@article{2016:hing:weder_stab,
title = {Weder Stabilitäts- noch Transferunion: der Europäische Stabilitätsmechanismus in einer reformierten Währungszone},
year = {2016},
note = {The creation of the European Stability Mechanism and the Fiscal
Compact in 2012 was intended to stabilise the Euro zone permanently.
In the public debate, both institutions represent different concepts
of the Economic and Monetary Union: On one hand, a rule-based
stability union and on the other a transfer union based on solidarity.
Both concepts constitute a field of tension. This article intends to
demonstrate that the European Stability Mechanism - despite its
immense financial contributions - will not stabilise the Euro zone in
the long run. It lends itself to neither of the two described concepts
and should better be understood as a European Monetary Fund which
solely borrows money to states that are in principle solvent.},
journal = {integration},
pages = {15--29},
author = {Höing, Oliver},
volume = {39},
number = {1}
}