The fact that the crisis response has been designed within the EU institutional framework shows that our framework is flexible. It leaves the EU and its Member States scope to tailor policy responses to specific situations. But it also leaves a grey area of blurred responsibilities between the national and EU level. This ambiguity may undermine the EU’s full potential.
A Treaty change, if there were appetite for one, would be an opportunity to incorporate in our common framework the tools used in the last crisis, such as the European Stability Mechanism.