EU FISCAL GOVERNANCE: HARD LAW IN THE SHADOW OF SOFT LAW?
13 Colum. J. Eur. L. 705 (2007) Waltraud Schelkle. Lecturer in Political Economy, European Institute, London School of Economics and Political Science. A key element of economic governance in the European Union, the Stability and Growth Pact (Pact), underwent a major revision in March 2005. The many critics of this change claim that what was once a hard law institution for fiscal surveillance has now become so soft as to jeopardize its functioning. This Article examines, first, how exactly the fiscal rules have changed, using a framework which distinguishes hard law from soft law along a continuum in three dimensions of […]