Evolution through rescue: A legal perspective on mechanisms applied in rescuing the European Monetary Union

Abstract

The mechanisms applied in rescuing the European Monetary Union since the outbreak of the sovereign debt crisis vary significantly in terms of size of funds, dynamics of application, time horizon for expected effects, etc. A legal perspective on these mechanisms reveals a wide variety of instruments and approaches. The paper suggests the approach which assesses whether the balancing between levels of solidarity and conditionality of assistance on commitment to integration inherent to each of these mechanisms was more important for their development, or the key factor for the design and application of those mechanisms remained the focus on common interests of EMU as a whole.