Zur Reform der Wirtschafts- und Währungsunion nach der Krise

This proceeding paper involves an appraisal of the compatibility of the European Union rescue measures, introduced during the European sovereign debt crisis, with existing European Union law and, summarised German constitutional law. This enquiry adopts classical legal interpretation techniques. The European Stability Mechanism constitutes a newly introduced permanent rescue mechanism for the European Union. This measure is not in breach of European Union law. The sixpack contains five regulations and one directive. These legislative acts introduce additional sanctions for the multilateral surveillance and the deficit procedure and this does constitute a breach of European Union law. Finally, the Member States agreed on a fiscal compact. This treaty seeks to avoid future crises by placing obligations on its members to maintain fiscal discipline concerning their budgets. The treaty is partly in breach of European Union law, as a result of the treaty’s use of the European Commission.