The European Central Bank (ECB) was built in Phase Two Economic and Monetary Union (EMU) in 1998. This institution performs tasks in line with its primary objective to maintain price stability, the rules of the EC Treaty and the Statute of the European System of Central Banks (ESCB). The ECB has...

The paper is devoted to an analysis of the Treaty on Stability Coordination and Governance (TSCG), also known as the "Fiscal Compact" Treaty signed between the EU member states in 2012. We argue than the TSCG, instead of helping to "repair" the institutional failures on which the Euro and the...