Author(s) Liliana Cristina Correia Jardim
Advisor(s) Joaquim Freitas Rocha
Synopsis The promotion of peace, its values and the well-being of the people are the European Union primary goals, they are the axiological basis for the Union´s action. These lines serve as orientations for the EU´s action. In order to reach those goals EU has used many instruments such as the establishment of the internal market and the creation of the Economic and Monetary Union. The economic integration was taken as an instrument in order to conduct the European integration, the stages of the Theory of Economic Integration were used to reach EU goals stated in the article 3.º TEU. Both the Internal Market and the Economic and Monetary Union are not an end by themselves, they are an instrument used in order to reach the EU goals: promoting sustainable economic growth, high levels of employment, etc. The economic and financial crisis had a profound effect on the EU member states, even the states that do not belong to the euro area, these effects were not only visible in the economic field but also had deep social effects. Since the creation of the euro several rules were arranged in order to promote the public finances sustainability like the Stability and Growth Pact, which stablished limitations regarding to the public dept, ratio and deficit. Nevertheless, the economic crisis exposed the weaknesses of the economic governance and the budget supervision at the EU level. In order to address those deficiencies, there were implemented some measures such as the creation of the European Semester and Six Pack. In spite of the adoption of these measures, there was a need to create more robust mechanisms for the euro area, realizing this necessity the European Commission proposed, in November 2011, the adoption of the Two Pack. Besides these measures, some responses to the financial crisis were engaged by agreements between member states and took effect out of the EU legal framework, which causes difficulties regarding to its compatibility within the EU legal framework. In this sense the member states agreed on the establishment of the European Stability Mechanism and the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union. The main goal of our analysis in to verify the compatibility of the instruments that took place out of the EU legal framework with the EU law, in order to do so we took in to consideration the decision of the European Court of Justice in the Pringle case.
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