Chapter 4: Financial assistance and crisis resolution mechanisms
Chapter 4 analyses the legal instruments adopted by the EU and its Member States to face the sovereign debt crisis that struck Europe in 2008. First, it reviews the original provisions contained in primary law that envisaged the provision of financial assistance - albeit in limited circumstances - to Member States. It then delves into the new mechanisms established during the crisis: the European Financial Stabilisation Mechanism, the European Financial Stability Facility and the European Stability Mechanism. The latter was the subject of a seminal CJEU decision in 2012 that established its legitimacy: the Pringle case. Lastly, the focus shifts to the legal nature of the Memoranda of Understanding that Member States must enter into prior to obtaining financial assistance and, more generally, examines the conditionality envisaged therein.
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