One of the frequent complaints is that the EU always operates on the basis of rigid legal principles, making it seem often technocratic and somehow remote. This criticism applies to all European institutions and we shouldn’t just brush it aside.
By 2014, the stock of outstanding sovereign bonds in the region had risen to around $ billion, though it is still small at 1,1 per cent of regional GDP. 3  International Monetary Fund, “Where are we headed? Perspectives on potential output”, World Economic Outlook, Washington DC: International Monetary Fund, April 2015.