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In the first half of 2010, rescue mechanisms were drafted in order to help peripheral euro-area Member States with considerable problems in their public finances. The assistance took various forms. As the crisis first manifested itself in Greece, Member States engaged in a scheme of bilateral agreements (for €80 billion) between the euro-area Member States and Greece, with the exception of Slovakia, supplemented by the IMF (International Monetary Fund) (€30 billion) under strict conditionality supervised by the Commission, the European Central Bank (ECB) and the IMF. The successive reports of the ‘troika’ had to allow for the piecemeal allocation of €110 billion. The last tranche, of 8 billions euros, was allocated in November 2011.
Because of serious problems in other countries (Portugal, Spain, Italy and, later on, Ireland) and the risk of this spreading to additional countries, a more ambitious scheme was adopted under Article 122(2) TFEU (formerly, Article 100(2) TEC) in May–June 2010. This included a European Financial Stability Mechanism (EFSM), managed by the Commission and whose assistance could be sought by all EU Member States (€60 billion in total). The Commission would borrow on the markets and lend to the country with problems (guaranteed by the EU budget). In addition, there was a European Financial Stability Facility (EFSF) to which the states in difficulty would have access. The Facility, a special purpose mechanism under Luxembourg law, would borrow on the markets under the guarantee of the euro-area Member States (and, when possible, other willing EU Member States) in order to lend to the country in need an amount up to €440 billion (which, for technical reasons, and in particular the objective of an AAA quotation for the loans of the Facility, provides it with a borrowing capacity of €250 billion) to which must be added €250 billion in credits from the IMF.
Winner: national parliaments or European Parliament? – Differences between Lisbon Treaty and Constitutional Treaty – Latent rivalry – Lisbon innovation – National parliaments now actors in the Union? – Early warning mechanism as solution of compromise – Dual system of the two protocols: yellow and orange cards – Review – Compliance – Interparliamentary co-operation – Complexity of COSAC's involvement – Link between proportionality and subsidiarity – Conception of representative democracy – Position of the Court of Justice
Following the dramatic No votes in the French and Dutch referendums on 29 May and 1 June 2005, a need was felt in the European constitutional law profession to react to the shock.
EuConst invited members of its Board and members of the European Constitutional Law Network to write a short comment about possible and possibly salutary effects of the events on the ways of European scholarship and teaching. Below are the reactions received. Authors are all members of ECLN and/or the Board of EuConst.
The contributions to this issue of EuConst by Jacques Ziller, Sacha Prechal and Herman van Gunsteren carry their comments on the events incorporated.
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