The implementation of a genuine EMU, as outlined in the Four/Five Presidents reports, calls for an investigation into the legal instruments required to attain this objective. Undoubtedly, the conclusion of a new constitutional Treaty would offer the most appropriate solution. Nevertheless, States are reluctant to embark on such a perilous endeavour, in light of past labors and even unsuccessful experiences. It is, thus, necessary to consider what can be achieved through alternative avenues.
There are two categories of possible alternative legal instruments. The first comprises instruments that are implemented within the EU legal order: it is exemplified by the Six Pack and Two Pack, the regulations setting up the two mechanisms of the Banking Union (SSM and SRM), the amendment of art. 136 TFUE, and certain inter-institutional agreements concluded by the EP. The second category includes legal instruments that are implemented outside the EU legal order, such as the Fiscal Compact, the ESM treaty, and the Intergovernmental Agreement (IGA). It is submitted that the first category of devices should be given precedence and exploited to their fullest possible extent, as instruments that operate outside the EU legal order could give rise to both institutional and normative difficulties.