The implications for the EU and national budgets of the use of EU instruments for macro-financial stability

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 use of the instruments impinges on EU budget also through their effects on national budgets. In addition, we present 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.