REDESIGNING THE RELEVANT PUBLIC CREDIT LEGISLATION UNDER THE SOVEREIGN DEBT CRISIS

In this article, the author addresses the issue of the European Union Member States government debt in terms of Community law and national law and the relationship between the two legal orders. To this end, the budgetary convergence criteria laid down in the Maastricht Treaty, in 1992, the measures contained in the Green Paper on the feasibility of introducing Stability Bonds and the draft Treaty on Stability, Coordination and Convergence in the EU were hereby analyzed. The author concluded that the relevant European regulations must be transposed into the Member States national law by amending the national Constitutions.