Reforms and Perspectives of the Economic and Monetary Union: An Introduction

The financial and sovereign debt crisis (2008) exposed the weaknesses of the European financial architecture and encouraged a debate on reforms to improve the economic policy framework. Reform steps beyond the granting of financial assistance, reorganising the economic pillar of the EMU, have been evoked and are still being continued, independent of the political will of the actors. In addition to temporary ad hoc measures (Greece Package, EFSM ➔ Article 122 TFEU para 15 et seqq.), extensive reforms were gradually developed and implemented, aiming to preserve the single currency. The political aspirations initially rested on a reform of the primary law architecture. Article 121 TFEU, together with Article 126 and Article 136.1 TFEU, formed the (controversial) legal basis for an extensive reform of economic policy coordination and a tightening of fiscal surveillance. From six legislative acts (Six-Pack), adopted in November 2011, the Member States formed the basis for the so-called Economic Governance, which was supplemented by two further regulations in May 2013 (Two-Pack) (➔ Supplement to Title VIII: Fiscal Union para 5 et seqq.).