Research On The Legislative Reforms Of European Union Under The Euro Crisis

As a major international currency, the safety of the euro is very important for the world economy. Statistics by the European Union authorities show that the eurozone’s sovereign debt pressure and the banking liquidity crisis is still serious and the euro crisis is still spreading. The deepening of the euro crisis reveals the flaws of the legal system of the euro. European Union authorities introduced a series of legislative reforms under the background of euro crisis, but failed to fundamentally make up for legal loopholes.Through the combination of the data analysis and normative analysis to discuss the legislative reform progress and deficiency, then reveals the current problems existing in the legal system of the euro and direction of perfection,so that the legal system of euro will be improved and the legitimacy of the European Central Bank’s economic rescue means will be reinforced.The euro crisis is a sovereign debt crisis and banking crisis triggered by the debt crisis. The defects of treaties become the legal source of the crisis, mainly includes the consider of the differences of development among member states is insufficient and the lack of substantial examination procedures, the scattered banking regulatory authority, currency right focus on the European Union while the financial management authorities spread in government, as well as the lack of crisis relief legal mechanism. The legislation reform under the background of crisis has obtained certain achievement, such as a more strict euro entry standard, the introduce of single regulation and liquidation legislation, the improvement of deposit insurance, as well as the preliminary legislation of fiscal integration and crisis rescue mechanism. However,there are still deficiencies after the reform of legal system, the perfect direction is to build a eurozone member access and an examination mechanism, to achieve the common deposit insurance system, to improve the legislation level of fiscal integration and to establish the euro zone members exit mechanism.