Abstract: The responses to the European financial and debt crisis had various implications on the legal framework of the European Economic and Monetary Union (EMU): inter alia on the relationships between the European Union (EU) and its Member States, the Member States among each other as well as on the division of powers and interplay between the EU institutions. This contribution analyses the crisis measures from an institutional perspective. It shows which institutions gained powers and who remained “empty-handed". The reflection on the implications of the crisis on the institutional balance in the EU provides valuable insights into the shifts of powers that have taken place and allows to identify threats to the democratic legitimacy of the post-crisis EMU.
