ESM and Protection of Fundamental Rights: Towards the End of Impunity?

The CJEU has sent a strong signal to EU institutions: whether they act in the framework of EU law or at its margins, under the screen of international agreements, the Commission and the ECB should duly take fundamental rights into account, and be ready to be held liable if they fail to do so.

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Conditionality through the lens of the CJEU: a “blurry” view

From the very beginning of the Eurozone crisis, conditionality progressively entered into the vocabulary and the normative sphere of the EU economic governance. At the time of the first assistance package to Greece, conditionality was just an emergency tool set in the bilateral Loan Agreements, signed by Greece and other Members States. However, after the establishment of emergency funds like the European Financial Stabilisation Mechanism (EFSM) and the European Financial Stability Facility (EFSF), and especially after the creation of a permanent institution, a sort of “European mirror image of the IMF” – the ESM – conditionality has become a sort of leitmotiv of the European response to the economic crisis or, even, a necessary requirement according to the ECJ.

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The Euro Summit deal: defeat or victory? A response to Robert Howse

Avoiding Grexit is, of course, the important achievement of the Agreement. But this counts as a success no more than surviving self-inflicted wounds: Concrete discussions on Grexit revived only in the last months and especially after the recent referendum. They are actually the product of the negotiation strategy itself. If we are looking for success then, we are left with debt relief and the new conditionality.

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