Abstract
Whilst the fiscal crisis lays bare the weaknesses within economic integration, it has not however sounded the death knell for a political Union, which has to some extent been reinforced. Taking account of the unprecedented scale of this crisis, the European Parliament and the Council of the European Union adopted, at the end of 2011, the ‘six-pack’ which represents hitherto the most drastic reinforcement of economic governance since the launch of the Economic and Monetary Union. Moreover, on 1 March 2012, 25 Member States signed the Fiscal Compact, an intergovernmental agreement which has been embroiled with controversy. It goes without saying that these different instruments significantly reinforce the control on national fiscal policies. The question arises as to how this succession of reform is likely to impact on the principle of institutional balance.
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