Is it worth the effort? The European Commission’s proposal for integrating the substance of the ‘Fiscal Compact’ into the EU legal order

The contribution deals with the perspective of incorporating the TSCG into the legal order of the European Union, with particular attention to the proposal for a Directive presented by the European Commission on 6 December 2017, in the context of the so-called ‘Saint-Nicholas’ EMU Package. After having briefly recalled the legal nature of the TSCG, the specific provision laid down in Article 16 thereof – setting out an (alleged) obligation to take the necessary steps to incorporate the ‘substance’ of the stability treaty into the legal framework of the EU – is examined. The Commission’s proposal is then summarized and critically assessed, highlighting some problematic issues, such as the narrow scope of the envisaged integration of the TSCG, the choice of a more than questionable legal basis and the limited involvement of the European Parliament. Finally, several conclusions are drawn, on the basis of the analysis carried out.