Respecting the Democratic Principle in ESM Activities related to the Context of the Economic and Financial Crisis

This chapter is dedicated to the European Stability Mechanism (ESM) and to its compliance with the democratic principle as set out in the European Union (EU) Treaties. Having been established outside the EU legal order, the ESM seems to be inconsistent with the democratic governance and the economic and social rights guaranteed to the EU citizens. The involvement of the EU institutions, the voting rules and the de facto absence of transparency are the main critical features of the ESM. The planned full transposition envisaged thereof into EU law might eventually grant the protection of the individuals’ rights involved in the Mechanism action and bring this organisation under a democratic control