Solidarity in EU Law
Show Less

Solidarity in EU Law

Legal Principle in the Making

Edited by Andrea Biondi, Eglė Dagilytė and Esin Küçük

The European Union has evolved from a purely economic organisation to a multi-faceted entity with political, social and human rights dimensions. This has created an environment in which the concept of solidarity is gaining a more substantial role in shaping the EU legal order. This book provides both a retrospective assessment and an outlook on the future possibilities of solidarity’s practical and theoretical meaning and legal enforcement in the ever-changing Union.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 8: The European Stability Mechanism and the European Banking Union: promotion of organic financial solidarity from transient self-interest solidarity in Europe?

Gianni Lo Schiavo


The European Stability Mechanism (ESM) and the European Banking Union (EBU) have reshaped the European Monetary Union (EMU). They can be considered the most important reforms in the EMU since the creation of the single currency in the Maastricht Treaty. The different nature of these two initiatives show that the EMU is now a resilient framework, where financial assistance can be provided to euro area Member States in financial difficulties through the ESM, and where there is an increased degree of institutional and substantial harmonisation of banking supervision and regulation in the euro area. Among other reflections, these two reforms have raised the question of whether financial solidarity has been enhanced in the European Union. The development of financial solidarity as a sui generis concept of solidarity is evident in the ESM and the EBU. In particular, this chapter assesses to what extent these reforms have promoted a truly organic solidarity or if they still express the self-interest solidarity of individual Member States to avoid the collapse of the euro area. The chapter suggests that, while organic financial solidarity has been substantially enhanced, the ESM and the EBU reforms still show grounds for improvement in the future.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.