In response to the financial crisis that erupted in Greece, the European Council decided to amend the Treaty on the Functioning of the European Union to allow the establishment of a stability mechanism to safeguard the stability of the euro area. This is the first use made of one of the two ‘simplified’ Treaty revision procedures introduced by the Lisbon Treaty. This analysis recalls these procedures, explores the reasons behind the European Council decision, and discusses the steps taken so far in this amendment process.
To read more and to download the report, visit SIEPS' website.