MPI Collective Goods Martin Hellwig. Why is the Eurozone Crisis so Difficult to Deal With . http://www.coll.mpg.de/pdf_dat/2011_12online.pdf http://www.cesifo-group.de/portal/pls/portal/docs/1/1191406.PDF. Introductory Remarks .
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Commission, Council, Parliament jointly have legislative power under the Treaty
The Commission has (limited) executive power
European Central Bank is independent
In the Greek case, many of the losses have been socialized – Greek banks are encompassed in the rescue package
….. have shaped the German (and French) negotiating position in Basel
….. and now