Bailouts, the legal status of Memoranda of Understanding, and the scope of application of the EU Charter: Florescu


It is a measure of the complexity of Economic and Monetary Union law that almost 10 years since the onset of the Euro crisis we do not yet have an answer to some of the most fundamental legal questions about the bailouts that were coordinated by the EU: 1) What is the legal nature (and/or effects) of a Memorandum of Understanding (MoU), which lays down the conditions attached to the financial assistance granted to the recipient State? 2) Which legal remedies may admissibly be brought against the bailout conditions before the EU courts? 3) Do the national measures adopted in implementation of the MoU fall within the scope of application of the EU Charter of Fundamental Rights, which has formed the basis of many, unsuccessful thus far, challenges?

A new judgment delivered by the ECJ’s Grand Chamber (Case 258/14, Florescu) now provides more clarity on these issues. The attention thus far given to the judgment is not commensurate with its legal significance. The case originated in Romania and concerned a national measure which prohibited the combining of a net pension with income from activities carried out in public institutions if the amount of the pension exceeded a certain threshold – a typical austerity measure, adopted in many countries hit by the crisis. The measure was linked to an MoU concluded between the European Community (as it then was) and Romania for the purposes of balance-of-payments assistance (see Article 143 TFEU and Regulation 332/2002). The applicants sought to argue that the impugned measure was adopted in implementation of the MoU, which was, in their opinion, part of EU law; and that it violated their Charter right to property (Article 17).

The Court qualified, for the first time ever, the MoU for balance-of-payments assistance as an act of an EU institution which may be subject to a request for interpretation pursuant to Article 267 TFEU (reference for a preliminary ruling). Moreover, it established a link between the impugned national law and the MoU, holding that the former was adopted in implementation of the latter. Since the MoU formed part of EU law, the impugned national measure was ‘implementing Union law’ within the meaning of Article 51(1) of the Charter and was therefore brought within its remit. This flies in the face of the Court’s earlier jurisprudence, where it was held that the Member States concerned (Portugal and Romania) were not ‘implementing Union law’ in adopting the impugned austerity measures. The Court in Florescu, however, upheld the legality of the impugned measure, ruling that it was not disproportionate to the attainment of the objective pursued.

In a new article published in the Common Market Law Review (Volume 55, Issue 2, pp. 643-672), we look at this important judgment. In holding that the MoU for balance-of-payments assistance to non-Eurozone countries is an act of an EU institution which may be subject to interpretation by the Court (also in the light of the Charter), the Court enhanced the legal accountability of the EU institutions for their actions related to bailouts. The bailout conditions shall be interpreted in the light of all primary and secondary EU law, including the EU Charter, and may therefore be brought to bear a different meaning, insofar as this would not result in a contra legem interpretation. It is hoped that this might serve to mitigate the MoU’s adverse impact on the socioeconomic conditions in the recipient State.

We believe that this case will condition the future development of Economic and Monetary Union law, in ways that may not yet be readily apparent. Questions abound: is the MoU for balance-of-payments assistance legally binding or simply ‘mandatory’ in the sense that the disbursement of financial assistance is linked to the fulfilment of the conditions in the MoU? Is it only subject to interpretation by the Court pursuant to Article 267 TFEU (as would be the case for EU soft law measures) or could it also be declared (wholly or partially) invalid pursuant to Article 267 TFEU or 263 TFEU? Is it possible to extend the Court’s findings in Florescu to MoUs with other EU financial assistance mechanisms, such as the European Financial Stabilisation Mechanism (EFSM)? Furthermore, as regards the financial mechanisms placed outside the EU legal order, would it be possible to argue that the conditionality linked to the MoUs with the European Financial Stability Facility (EFSF) and the European Stability Mechanism may be subjected to judicial scrutiny thanks to the Council Decisions adopted under the Excessive Deficit Procedure (Articles 126 and 136 TFEU) and ‘two-pack’ legislation (Article 7 of Regulation 472/2013)? Would there equally be a link to the EU Charter of Fundamental Rights in the case of such Council Decisions (Article 51(1) of the Charter)? We have sought to provide an answer to these questions in our article, arguing that the view favoured by the Court seems to be that the MoU is capable of producing binding legal effects; that the Florescu’s ratio decidendi may be extended to other financial mechanisms established within the EU legal order; and that, as regards those mechanisms established outside the EU legal framework, one could draw on the Council Decisions setting out the core bailout terms, which may be judicially examined in the light of the EU Charter of Fundamental Rights.

  1. Rüyada yılan ezmek; hak etmediği halde bir kimseye zarar verdiğinize yorumlanır.
    Rüyada yılan kafası görmek veya yılanı eline almak birine yaptığınız
    bir fenalıktan dolayı pişmanlığınızın artacağına
    yorumlanır. Eğer imnkan varsa bu kişinin kim olduğunu tespit edip gönlünü almanız tavsiye edilir.

  2. For most up-to-date information you have to pay a visit world-wide-web and on the web I found this site as a
    most excellent website for most recent updates.

  3. Thank you for the good writeup. It in fact was a amusement account it.

    Look advanced to far added agreeable from you! By the way, how can we communicate?

  4. When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a
    comment is added I get four emails with the same
    comment. Is there any way you can remove people from that service?
    Many thanks!

  5. I’m amazed, I have to admit. Seldom do I encounter a blog that’s equally educative and engaging, and without a doubt, you’ve hit the nail on the head.

  6. This paragraph is truly a fastidious one it assists new the web viewers,
    who are wishing for blogging.

  7. Greetings from Carolina! I’m bored to tears at work so I decided to check out your blog on my iphone during lunch break. I enjoy the information you provide here and can’t wait to take a look when I get home.
    I’m amazed at how quick your blog loaded on my phone .. I’m not even using WIFI, just 3G ..
    Anyways, wonderful blog!

  8. Thanks for another great article. Where else may just anybody get that kind of info in such a perfect approach of writing? I’ve a presentation subsequent week, and I’m at the look for such information.

  9. Hello, everything is going nicely here and ofcourse every one is sharing information, that’s genuinely good, keep up writing.

  10. I think everything said was very reasonable.
    However, what about this? what if you were to create a killer post title?
    I ain’t saying your information isn’t good., but suppose you
    added something that grabbed a person’s attention? I
    mean Bailouts, the legal status of Memoranda of Understanding, and the scope of application of the EU Charter:
    Florescu – LawSiteBlog is a little boring. You ought to
    peek at Yahoo’s front page and watch how they create post headlines to grab people to click.
    You might add a video or a pic or two to get readers excited about
    everything’ve got to say. In my opinion, it might
    make your blog a little bit more interesting.

  11. Amazing blog! Do you have any suggestions for aspiring writers?
    I’m hoping to start my own site soon but I’m a little lost
    on everything. Would you suggest starting with a free platform like WordPress or go for a paid option? There are
    so many options out there that I’m completely confused .. Any suggestions?

  12. I got this website from my pal who shared with me concerning this website and at the moment this time I am visiting this web site
    and reading very informative posts at this time.

  13. Good post. I learn something new and challenging on websites I stumbleupon everyday. It’s always useful to read content from other
    authors and use something from other websites.

  14. Marchettiemaldonado.Com.Br
    Over the years of using vibrators, my taste has gone to direct,
    intense, pinpoint high power stimulation. But I wondered in my heart
    of hearts if a big roundy massager vibe could ever work for me.
    I’d heard amazing things about the Hitachi, I mean who hasn’t?
    But it was still just a tad out of my price range for something that may not work for me.

    cheap vibrators And knowing how to do that is a pretty big deal.
    And know what? You’ll learn that in time. Everything is going to be alright.

    By being friends that fool around, you haven’t suddenly taken that friendship up another level, closer to love,
    even if it feels like it. You’re still just his “friend” and he’s still going to
    see whoever he wants to, while coming back to you when he feels like it.
    Not only are you hurting yourself, you’re going
    to ruin whatever friendship you have left with him by agreeing to
    this arrangment and then you’ll have nothing left but pieces of what
    once was.. cheap vibrators

    cheap sex toys I was quite excited when I first tested
    out the vibrations in this toy. There are 12 patterns, many of
    which are too complex to describe through text.
    For each pattern, there are 5 intensities, and when you change patterns, the intensity
    automatically sets to the 3rd level. cheap sex toys

    vibrators Isn a taking a break but I be back blog this is it.
    The end of escorting for me, but the beginning of something even more wonderful.
    Thank you to the men, the women, the amazing
    non judgmental staff at hotels for giving me 6 wonderful years as an Australian escort.

    vibrators With the bright sassy red, this product could make a good gift for a lover for Valentine’s Day or Christmas.
    Or it could be a good prize item for a toy party or game night
    with the girls. You can also wear it while making a
    steamy home movie together or for someone, and do a little strip tease in this cute outfit!
    The options are limitless with lingerie.. vibrators

    butt plugs The Backend Exciter is just that exciting vibe for your
    butt. The Backend Exciter is a little longer
    than most anal toys: 4 3/4 inches insertable. But that added length adds to the
    pleasure. They are more likely to lose their means of livelihood and face heightened risks of gender based violence, such as sexual violence, including rape,
    as well as early marriage and human trafficking due to displacement
    and the breakdown of the normal structures of protection and support.(3)Further, in the aftermath of disasters, their specific humanitarian needs are often neither adequately identified nor
    addressed in the ensuing response by governments and humanitarian agencies alike.(4)The 2030
    Agenda for Sustainable Development clearly posits that all women and
    girls, regardless of their location, situation,
    and circumstances or migratory status, should be entitled
    to a life free from violence and its consequences. Any measure taken to achieve Goal 5 and eliminate all
    forms of violence against all women and girls must include those affected by crisis
    and conflict.(1) Promoting the rights, need and
    agency of women and girls in humanitarian action, UN Women, 2016, p.2(2) Ten year review finds 87%
    of disasters climate related, UNISDR, 2015(3) Report of the Secretary General, Trafficking in women and girls,
    2016, p.6(4) Promoting the rights, need and agency of women and girls in humanitarian action, UN Women, 2016, p.2SOME RELEVANT PROGRAMMES AND PROJECTS:On 25 April 2015, a 7.8 magnitude earthquake struck Nepal, followed by another powerful 7.3 magnitude quake on 12 May.
    In the ongoing response to the earthquakes in Nepal, UN Women worked side by side with the government,
    UN OCHA, other UN agencies, as well as women’s groups to highlight the distinct
    needs of women and girls, and to promote their
    role as meaningful participants in the eventual recovery, reconstruction, and development.
    butt plugs

    vibrators So, a total net gain of (drumroll, please):
    $100 million dollars!(Not to mention, education funding in OK overall has
    experienced significant cuts consistently for at least the past decade.)And the OK
    legislature considers this a victory (or rather, “a good starting point”) and expects it will
    placate all of those in the state calling for increased education funding.EDIT: Some people in a thread over on /r/Oklahoma are pointing out that it isn’t fair
    to compare the 1990 funding, which also included teacher salaries, to only the $50
    million signed recently by Governor Fallin (and ignoring the $447 million solely for pay raises,
    which she also signed at the same time), and I agree, it isn quite fair.

    I have a feeling, though, that the disparity is actually
    greater, even if we do compare the 1990 bill as a whole (including teacher salaries).

    $560 million in 1990 is equivalent today to just over 1 billion vibrators.

  15. My spouse and I absolutely love your blog and find many of your post’s to be exactly I’m
    looking for. can you offer guest writers to write content for yourself?

    I wouldn’t mind composing a post or elaborating on a few of the subjects you write
    regarding here. Again, awesome site!

  16. Today, I went to the beachfront with my kids. I found a sea shell and gave it to my 4-year-old daughter and said: “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back!
    LoL, I know this is totally off topic but I had to tell someone!

  17. That is a really good tip particularly to those new to the blogosphere.
    Simple but very precise information… Appreciate your sharing this one.
    A must read article!

  18. Hi! I could have sworn I’ve been to your blog before but after looking at some
    of the posts I realized it’s new to me. Anyways, I’m certainly pleased I
    found it and I’ll be bookmarking it and checking back often!

  19. I hope you all are having a good weekend. I’ve got a new list for you. This one contains more sites.

  20. I just added a new fresh list of links. I hope all of you had a great weekend. Now it’s time to get back to work and build some links.

  21. I hope your week has started out good. I have a new list for you all. This list has more links than the others. Happy link building!

  22. What’s Happening i am new to this, I stumbled upon this I have found It positively helpful and it has helped me out loads. I hope to contribute & aid other users like its aided me. Great job.

  23. Super! Interesting information over this web. I spent 1 hour searching for such infos. I’ll also share it with some friends interested in it. Right now with the search done, I’m going to visit some model Cams. Thank you very much!!

  24. Cool! Interesting information over here. It is pretty worth enough for me. In my opinion, if all webmasters and bloggers made good content as you did, the internet will be much more useful than ever before.| I couldn’t resist commenting. I have spent 3 hours trying to find such infos. I’ll also share it with a couple of friends interested in it. I’ve just bookmarked this web. Finished with the search done, I will visit some model Cams. Gracias!!! Greetings from Austria!

  25. I likee the helpful info you provide in your articles. I will bookmark your blog
    and test once more here regularly. I’m moderately
    certain I’ll be informed a lot of new stuff right right here!
    Good luck for thhe following!

  26. Excellent blog you’ve got here.. It’s difficult to find good quality writing like yours these days.
    I honestly appreciate people like you! Take

  27. Hi there it’sme, I am also visiting this website on a regular basis, this
    webb site is genuinely good and the people are truly sharing
    fastidious thoughts.

  28. This paragraph offers clear idea in favor of the new users of blogging, that in fact how to do blogging
    and site-building.

  29. I blog often and I seriously thank you for your information. This article
    has really peaked my interest. I will bookmsrk yur website and keep checking for
    new details about once per week. I opted in for your Feed too.

  30. After I initially commented I clicked the -Notify me when new feedback are added- checkbox and now each time a comment is added I get four emails with the same comment. Is there any way you possibly can take away me from that service? Thanks!

  31. Hi there, this weekernd is pleasant designed for
    me, becazuse this time i am reading this great informative paragraph here at my residence.

  32. I hope you all are having a great weekend. I have a new list for you. Read the latest update on how I compiled the list. I’m still surprised by the results.

  33. A fascinating disccussion is worth comment. I do think that
    you need to write more on this subject, it might nott be a
    taboo subject but typically folks don’t talk about such subjects.
    To the next! All the best!!

  34. Youre so cool! I dont suppose Ive learn something like this before. So good to find any person with some original ideas on this subject. realy thank you for beginning this up. this website is one thing that’s wanted on the net, somebody with a little bit originality. useful job for bringing something new to the internet!

  35. You made some first rate factors there. I regarded on the web for the issue and located most people will go together with together with your website.

  36. Good info! Interesting info over here. It is pretty worth enough for me. In my view, if all webmasters and bloggers made good content as you did, the internet will be a lot more useful than ever before.| I couldn’t resist commenting. I have spent 1 hour trying to find such article. I will also share it with a couple of friends interested in it. I have just bookmarked this web. Done with the job done, I going to enjoy some Russia 2018 Cams. Thanks!! Regards from Russia 2018!

  37. An interesting dialogue is worth comment. I believe that it’s best to write extra on this topic, it might not be a taboo topic however typically individuals are not enough to talk on such topics. To the next. Cheers

  38. After research a number of of the blog posts on your web site now, and I really like your means of blogging. I bookmarked it to my bookmark website checklist and will be checking again soon. Pls check out my site as effectively and let me know what you think.

  39. This is reallly interesting, You are a vvery skilled blogger.
    I have joined your feed and look forward to seeking more of your fantastic post.
    Also, I’ve shared your web site in my social networks!

  40. I’m truly enjoying the design and layout of your site.
    It’s a very easy on the eyss which makes it much more pleasant for me to come here and visit more often.
    Did you hire out a designer to create your theme? Superb work!

  41. Hi there gdeat website! Does running a blog like this require a
    lot off work? I’ve no knowledge off coding however
    I was hoping to start my own blog in the nar future.
    Anyways, should you have anny recommendations or tips for new blg owners please share.
    I undeerstand this is off topic bbut I just needed to ask.

  42. I hope you all are having a great weekend. I added a new list. This one is smaller, but still useful. I think the next one will be bigger.

  43. I am sure this post has touched all the internet people, its really really nice paragraph on building up nnew

  44. Afteer I initially commented I seem to have clicked on the -Notiry me whwn new comments are added- checkbox and now
    every tike a comment is added I receive four emails with the sam comment.

    There has to be an easy method you aare able to remove me from
    that service? Cheers!

  45. Wow, this piece of writing is good, my younger sister is analyzing such things, therefore I am going to tell her.

  46. Greetings! Veery helpful advice within this post! It’s
    thhe little changes that wioll make the greatest changes.

    Thanks for sharing!

  47. Everyone loves what you guys are usually up too. This sort of clever work and coverage!

    Keep up the terrific works guys I’ve added you guys
    to my own blogroll.

  48. I think thhe admin of tthis web page is really working hard in favor of his webb
    page, for the reason that here every data is quality
    based data.

  49. Magnificent beat ! I wish to apprentice while you amend your website, how could i subscribe for
    a blog website? The account aided mme a acceptable deal.
    I hhad been a little bit acquainted of this your broadcast offered
    brigt clear concept

  50. My brother recommended I mibht like this wweb site. He was totally right.
    This submit actually mace my day. You can not consider simply
    how a lot time I had spent for this info! Thank you!

  51. When I originally commented I clicked the -Notify me when new feedback are added- checkbox and now each time a remark is added I get 4 emails with the same comment. Is there any means you’ll be able to remove me from that service? Thanks!

  52. Excellent pieces. Keep posting such kind of information on your site.
    Im really impressed by it.
    Hello there, You’ve done a great job. I’ll definitely digg it and individually recommend to my friends.
    I am sure they’ll be benefited from this site.

  53. Hi! Do you know if they make any plugins to help with SEO?
    I’m trying to get my blog to rank for some targeted keywords
    but I’m not seeing very good gains. If you know of any please share.

  54. If you are going for best contents like me, just pay a visit this
    site everyday as it offers quality contents, thanks

  55. Heya just wanted to give you a quick heads up and let you know a few of the pictures aren’t loading
    properly. I’m not sure why but I think its
    a linking issue. I’ve trjed it in two different internet browsers and both
    show the same results.

  56. Right now it seems like Expression Engine is the best blogging platform available right now.
    (from what I’ve read) Is that what you are using on your blog?

  57. We’re a group of volunteers and starting a new scheme
    in our community. Your wesite offered us with helpful info
    to work on. You have done a formidable task and our entgire
    grouup shall be thankful to you.

  58. I like the helpful info you provide in your articles.
    I’ll bookmark your blog and check again here frequently.
    I’m quite certain I will learn many new stuff right
    here! Good luck for the next!

  59. What’s Taking place i’m new to this, I strumbled upon this I’ve found It
    positively hwlpful and it haas aided me out loads.
    I’m hoping to contribute & assist different customers like its aided me.
    Great job.

  60. Hi there, You have doine a fantastic job. I will definitely
    digg it and personally recommend to my friends.
    I’m confident they will be benefited from this web site.

  61. After looking over a number of the articles on your web site, I honestly like your
    way of blogging. I book-marked it to my bookmark website list
    and will be checking back soon. Please visit my web site too and tell me how you feel.

  62. Hello, all is going nicely here and ofcourse every one
    is sharing data, that’s actually fine, keep up writing.

  63. Aw, this was a very nice post. In concept I wish to put in writing like this moreover ?taking time and actual effort to make an excellent article?however what can I say?I procrastinate alot and not at all appear to get one thing done.

  64. Hi there! This iis kind of off topic but I need slme advice from an established blog.
    Is it difficult to set up your own blog? I’m nott very techincal but
    I can figure things out pretty quick. I’m thinking about setting up my own but I’m not sue where too start.
    Do you have any ideas or suggestions? Thabk you

  65. I抎 have to test with you here. Which isn’t something I usually do! I take pleasure in studying a put up that may make folks think. Also, thanks for allowing me to comment!

  66. Your post on Bailouts, the legal status of Memoranda of Understanding, and the scope of application of the EU Charter: Florescu – LawSiteBlog is awesome. I hope you can continue delivering many more article in the future. Viva

  67. Exceptional poswt however I was wondering iff you could write a litte more on this subject?
    I’d be veryy grateful if you could elaborate a little bit further.

    Bless you!

  68. An interesting discussion is value comment. I believe that you need to write more on this matter, it won’t be a taboo subject however generally people are not sufficient to talk on such topics. To the next. Cheers

  69. Nicce post. I used too be checking continuously this weblog and
    I’m inspired! Very helpful information specially the ultimate parrt 🙂 I take care of such info much.
    I wass loooking for this particular information for a very lengthy time.
    Thanks and best of luck.

  70. Great information. Lucky me I came across your site by
    accident (stumbleupon). I have saved as a favorite for later!

  71. A lot of thanks for your own effort on this web page. My niece delights in setting aside time for investigation and it is obvious why.

    Almost all hear all concerning the compelling manner you present very useful
    ideas on your blog and even recommend response from the others on the concern so my simple
    princess has been learning a lot of things. Have fun with the rest of the new year.

    You have been conducting a terrific job.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like