§ 2.2. Maintenance of budgetary discipline in a context of maintenance of stability of a financial system of the European Union

It is necessary to notice, that now the legal base of realisation of anti-recessionary measures within the limits of EU is rather difficult. In it norms of various levels, and various legal характеристик1 are presented.

In particular, it is norms of articles of incorporation of the Union, norm of the contracts concluded in Economic community and in the Currency union, and also the norms proceeding from nadnatsionalnyh of institutes and bodies of EU. As a separate source of regulation in considered sphere EU decrees act. All this variety of norms forms a legal mechanism of maintenance of the anti-recessionary measures undertaken concerning the separate states or the Union as a whole.

The modern legal mechanism of the prevention and overcoming of crises in EU is based on achievement of two fundamental purposes:

- Necessity of maintenance of functioning of a zone of euro so that its participants did not receive essential advantages from rendering of the financial help;

- Aspirations to secure budgets of member states from excessive loading by inclusion of norms about maximum permissible size of deficiency.

The mechanism of achievement of the first purpose has been provided by the Contract about


EU functioning (DFES) in 1957, long before occurrence of uniform European currency and uniform regulation of a financial system. The given document fixes possibility of rendering of the financial help only to member states which are not entering into an eurozone (item 143). In particular, state blow - the [56 [57] stva-members, not being a member of the Eurozone is fixed, that in case of occurrence of difficulties in the balance of payments, the European Commission can formulate recommendations about settlement of crises, and also give the help on the basis of the agreement with the interested state. Thus rendering assistance forms can be both financial, and not financial.

Concerning the states of a zone of euro of item 125 forbids the help to the countries of an eurozone from EU (at least mutual obligations on debts). The given norm fixes, that EU does not answer for obligations member states, their regional either local bodies, or private legal bodies. Thus, rendering of the financial help in the form of guarantees nadnatsionalnyh institutes and bodies on debts of the states and other subjects is not supposed. As a unique exception of the given rule positions of item 122 DFES where it is established act, that Council of EU about the offer of the European Commission can make the decision on the measures corresponding to an economic situation, in particular, if there are considerable difficulties in supply by certain products, especially, in power sphere. Besides, at occurrence of difficulties as a result of acts of nature or other emergencies, Council of EU about the Commission offer can give to the corresponding member state under certain conditions the financial help.

Thus, EU right initially fixed possibility of reaction to the crisis phenomena, and pawned bases for rendering of the financial and not financial help. However at a stage of acceptance DFES in 1957 of threat of disintegration of fragile association of the states which only began the history, seemed closer, than threats finansovoekonomicheskoj to system.

In the conditions of formation of the uniform market, and in features after formation of the Currency union with introduction of uniform monetary unit, accents both in political, and in a legal plane began to be displaced. In spite of the fact that positions of the item of item 125 and 143 DFES have not undergone essential changes, later certificates, including articles of incorporation 1992 and have corrected 2009 and have specified norms fixed in earlier certificates.

Equality of conditions on which the states participate in economic integration within the limits of the European Union, is a corner stone of construction of uniform economic space. This equality became, as a matter of fact, a legal principle which is passing through all enactments of EU, and in particular what regulate economic cooperation. For this reason DFES fixes special conditions, and even restrictions in reception by the states of the financial help from the Union. The legal and economic doctrine which has received fastening in enactments, recognises that rendering assistance is the extreme sole penalty bearing in risk of occurrence disbalansa in economic equality of the states [58].

In modern conditions when mechanisms of rendering assistance within the limits of EU have received a wide circulation and detailed legal regulation (see in more details in chapter 3 of the present work), a principle of inadmissibility of reception by one state of EU of advantages from the help from the Union remains invariable.

The mechanism of achievement of the second purpose does not bear in itself character of rendering assistance or granting any preferentsy to separate member states. It is based on development of such conditions at which it would be excluded or danger razbalansirovanija all financial system of EU decreased. The main threat consists that separate member states suppose excessive loading on the national budgets, and also on national economy of the countries in the form of the big public debts. In itself presence of an external public debt is not the negative phenomenon for economy and for stability of a financial system of EU. However its sizes and ability of service (realisation of payments under promissory notes) also matter. During world financial and economic crisis 2008-2009 The question on budgetary deficiency of the separate countries of an eurozone has risen especially sharply as some of them - G retsija, Ireland, Spain, Portugal - had debts, on usages own financial possibilities exceeding them [59]. Thereupon in 2009-2010 threat of disintegration of a zone of euro and an exit from it the separate countries was considered as the most probable. In such conditions formation of the new legal base, allowing to limit the states in level of a public debt and deficiency of the national budget, and also creation of conditions for increase of their responsibility in the given sphere, became the basic direction of reform of all system of maintenance of stability of EU which is not finished and now.

Achievement of the second of the considered purposes of EU in sphere of the international economic relations connected with maintenance financially - economic stability, in comparison with the first has now more detailed legal regulation which is presented both contractual, and non-contractual certificates. In particular, the Contract founding the European economic community from March, 25th, 1957 [60] with changes, brought later enactments, fixes corresponding rules. So, item 104 defines, that member states are obliged to avoid excess of the external and internal debt loading over the norms established by Community. Besides, given norm fixes the rights of the European Commission and Council of EU about check of data represented by participants, and also the measures directed on correction of an adverse situation. To the specified rights of institutes of EU korrespondirujut additional duties of member states on representation full and a trustworthy information about structure of budgetary deficiency, and also on performance put forward by the European Commission and Council of EU of recommendations and instructions. Besides it, measures of responsibility which Council of EU concerning the state which are admitting budgetary deficiency and not carrying out requirements has the right to apply are provided. Among such measures of responsibility there is a requirement from the state about transfer to the Union on storage of the special deposit, restriction in financing, and even official penalties (for example, penalties according to item 104 item 11). In article it is underlined, that the given measures can be applied both separately, and together (in their various combinations), and, depending on circumstances, under the decision of Council of EU can be strengthened".

The Pact of stability and growth of 1997 (further - the Pact of 1997) [61 [62] [63] which established rigid rules, obligatory for all members of the European Union was the unique mechanism of counteraction to excessive deficiency of the state budget of member states till 2008. However in 2003 the Pact has been seriously discredited by that Germany and France at a budgeted deficit over the specifications established in the Pact have been released from


Sanctions under Council EKOFIN decision.

In the conditions of crisis the Pact has been considerably modernised in 2009 in connection with coming into force of the Lisbon contract, and also in 2011 in connection with the changes brought by Council of EU. It is necessary to notice, that the legal form of the given document were two Regulations - Regulations «About control strengthening over a condition of the state budgets» (further - Regulations № 1467/97) and Regulations «About procedure of prevention of deficiency of the state budget above permitted standard» [64 [65]. The given documents entered, as a matter of fact, two fundamental criteria of a financial condition of member states: volume of deficiency of the state budget and a total volume of a national debt. Both indicators are estimated in percentage to a total internal product and constitute accordingly 3 and 60 %. The exit for these frameworks testifies to threat of financial stability as concrete member state, and Union as a whole. Besides quantity indicators Regulations had been provided the whole complex of measures which should undertake the states in case of an exit for corresponding indicators. As a whole these measures were reduced to two groups - preventive and correcting. Preventive measures urged to provide a constancy of a fiscal policy and should be carried out continuously (for example, reports of member states before Eurocommission). The correcting measures fixed by regulations, should promote change of the position which are beyond corresponding financial and economic indicators (for example, internal measures of economy, the financial help).

It is necessary to notice, that performance ukaznyh requirements during long time had rather formal character. Many member states considerably exceeded both a shortage level of the state budget and level of a national debt (in particular, Greece, Portugal,


Hungary, Ireland). The fiscal rules which have been put in pawn in the Pact of stability and growth, procedure and the measures accepted for maintenance of observance of requirements and coordination of economic policy, actually were not realised. The reasons of such situation are covered in absence of legal fastening of any providing measures, and in particular the measures, giving the chance to make the state-infringer accountable. Those measures, which are provided in articles of incorporation (for example, in the form of penalties) were not put into practice because of risk of easing and without that critical financial condition of the state-infringer. With the beginning of a global economic crisis in Europe in 2008 criteria of the Pact in the relation, both budgetary deficiency, and a state debt have ceased to carry out overwhelming majority of the EU countries. By results of the extraordinary summit of EU by autumn of 2008 budgetary restrictions on crisis time have been actually stopped [66].

Absence of due discipline in execution of positions of the Pact of stability and growth, and also negative consequences global finansovoekonomicheskogo crisis have led to reforming of the given document, and also to changes in all system of maintenance of financial and economic stability of EU. The Council of Europe has accepted on March, 24-25th, 2011 a number of amendments on strengthening of structure of management by EU economy. The basic innovations concerned the measures which are giving the chance to institutes of the Union to provide performance by the states of fiscal requirements. In particular, following positions have been included in the document:

1. Strengthening of supervision of institutes of EU behind a financial policy of member states and formation of a legal field for application of forced measures. Within the limits of the given direction of the state are obliged to undergo through procedure of compulsory reduction of the indicators which are falling outside the limits, established in nadnatsionalnyh legal acts. They are obliged to give annually to the European Commission budgetary plans and programs of measures on budgeted deficit reduction. The commission checks performance of these plans and in case the countries do not carry out corresponding measures, demands from them supplementary measures of budgetary economy and public debt reduction. It is necessary to notice, that the Eurocommission has the right to exclude the separate countries from the specified procedure because of hundred - bilnogo performance of requirements by them. For example, in those 2012 became G ermanija and Bulgaria [67].

2. Pact working out «Euro plus» [68 [69] for strengthening of interaction of member states zones of Euro with the states which are not entering into it. The legal form of the given Pact was the decision of the Council of Europe. With a view of increase of competitiveness the states which are not members of a zone of Euro, are obliged to promote occupation level increase, increase of stability of a financial system by reduction of the State expenditure, and also to co-ordinate a tax policy.


In March, 2011 the Pact "Europlus" has been signed. The given document is specially developed for the purpose of improvement of financial power and competitiveness of separate member states. Except members of an eurozone it has been signed by six more states which were not entering into it (Bulgaria, Denmark, Latvia, Lithuania, Poland, Romania). According to norms of the Pact, participants are obliged to take measures for even bolshej economic coordination for the purpose of competitiveness and convergence strengthening. The agreement also provides annual revision of positions of the Pact in priority areas heads of the states and the governments. The choice of concrete political measures (the national program of reforms), for achievement of overall aims, remains a duty of each state. The given programs, should contain reports on realisation of the stated measures, and subsequently are considered by the European Commission, the Council of Europe and Eurogroup (Ministers of Finance of EU member states of using euros), within the limits of the European semestre [70].

3. Creation of special all-European bodies of the financial control and financial interaction which powers include decision-making coordination by national regulators. In particular, have been generated the Council of Europe on system risks (European Systemic Risk Board - ESRB) - the new body which is responsible makroprudentsialnyj for supervision; the European management under securities and the markets (European Securities and Markets Authority - ESMA); the European management on insurance and the pension policy (European Insurance and Occupational Pensions Authority - EIOPA).

Thus, the basic direction of reforming of the European system of anti-recessionary regulation regarding changes of the Pact of stability and growth was strengthening of control function nadnatsionalnyh operating structures of the European Union. It is possible to recognise as one more direction of reforming expansion of forms of anti-recessionary regulation not so much at the expense of increase in quantity of measures, how many at the expense of their detailed elaboration and detailed legal fastening in corresponding legal acts in the form of system of the additional rights and duties of member states. Besides, expansion of geography of the countries on which norms of a uniform anti-recessionary policy extend, also it is possible to consider as a new direction of financial anti-recessionary regulation in EU.

It is necessary to notice, that positions of the updated Pact of stability and growth "amplify" now variety of the certificates which do not have legally obliging character, but nevertheless concretising measures provided by the Pact for the state-participants. Basic such document is «the Code of financial behaviour», accepted the European Commission in 2012 In it fixes the detailed description of procedures of application of the Pact of stability and growth by member states. In particular, in the document concepts and definitions for uniform interpretation in pravoprimenitelnoj to practice of national regulators are reflected. Besides, "Code" contains recommendations about formation of national Programs of Stability and Convergence (Stability and Convergence Programmes). These programs should be necessarily developed and accepted in each member state eurozones, and represent interstate certificates in which the analysis of fiscal position in the country on the basis of supervision of Council of EU over a condition of the state budget and a public debt is reflected. To develop these Programs which are a part of system of anti-recessionary measures at national level, the updated Pact of stability and growth [71] demands.

Logic continuation in development of legal base of anti-recessionary regulation of the European Union was the conclusion member states Contracts on stability, coordination and management in the Economic and Currency union [72]. The given certificate has the status of the international treaty and has become effective after its ratification by 16th states. It is important to notice, that the given legal act actually develops decisions of the Council of Europe of 2011 which have been urged to involve in system of maintenance of financial and economic stability of EU all member states - as zones of Euro being participants, and is not present.

It is important to notice, that the considered international treaty is formally accepted and operates out of EU legal field (it is the contract between the sovereign states, instead of between EU member states). However all treaty provisions are based on existing rules of EU or correlate with them. In particular, in the contract the same procedures which are created within the limits of EU, at least, in three spheres are used: to sphere of budgetary discipline, sphere of coordination of economic policy and sphere of management within the limits of the Currency union. Thus, the contract which is formally outside the limits of the right of EU, nevertheless, leans against it. The purpose of introduction of the given legal design in system of legal maintenance of anti-recessionary measures was mechanism creation which even the states which are not members of EU (for example if necessary could join, the states with which are signed dogovory about association).

Also it is necessary to pay attention that the Contract is, as a matter of fact, the time document. Final and its transitive positions fix the thesis that member states and the European Union will aspire to inclusion of its positions in EU right, i.e. first of all in regulations, with a view of full adaptation of existing norms to new rules

To 0 financial discipline. Thus the Contract does not provide possibility of its denouncement by separate member states. That is, if realisation of its positions in further in EU right does not occur, or will occur partially (that will be the basis for continuation of its action) the states will be obliged to observe corresponding rules without possibility to refuse them. This position caused the numerous criticism as politicians, and lawyers, and till now taki is not eliminated [73].

The contract approves so-called «the budgetary pact», being one of document parts. It is the basic part of the Contract fixed by Section I. The essence of a legal innovation in a context of maintenance of stability of a financial system of EU consists that the Budgetary pact toughens requirements to financial discipline of EU member states entering into an eurozone. According to state item 3 are obliged to aspire to achievement sufficient (that is balanced or profitsitnyh) budgets. However if in structure of the state budget excess of expenses over incomes the size of such deficiency should not exceed 0,5 % from a total internal product is marked, and only in unusual cases and can temporarily reach 1 %. As such case the situation when the parity between a public debt and a total internal product for market prices is considerable below 60 % and when risks for long-term financial stability are small acts. All these positions fixed by the contract and containing conditions of maintenance of comprehensible indicators on budgetary deficiency, have received in the document the general name «a rule of budgetary balance».

Contrary to widespread opinion, the Contract of 2012 does not impose accurate rules of budgetary balance to member states. Instead of it, the Contract leans against much more flexible concept of structurally balanced budget and gives to fiscal bodies considerable free-hand, allowing temporarily to break a rule of budgetary balance. Thus, the established mechanism on the one hand is rigid for those states which suppose considerable excess of the established indicators, on the other hand - is soft in relation to at whom the exit for the given indicators balances at the established level. From the legal point of view one of basic principles of functioning of EU and EVS is not broken - all remain in equal conditions. However abundantly clear, that fixed by the Contract of 2012 a rule of budgetary balance from the financial and economic point of view to favourably only separate states at which budgetary problems are less expressed. It, first of all, eurozone "leaders" - Germany and France. Established within the limits of norms of the contract the rule does not demand from all governments to balance the budgets annually, and demands, that the budget has been balanced within the limits of a so-called business cycle. It means, that during the periods of economic lifting and growth of the state have the right to support the indicators under budgets over the established specifications. However during the crisis periods are obliged them to adhere [74].

Also it is possible to consider as the major innovation of the Contract position fastening about so-called «the correctional mechanism». According to item 3 item the correctional mechanism is automatically installed, if considerable deviations from the intermediate term purpose or from parametres established by the Contract are established, and in the absence of possibility them to correct routinely. The given mechanism includes a duty of the corresponding state to carry out the measures directed on elimination of these deviations during certain term.

Among obligations of the states creation at national level of special independent bodies of the financial control which should have the right to regulate macroeconomic indicators with a view of achievement of the parametres established by the contract is provided. Also the duty independently, without instructions of bodies of EU is entered, to undertake at national level of a measure on returning of financial and economic indicators of the country in the conditions provided by the contract. The most revolutionary in a context of maintenance of financial stability is Contract position according to which member states are obliged to fix a rule of budgetary balance in national constitutions and the current budgetary legislation. Eccentricity of the given position consists that to the conclusion of the given contract in conformity with articles of incorporation and certificates nadnatsionalnogo the rights were resulted basically norms of the current national legislation of member states, not mentioning, as a rule, the constitutional certificates. Fixed by the Contract of 2012 position about obligatory inclusion of a rule of budgetary balance in the constitution actually specifies that the given rule should become one of fundamental constitutional principles for all states which have joined the given legal document. Thus, by the Contract of 2012 it is simultaneously entered legally significant two factors of maintenance of stability of a financial system of EU from the point of view of levels of budgetary deficiencies:

- First, the burden of responsibility for reaction to adverse changes in budget structure is shifted to member states; it becomes their duty;

- Secondly, institualiziruetsja the mechanism of automatic reaction to changes by inclusion of norms about budgetary balance in the higher legal acts of member states.

Member state can be made for infringement of a rule of budgetary balance accountable. As it was already marked, the liability of infringement of budgetary requirements is not new in EU practice. The contract founding the European economic community, fixed such possibilities. However till 2012 of a measure of the responsibility, applied to the states, had almost always exclusively administrative character, that repeatedly generated their contest in EU Court. The new order provides, that the state regularly breaking a rule of budgetary balance, can be made accountable Court of the European Union. As sanctions the fixed sums or peni which size is estimated by analogy to sanctions for infringement of other obligations within the limits of the European Union act.

According to Contract item 8, the bases of responsibility of the state default of paragraph 2 of item 3 which establish «a rule of budgetary balance» is. Thus given norm does not establish accurate borders of that, excess of parametres for what period of time will be considered as infringement. According to the established practice of Court in other spheres, this question will be a subject of its discretion. EU reference to the court can be carried out as the European Commission, and any gosu - the darstvom-participant of the Contract. Thus, in this part the norm is uncertain.

The question on criteria by which EU Court should be guided is important, making of the decision on the size of the sanction. As criteria for definition of the sizes of the sanctions offered by the European Commission and applied by Court of the European Union, by the Contract of 2012 are established item 260 DFES corrected. As those duration of infringement, weight of infringement and ability to pay, i.e. economic possibilities of the state, in particular, can act. Last rule entered into the Contract, can condition for the unequal approach of court to different infringers under all other similar circumstances. About it repeatedly in the works the European jurists specify.

In particular, they pay attention, that for one and too the infringement of two member states expressed in non-observance of a rule of budgetary balance, with identical adverbial modifiers of time and weights one state if one of them appears is incapable to pay the sum similar to those that is appointed to other state, will be put in more concessionary terms. And it already threatens with infringement of a principle of equality of the states in the European economic system. And a return situation when to the state, considering its good financial possibilities, for too infringement the sanction exceeding the former is awarded. Infringement of one of fundamental principles of functioning EVS [75] is here too seen.

It not a unique problem of impeachment of the states for non-observance of a rule of budgetary balance by EU Court. Besides, open there is a question on how the Court if the reference to it on a corresponding question from the European Commission or the state occurs in strong financial instability, a collapse of the financial markets, bankruptcies of financial institutions etc. (i.e. in the conditions of serious crisis) should arrive. In such conditions and without that difficult financial and economic position of separate member states euro zones can worsen even more owing to application to them of sanctions. Whether it will lead to a boomerang effect? The answer to this question in normativnopravovyh certificates of EU is not present, as well as there is no definite answer on a question on the first problem designated above. As since 2012 Practice of attraction of the states to responsibility for infringements of a rule of budgetary balance was not, as there were no also sharp phases of crisis, to define the Court position it is not obviously possible. Most likely, in responsibility questions the designated blanks will be filled with the practice of Court of EU.

Considered above feature of legal regulation in sphere of legal maintenance of anti-recessionary measures of the European Union testify, at least, to one important tendency. We believe, that now in Europe the new legal space, along with already existing (customs, currency, Schengen) where rather isolated norms regulating uniform rules for the states operate, these spaces being members is legally made out. Formed space it is possible to name conditionally «anti-recessionary economic space» European Union. The given space is generated by EU articles of incorporation, nadnatsionalnymi legal acts, and also separate international treaties. Also as within the limits of other legal spaces of EU, the anti-recessionary economic space covers not all member states of the European Union (i.e. it cannot be identified completely with the general legal space of the Union). Besides, by analogy to other spaces, it is generated with a view of legal maintenance of one of directions of interstate cooperation of EU member states.

Now processes of maintenance of budgetary discipline in a context of maintenance of stability of a financial system are not finished. In November, 2012 the European Commission has published the document under the name «the Plan on creation of the original Economic and Currency union» [76]. In it stages of creation of the high-grade bank, economic and political union on EU spaces have been defined. The basic sense of the offered plan consists in maintenance of high degree of coordination, the coordination and the control in the field of economic and budgetary the politician of member states of an euro zone. The State-participants of EU which are not entering into it, have the right to be connected to process of reforms on a voluntary basis [77].

The Commission plan establishes certain sequence of offered initiatives and concrete terms on their realisation. It is based on the approach according to which transition to each following stage of actions is possible only under condition of performance of all requirements at the previous stage. The given approach is caused by that a number of tools can be installed within the limits of existing system of contracts of EU already in the near future. Others will demand changes of contracts and Union investment new kompetentsijami. Thus, at the final stage of realisation of the plan the inevitability of carrying out of reform of all control system of financial and economic sphere of cooperation within the limits of EU without which the exit from crisis and its new growth will be impossible is underlined



Depending on tasks in view plan realisation is calculated on short-term, long-term and intermediate term prospects. In short-term prospect (during the following 6 - 18 months) have been planned expansion of new economic tools of management in EU: realisation of the mechanism of the European semestre of coordination of economic policies, implementatsija «a package of six legislative leadership», approval and implementatsija «a package of two initiatives». On the same stage creation of the Bank union, acceptance of the long-term budgetary plan (the general budgetary frameworks and terms for an eurozone), introduction of system of anticipatory coordination of reforms and the convergence and competitiveness tool, creation of system of encouragement of investments in an euro zone according to the stability and growth Pact, formation of system of external representation of a zone of euro is planned. In intermediate term prospect (from 18 months till 5 years) creation of a sinking fund and release of eurobonds are planned the further strengthening budgetary and economic integration, creation of necessary budgetary security for a zone of euro on the basis of the convergence and competitiveness tool. In the long term (till 2017) process of creation of the original bank union, the financial and economic union will be finished.

On October, 25th, 2013 at the European Union summit in Bruxelles leaders of 28 countries have approved the schedule of creation of the bank union, two-piece: the uniform supervising mechanism and the uniform mechanism of work with problem banks.

Thus, process of formation of legal bases of maintenance of budgetary discipline in a context of maintenance of stability of a financial system proceeds. Now the most important achievements in the given sphere are:

- Creation of system of automatic reaction of EU member states on excess of limiting indicators of a budgeted deficit and a public debt in relation to gross national product of the country by inclusion in the national legislation of identical rules on such reaction (correcting mechanism);

- Creation of a legal mechanism of attraction of EU member states to a liability of infringement of budgetary discipline by means of decrees of the European Union;

- Legal fastening of possibility of participation in mechanisms of maintenance of budgetary balance of the states which are not members of a zone of euro, and also the states, enters into agreements on association with which EU;

- Formation of the monitoring system from institutes and EU bodies behind execution by member states of "a rule of budgetary balance».

The specified achievements act as one of stages of construction more integrated in legal and political sense of association of the states in which frameworks regulation of anti-recessionary measures will be practically exclusive a prerogative nadnatsionalnyh bodies.

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A source: TSARYOV Ilja Nikolaevich. LEGAL BASES of SETTLEMENT of FINANCIAL AND ECONOMIC CRISES In the EUROPEAN UNION. The dissertation on competition of a scientific degree of the master of laws. Moscow -. 2016

More on topic § 2.2. Maintenance of budgetary discipline in a context of maintenance of stability of a financial system of the European Union:

  1. the Chapter II. Legal bases of maintenance of stability of a financial system of the European Union and the European financial markets in a context of the prevention of financial and economic crises
  2. § 2.1. The Legal status of subjects of maintenance of stability of a financial system of the European Union
  3. § 2.3. The Rules of law of the European Union directed on maintenance of stability of the European financial markets
  4. § 3.5. The analysis of budgetary infringements and the budgetary coercive measures provided by the legislation in the field of financial maintenance of transferred powers
  5. 1.1. A place of a budgetary policy in the economic system of the European Union
  6. Chapter 1. Theoretical bases of the budgetary system of the European Union
  9. § 3.1. The European Stabilization Mechanism (ESM) and other organizational forms of rendering of the financial help of the European Union
  10. 1. Autonomy of the right of the European Union and a principle of loyal cooperation in the right of the European Union and their influence on national legal system of Slovak Republic
  11. 2.2. Directions of an expenditure of budgetary funds of the European Union