To make the no-bailout clause credible and enhance the effectiveness of crisis assistance, a consistent institutional and legal framework is needed to ensure that private creditors contribute to crisis resolution. Getting activated as part of ESM crisis assistance, we propose a novel two-stage...

This Chapter deals with the EU constraints to the national public finance. In particular, it analyses the contents and effects of the European Stability Pact and the Fiscal Compact. The consequences on the national parliamentary processes are inquired

To make the no-bailout clause credible and enhance the effectiveness of crisis assistance, a consistent institutional and legal framework is needed to ensure that private creditors contribute to crisis resolution. Getting activated as part of ESM crisis assistance, we propose a two-stage...