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World Politics
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The EU’s activities aimed at actualization of the legal foundations of the Economic and Monetary Union after the 2008 global financial and economic crisis 

Pashkovskaya Irina Grantovna

Leading Scientific Associate, the Center for Euro-Atlantic Security, Institute for International Studies, Moscow State Institute of International Relations of the Ministry of Foreign Affairs of Russia

119454, Russia, g. Moscow, pr-t Vernadskogo, 76

irina-pashkovsky@mail.ru
Другие публикации этого автора
 

 

DOI:

10.7256/2409-8671.2016.2.19140

Review date:

13-05-2016


Publish date:

08-06-2016


Abstract.

To overcome the 2008 global financial and economic crisis and eliminate the reasons for such crises in future, the European Union had intensified its activities which resulted in two essentially new treaties in 2012. The first one, the European Stability Mechanism Treaty, established the European Stability Mechanism possessing the legal status of a legal entity with full legal personality and the €700 billion authorized capital. The second, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, which hasn’t been joined by Great Britain and the Czech Republic, established the rules aimed at discipline strengthening, the coordination of economic policies of the EU member-states, and raising the effectiveness of the Eurozone countries’ economies management. These new treaties, which have strengthened and enlarged the legal grounds of the Economic and Monetary Union, demonstrate that the European economic and monetary integration is evolving. The analysis of these treaties shows that these international statutory instruments not only help overcome the consequences of the difficult financial and economic condition, which had affected some EU member-states in the result of the 2008 global crisis, and avoid such crises in future, but also symbolize the next step in the development of the European economic and monetary integration which is the basis of the European integration process in general. This fact conditions the important international and political role of these treaties. 

Keywords: budgetary discipline, European Stability Mechanism, euro, Economic and Monetary Union, EU Member States, European Union, European Integration, European Commission, European Central Bank, Euro Summit
This article written in Russian. You can find full text of article in Russian here .

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