The creation of the intergovernmental Treaty of a European Stability Mechanism raised several legal and political concerns in the past. The workshop is dedicated to the Commission’s legislative proposal for the transposition of the ESM into the EU legal framework by establishing a European Monetary Fund.

Furthermore, the creation of macroeconomic stabilisation mechanisms complementing the national stabilising tools is envisaged by the EU institutions in the long run in order to counter asymmetric shocks in the euro area. General proposals relate to the form of a European Investment Protection Mechanism, a European Unemployment Reinsurance Fund, a European Rainy Day Fund or a proper European Fiscal Capacity. Even though, there are no explicit official proposals on the table before May 2018, we will try to investigate the legal hurdles, which may arise.

The Commission’s proposal on the European Monetary Fund

  • Rainer Palmstorfer, University of Salzburg

Legal feasibility of  a macro-economic stability mechanism for the Euro area

  • René Repasi, European Research Centre for Economic and Financial Governance