

Novičić, Žaklina and Lađevac, Ivona (2012) European Union: Process of Simplified Treaty Amendment and Financial Stability Mechanism. In: Western Balkans: from Stabilization to Integration. Institute for International Politics and Economics, Belgrade, pp. 95-116. ISBN 978-86-7067-160-7

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Abstract

In response to the financial crisis that erupted in the spring of 2010 in Greece and threatened to overrun the other EU countries and whole euro area, since May 2010 to March 2011 the EU member states have adopted various legal instruments of public international law, European Union law and private law. The current complex regime of anti-crisis measures ― the range of bilateral, intergovernmental and communitarian decisions and agreements, raised a number of issues of legal interpretation. Some of the resulting uncertainties related to the European financial stability mechanism are supposed to be overwhelmed by the simplified treaty amendment for adding the new paragraph to Article 136 of the Treaty on the Functioning of the European Union, the procedure which was initiated on 25 March 2011 by the European Council decision. This paper analyses the procedure of the simplified treaty amendment in context of the existing mix of legal instruments related to the European financial crisis.

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