Preventing another Euro Area Crisis: EU Economic Governance ‘Six Pack’ – a case of too little, too late? Paper from the Colloquium: The Politics and Economics of the Euro Crisis, Institute for European Studies, University of Malta, 2 December 2011

Summary: The ‘Six Pack’ forms part of the economic governance reforms which are being implemented in order to prevent a repeat of the current sovereign debt crisis in the Euro Area. This legislative package involves strengthening the Stability and Growth Pact, with stronger financial sanctions and more focus on debt; a new directive on national budgetary frameworks and a new framework to monitor and correct macroeconomic imbalances. Furthermore, the implementation of the ‘Six Pack’ also involves procedural reforms, in particular reverse majority voting, as well as more oversight by the European Parliament. Inter-institutional negotiations on the ‘Six Pack’ took over a year. In the meantime, the sovereign debt crisis had deepened and broadened, implying that the ‘Six Pack’ may have come ‘too late’. The ‘Six Pack’ has also proved to be ‘too little’ to address the crisis and by the time it entered into force, further measures and proposals to strengthen economic governance had to be made. Nevertheless, the ‘Six Pack’ comprises some positive developments. In particular, recognising that fiscal policy is a matter of national sovereignty, it sets a new approach which relies on institutional reforms at national level. As such, it constitutes a first, small step to improve economic governance in the Euro Area.

University of Michigan, 1856

Engraving, 19 x 19 cm. Original painting by J.F. Cropsey dated 1856. Publication information: New York : R. Leggett, 1856

Hospitals U of M [University of Michigan]

Built 1840. Professors' Houses (East Residence) 1840-1868. University Hospital 1868-1891. Additions in 1877 and after in the form of two parallel wings built out from back of house and several additions onto them. Dental College 1891-1908. Building removed 1908. Replaced by new Chemistry Building 1910. On verso: Photographed in 1887 by A.L. Colton of '89

University of Michigan Hospital

Built 1840. Professors' Houses (East Residence) 1840-1868. University Hospital 1868-1891. Additions in 1877 and after in the form of twoparallel wings built out from back of house and several additions onto them. Dental College 1891-1908. Building removed 1908. Replaced by new Chemistry Building 1910. On verso: Randall '76. 220 Woodward Avenue. Detroit, Mich.

An historical sketch of the College of New Jersey.

Mode of access: Internet.

Catalogue of the governors, trustees, and officers, and of the alumni and other graduates, of Columbia College (originally King's College), in the city of New York, from 1754 to 1876.

Mode of access: Internet.

Handbook of the linguistic geography of New England,

Issued as part of the author's Linguistic atlas of the United States and Canada.

An address delivered before the Cliosophic and American Whig societies of the College of New Jersey, June 23, 1863 /

Cover title: Endurance individual and national.

A brief miscellaneous narrative of the more early part of the life of L. Tilmon, pastor of a colored Methodist Congregational Church in the City of New York /

Copyright 1853 by Levin Tilmon.

Summary of new data on atmospheric fallout /

"Prepared for presentation at the Hearings on Fallout before the Joint Committee on Atomic Energy, May 5-8, 1959."

Clay industries of New York,

Mode of access: Internet.

The San Jose scale, Aspidiotus perniciosus and some other destructive scale-insects of the State of New York /

Brief explanation printed on the verso of plates.

The Mind of primitive man : a course of lectures delivered before the Lowell Institute, Boston, Mass., and the National University of Mexico, 1910-1911 /

Partly reprinted from various sources.