In any case, it is important that the Commission’s power to issue warnings and recommendations to divergent countries be applied uniformly and not subject to the approval of the Ecofin Council. Crisis management. Under the pressure of global markets, in 2010 the European Union created the machinery for financial assistance to member states in difficulty.
At the same time, the ECB introduced a plan of market purchases of government securities to ensure the proper functioning of the mechanisms of monetary policy transmission. After bilateral interventions for Greece, the European Financial Stability Facility and the European Financial Stabilization Mechanism became fully operational, with overall nominal capacity of € billion.