The European Treaty Amendment for the Creation of a Financial Stability Mechanism (2011:6epa)


In response to the financial crisis that erupted in Greece, the European Council decided to amend the Treaty on the Functioning of the European Union to allow the establishment of a stability mechanism to safeguard the stability of the euro area. This is the first use made of one of the two ‘simplified’ Treaty revision procedures introduced by the Lisbon Treaty. This analysis recalls these procedures, explores the reasons behind the European Council decision, and discusses the steps taken so far in this amendment process.

The report is part of the research project Long-term Effects of the Ecoomic Crisis.

Bruno de Witte is Professor of European Law at Maastricht University and part-time Professor at Robert Schuman Centre of the European University Institute, Florence.