Sovereignty and the Shaping of Economic Governance in the European Union

In her view on the Pringle case, Advocate General Kokott unfolded an interesting analysis with regard to the scope of Article 125 of the Treaty on the Functioning of the European Union (TFEU), the no bail-out clause. In order to sustain her argument that this provision did not preclude the euro states from concluding the Treaty Establishing the European Stability Mechanism (the ESM-Treaty), Kokott linked three principles: national sovereignty, stability and solidarity.