The Judicial ‘Bail Out’ of the European Stability Mechanism: Comment on the Pringle Case. Research Paper in Law 09/2013

Since the beginning of the crisis, many responses have been taken to stabilise the European markets. Pringle is the awaited judicial response of the European Court of Justice on the creation of the European Stability Mechanism (ESM), a crisis-related intergovernmental international institution which provides financial assistance to Member States in distress in the Eurozone. The judgment adopts a welcome and satisfactory approach on the establishment of the ESM. This article examines the feasibility of the ESM under the Treaty rules and in light of the Pringle judgment. For the first time, the Court was called to appraise the use of the simplified revision procedure under article 48 TEU with the introduction of a new paragraph to article 136 TFEU as well as to interpret the no bail out clause under article 125 TFEU. The final result is rather positive as the Court endorses the establishment of a stability mechanism of the ESM-kind beyond a strict reading of the Treaty rules. Pringle is the first landmark ECJ decision in which the Court has endorsed the use of new and flexible measures to guarantee financial assistance between Member States. This judgment could act as a springboard for more economic, financial and, possibly, political interconnections between Member States.

Did the German court do Europe a favor? Bruegel Working Paper 2014/09, July 2014

The European Central Bank’s Outright Monetary Transactions (OMT) programme was a politically-pragmatic tool to diffuse the euro-area crisis. But it did not deal with the fundamental incompleteness of the European monetary union. As such, it blurred the boundary between monetary and fiscal policy. The fuzziness of this boundary helped in the short-term but pushed political and economic risks to the future. Unless a credible commitment to enforcing losses on private creditors is instituted, these conundrums will persist. The German Federal Constitutional Court has helped by insisting that such a dialogue be conducted in order to achieve a more durable political and economic solution. A study of the European Union Court of Justice’s Pringle decision (Thomas Pringle v Government of Ireland, Ireland and The Attorney General, Case C-370/12, ECJ, 27 November 2012) suggests that the ECJ will also not rubber-stamp the OMT – and, if it does, the legal victory will not resolve the fundamental dilemmas.

Populism in the EU: new threats to the open society? CHALLENGE EUROPE Issue 22 - Challenges and new beginnings: Priorities for the EU's new leadership, September 2014.

In May 2014, around one in four Europeans voted for protest parties and anti-establishment candidates in the first pan-European poll since the euro crisis began. The rise of populism across Europe has brought more extremism of various kinds into the European Parliament. It could change the balance of power between the institutions, and be detrimental to EU policies, legislation and funding that nurture open societies. This chapter will consider the impact of xenophobic populist parties, who have also become increasingly anti-EU, not considering here the extreme left Members of the European Parliament (MEPs) who entered the Parliament.

Britain and Europe: A new settlement? EPC Challenge Europe 23, May 2016

Britain's European problem, Stephen Wall; Britain's contribution to the EU: an insider's view, David Hannay; 'Foreign judges' and the law of the European Union, David Edward; The United Kingdom and the Charter of Fundamental Rights of the EU, Peter Goldsmith; European foreign policy: five and a half stories, Robert Cooper; External relations and the transformative power of enlargement, Heather Grabbe; Recalibrating British European policy in foreign affairs, Fraser Cameron; The European Union and the wider Europe, Graham Avery; From Common Market to Single Market: an unremarked success, Malcolm Harbour; Lost in translation: Britain, Germany and the euro, Quentin Peel; After Cameron's EU deal, Kirsty Hughes; Re-imagining the European Union, Caroline Lucas; Britain and European federalism, Brendan Donnelly; Europe's British problem, Andrew Duff.