THE EUROPEAN MECHANISM FOR FINANCIAL STABILITY AND THE EURO-PLUS PACT

The economic crisis that has affected countries from all continents has generated, among others, also a strong financial crisis, which in turn, has caused serious imbalances in the economic and financial environment of EU Member States. Under these circumstances, the Council, being in an exceptional situation, “outside the control of Member States”, as it itself states in the Preamble to Regulation No. 407/2010, considered necessary, “the immediate establishment of a stabilization mechanism at EU level in order to maintain the financial stability in the EuropeanUnion”, mechanism that “would enable the Union to respond in a coordinated, rapid and effective way to the serious difficulties undergone by a certain Member State”.