The Debt Crisis and the Means of Enforcing the Budgetary Discipline of EU Member States

Matej Kacaljak ()
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Matej Kacaljak: Comenius University in Bratislava

DANUBE: Law and Economics Review, 2011, issue 4, 63-79

Abstract: In reaction to the problems related to the excessive deficit and the imminent default of Greece that threatened the currency stability of the whole euro area, the EU adopted several legislative measures in order to safeguard EU Member States from default and to perhaps prevent similar circumstances from reappearing in the future. The paper deals with the economic and legal aspects of passed legislation and analyses its potential impact on the budgetary discipline of EU Member States. It is concluded that, while a part of the new legislation tackles the issues that were a proximate cause of the debt crisis in the EU Member States, there are shortcomings that may “backfire” in the mid-term horizon and the overall impact of the passed legislation is at best ambivalent. The author implements methods of induction and deduction in connection with the method of legal analysis.

Keywords: Fiscal Discipline; EFSM; EFSF; Debt Crisis; Euro Area (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:cmn:journl:y:2011:i:4:p:63-79

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