You mean the growth and stability pact? That puts caps on deficit and debt, and would force austerity measures, but had been repeatedly broken, notably by Germany and France in the early 2000s, with no punishments, so it’s a very week mechanism at this point.
The Greek and Portuguese bailouts were negotiated with the “Troika” of the European Central Bank, European Commission and the International Monetary Fund. These weren’t part of EU law at all, but a consequence of the absolute failure of the stability mechanisms and a widespread fear that defaults would drag a bunch of other countries along and cause massive economic turmoil - remember that this is in the follow up to the 2008 crisis.
EU austerity was enforced though. That’s no different from federal law
That statement is just too vague to address.
You mean the growth and stability pact? That puts caps on deficit and debt, and would force austerity measures, but had been repeatedly broken, notably by Germany and France in the early 2000s, with no punishments, so it’s a very week mechanism at this point.
The Greek and Portuguese bailouts were negotiated with the “Troika” of the European Central Bank, European Commission and the International Monetary Fund. These weren’t part of EU law at all, but a consequence of the absolute failure of the stability mechanisms and a widespread fear that defaults would drag a bunch of other countries along and cause massive economic turmoil - remember that this is in the follow up to the 2008 crisis.
Six-Pack, Two-Pack, and the 2012 Fiscal Compact (Treaty on Stability, Coordination and Governance)
https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX%3A52012DC0342
Yes
And in the UK the Tories doubled down on it. Austerity max.
Fucking idiots.