Database on German and European Economic Law

 Regulation (EU) No 407/2010

I. Description

The deepening of the financial crisis has led to a severe deterioration of the borrowing conditions of several euro-area Member States beyond  what can be explained by economic fundamentals. At this point, this situation, if not addressed as a matter of urgency, could present a serious threat to the stability, unity and integrity of the euro area as a whole.

In order to address this exceptional situation beyond the control of the Member States, it appears necessary to put in place immediately a Union  stabilization mechanism to preserve financial stability in Europe. Such a mechanism should allow the Union to respond in a coordinated, rapid and effective manner to acute difficulties in a particular euro-area Member State.

Given their particular financial implications, the decisions to grant Union financial assistance pursuant to this Regulation are implementing powers which should be conferred on the Council.

Strong economic policy conditions should be imposed in case of activation of this mechanism with a view to preserving the sustainability of the public finances of the Member State concerned and restoring its capacity to finance itself on the financial markets.

The Commission should regularly review whether the exceptional circumstances threatening the financial stability of the European Union as a whole still exist.

II. General Information

Title

Council Regulation (EU) No 407/2010 of 11 May 2010 establishing a European financial stabilisation mechanism

Status
Existing
Regulation
(EU) No 407/2010
Source
O.J. EU No L (Legislation), Edition 118, Year 2010, p.1-4
Adoption
05/11/2010
Promulgation
05/12/2010
Character
Regular Act
Legal Basis
Art. 122 Abs. 2 AEUV
Legislative Procedure
Codecision procedure
Background

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

  (EU) No 2015/1360

Beschluss:
08/04/2015 (A)
Verkuendung:
08/07/2015 (P)

Original Text :
Council Regulation (EU) No 407/2010 of 11 May 2010 establishing a European financial stabilisation mechanism

  (EU) No 407/2010

Beschluss:
05/11/2010 (A)
Verkuendung:
05/12/2010 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
05/09/2010
Proposal
COM/2010/2010

Legend

Legislative Act Status

Documents

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History