Abstract

The article outlines a possible legal framework for a renewed ESM in the context of the European institutional architecture. Starting from the analysis of the governance structure and the problematic distribution of technical and (especially) political responsibilities, the author identifies the reasons and criticalities of the intervention instruments, with particular reference to the «strict conditionality» clause. An interpretation of the ESM rules and of the EU Treaties is then suggested in light of the categories of contract law, as a legal substratum permeating the organisation of the market. Such perspective can be deemed as technically designed/crafted and, at the same time, able to provide a more balanced composition of the interests involved.