Csaba, László2022-03-292013http://dx.doi.org/10.1556/SocEc.35.2013.2.1http://hdl.handle.net/20.500.14018/9938This essay attempts to go beyond presenting the bits and pieces of still ongoing crisis management in the EU. Instead it attempts at finding the ‘red thread’ behind a series of politically improvised deci-sions. Our fundamental research question asks whether basic economic lessons learned in the 1970s are still valid. Namely, that a crises emanating from either structural or regulatory weaknesses can and should not be remedied by demand management. Our second research question is the following: Can lacking internal commitment and conviction in any member state be replaced or substituted by external pressure or formalized procedures and sanctions? Under those angles we analyze the pro-ject on establishing a fiscal and banking union in the EU, as approved by the Council in December 2012.engJournal article