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The euro crisis has forced member states and the EU institutions to create a series of new instruments to safeguard macro-financial stability of the Union. This study describes the status of existing instruments, the role of the European Parliament and how the use of the instruments impinges on the EU budget also through their effects on national budgets. In addition, it presents a survey of other possible instruments that have been proposed in recent years (e.g. E-bonds and eurobonds), in order to provide an assessment of how EU macro-financial stability assistance could evolve in the future and what could be its impact on EU public finances.

Alessandra Casale is Head of Assonime’s Representative Office, Brussels; Jorge Núñez Ferrer is CEPS Associate Senior Fellow; Alessandro Giovannini is CEPS Research Assistant; Daniel Gros is CEPS Director; Paul Ivan is CEPS Research Assistant and Fabrizia Peirce, Economist at Assonime.