Abstract
The debt crisis revealed serious gaps in the hitherto economic management
system of the European Union. First of all, the principles of the Stability and
Growth Pact (SGP) turned out to be completely ineffective, since they did
not prevent the European Union from getting into trouble as a result of
irresponsible fiscal policy. Secondly, it became clear that the euro area had no
instruments for management in a critical situation, which made it impossible
to undertake relevant actions. In May 2010, the EU started to look for an
answer to the question how to overcome the crisis. Special rescue funds
were established to prevent the crisis from spreading all over Europe. In the
article, the author analyses the quality of the EU decission (at the moment
the decisison was taken) and the potential effectivness of the proposed aid
system architecture.