EU: EURO CRISIS: Statewatch Analysis:
Draft Agreement on Reinforced Economic Union (REU Treaty) by Steve Peers, Professor of Law, University of Essex:
"The issue of the legality of any use of the EU institutions… has been avoided by the Treaty drafters. Legally it does not add very much to the obligations which are already present in EU law…Put another way, the EU has already done enough (and arguably more than enough)… to address the fiscal discipline of its eurozone States
there is clear evidence that austerity policies (both inside and outside the eurozone) usually fail in their own terms (leaving aside their social cost), by reducing economic growth and therefore increasing government debt and deficit further.
the EU’s economic governance rules fail the test of transparency, because of their near-total complexity and unreadability, scattered across a dozen primary, secondary and soft-law sources, with more to come… the basic rules on the EU’s coordination and control of fundamental national economic decisions are essentially unintelligible."