EU Financial Assistance

Abstract

Abstract With the euro crisis behind us, it is hard to picture the currency union without a rescue mechanism. Almost eight years have passed since the European Stability Mechanism (ESM) was created in September 2012. All states that once benefitted from its financial support have successfully exited their programs. A new round of institutional reform is now in the offing, with the ESM possibly getting ‘beefed up’ to a European Monetary Fund. But the currency union’s set-up has not always had assistance instruments like these at its disposal. At the start of 2010, when the crisis threatened the survival of the euro and the Union as a whole, its toolbox was empty. Or almost empty.

Authors 1

1. Vestert Borger corresponding Aachen

   Leiden University

   Affiliation as printed

   This contribution builds on previously published work by the author, in particular Vestert Borger, ‘The ESM and the European Court’s Predicament in Pringle’ (2013) 14 German Law Review 113; and Vestert Borger, The Transformation of the Euro: Law, Contract, Solidarity (Doctoral dissertation, Leiden University, 31 January 2018). This contribution was made possible by funding from the Niels Stensen Fellowship and the Leiden University Fund/Kroese-Duijsters Fund (www.luf.nl) *