''The financial crisis that erupted in the eurozone not only affected
the EU’s financial governance mechanisms, but also the very nature of
state sovereignty and balances in the relations of member states; thus,
the actual inequalities between the member states hidden behind their
institutional equality have deteriorated. This transformation is
recorded in the case law of the Court of Justice of the European Union
and the member states’ constitutional courts, particularly in those at
the heart of the crisis, with Greece as the most prominent example.
It is the issue of public debt (sovereign debt) of the EU member
states that particularly reflects the influence of the crisis on state
sovereignty as well as the intensely transnational (intergovernmental)
character of European integration, which under these circumstances takes
the form of a continuous, tough negotiation. The historical connection
between public debt (sovereign debt) and state sovereignty has
re-emerged because of the financial crisis. This development has
affected not only the European institutions, but also, at the member
state level, the actual institutional content of the rule ..''
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