Sovereign Debt Crisis 2010-2011: Institutional Improvisation on Margins of the EU Treaty Framework

Abstract

Article analyses search for the institutional solution of the Eurozone crisis and, in particular, criticizes legal and institutional weaknesses of the solutions found in years 2010-2011.The EU behavior is explained by omission of the Lisbon Treaty to contain proper legal and institutional toolbox for the Eurozone crisis in combination with decision of the EU political elites to ignore the constraints present in the EU legal system.

Keywords

• Eurozone crisis
• Lisbon Treaty
• Greek package
• European Financial Stability Mechanism
• European Financial Stability Facility
• EU Law