Role finančních stabilizačních mechanismů v rámci evropské dluhové krize

The aim of the diploma thesis is to analyze the role of the financial stabilization mechanisms in the European debt crisis and to describe functions of the European Stability Mechanism including selected controversial approaches of the EU in the battle against debt crisis. The practical application of these instruments is demonstrated on the example of Greece. The thesis is divided into three parts. Firstly, the thesis defines the influence of the Stability and Growth Pact and its modifications on the fiscal responsibility of the eurozone countries. Then, it analyses functions of the European Financial Stability Facility, the European Mechanism of Financial Stabilization and in consequence the European Stability Mechanism. It also provides discussion on the common European eurobonds and the position of the ECB and the clearing system TARGET2. Finally, it gives the example of Greece and its approach when being provided with the money from the mechanisms.