UDC 338.124.4 (4)
Biblid: 1451-3188, 11 (2012)
Vol. 12, No 39-40, pp. 92-114

Оriginal article
Received: 01 Jan 1970
Accepted: 01 Jan 1970


Novičić Žaklina (Истраживач – сарадник у Институту за међународну политику и привреду у Београду), zaklina@diplomacy.bg.ac.rs

The Greek sovereign debt crisis that threatens to spread to other Euro area countries and that endangers the foundations and the existence of the common currency (the Euro) has initiated the adoption of a series of measures by the EU and the Eurozone countries, which are of intergovernmental and communitarian character. These measures have established and are developing various financial funds of temporary and permanent sort opening the way to the simplified Treaty revision as well as to the establishment of a financial union. The measures adopted during the previous two years were combined forming a complex mixture of legal instruments of public international law, European law and private law. This are specific institutional arrangements that encourage a number of legal interpretation questions of which the most important is one of transferring powers to the EU and that is the subject of this text.

Keywords: No-bail-out rule, Stability and Growth Pact, European Financial Stabilization Mechanism, European Financial Stabilization Facility, European Stability Mechanism, Euro Plus Pact, Fiscal Pact, balanced budget rule