mcel_masterworkingpaper_2018_12.pdf
(2.16 MB, PDF)
… character, the austerity requirements in the context of strict conditionality and of course its institutional placement outside the EU legal order, have for long time placed ESM at the center of political and legal controversy within the EU. The Commission has recently come forth with a proposal for the integration of the ESM into the EU legal order and its subsequent succession by an “EMF”. The compatibility of the proposal with EU primary law is, as always, the first and foremost step, towards its adoption. In this … fur Europaische Politik, “European Monetary Fund”, cep PolicyBrief No. 2018-13, (2018); Kevin Körner for Deutsche Bank Research, “The Commission’s Saint Nicholas” EMU package – no real surprises”, Deutsche Bank Research (8 December 2017), available online at www.dbresearch.com. 63 Ioannidis, supra n. 43 18 Ignoring this fundamental conceptual clarification will subsequently prevent us from taking under consideration, during our necessity assessment, the “inner” objectives of the Commission’s …