Chapter 3 examines the Treaty on Stability, Coordination and Governance (TSCG, aka the Fiscal Compact), which in 2012 introduced more stringent provisions into the SGP. Importantly, the TSCG required Member States to adhere to the “golden rule”, i.e., to adopt provisions of binding force and permanent character, preferably constitutional, to ensure that the TSCG’s rules took effect in their national legal systems. Moreover, it set out some new rules on the governance of the euro area. The chapter emphasises how these reforms took place outside the framework of EU law (through the intergovernmental method) and what that means in terms of their legitimacy.
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