Regulation (EU) No 407/2010
I. General Information
Council Regulation (EU) No 407/2010 of 11 May 2010 establishing a European financial stabilisation mechanism
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.
|Regulation||(EU) No 407/2010|
|Source||O.J. EU No L (Legislation), Edition 118, Year 2010, p.1-4|
|Legal Basis||Art. 122 Abs. 2 AEUV|
|Legislative Procedure||Codecision procedure|
|Background|| de Larosière Report
II. Versions and Legislative History
| (EU) No 2015/1360|
|Regulation (EU) Nr. 407/2010 amended by|
Council Regulation (EU) 2015/1360 of 4 August 2015 amending Regulation (EU) No 407/2010 establishing a European financial stabilisation mechanism
| (EU) No 407/2010
Original Text :
2. Legislative History