POLAND’S MEMBERSHIP IN THE MONETARY UNION IN LIGHT OF SELECTED LEGAL AND INSTITUTIONAL ASPECTS OF THE CRISIS IN THE EURO AREA

The principal research goal of this paper is to indicate and characterise the legal and institutional instruments that have been implemented in order to mitigate the consequences of the crisis. The main cause of the crisis in the euro area was the all too liberal approach to financial speculation coupled with a loss of control over financial markets on the part of the authorities of particular Member States. The crisis that had initially engulfed the United States spread relatively quickly across Western Europe, affecting the Members States of the EU. The crisis was felt most deeply in countries such as Portugal, Spain, Ireland, Italy, and Greece, whereas the many negative consequences of the excessive debt incurred by these countries affected the entire EU. The hitherto applied fiscal and legal means of counteracting the consequences of the crisis, although appropriate, have failed to yield the anticipated results, leading to mounting political tension between the major contributors amongst EU Member States.