by Yannick AdlerYannick Adler is a third year student at Albany Law School and graduate of Bielefeld University in Germany, where he majored in Economics and minored in German Law. He also holds an MBA from Union Graduate College.
Before attending law school, Yannick worked for a mid-cap corporation in an accounting capacity; he also spent a year working with disabled children at a school in Bielefeld.
Yannick is currently serving as the Executive Editor of the Albany Law Journal of Science and Technology. During law school he interned for the New York State Office of General Services and Bogdan, Lasky and Kopley, a local firm. After law school, he plans to return to Germany.
This paper was prepared for Prof. Harrington's International Organizations class.
The recent sovereign debt crisis within the European Union has caused several regulatory responses. Among other measures the Union created (by treaty) two instruments called European Financial Stability Facility and European Stability Mechanism.
This paper will show how the European Union has set up this framework. It will also show how this framework (or specifically the two instruments) violates the establishing treaties of the European Union and domestic constitutional provisions at the example of Germany and its recent decision to ratify the European Stability Mechanism.
This paper also includes a short note considering the mixing of fiscal and monetary policies within the European Union framework, and how these acts can become toxic to the government debt markets.
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