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The sovereign debt crisis experienced by the Eurozone in years 2010 ―2011 demonstrated that the EU lacked both institutional structures and tools to tackle the crisis in an efficient and predictable manner. Reaction of the EU institutions was, moderately speaking, chaotic and unpredictable, and suffered from problematic legality and legitimacy. Lack of the EUs “institutional toolbox” for the 2010―2011 crisis was surprising in the perspective of the fact that the EU spent the majority of the first decade of the 21st century by debates on its institutional reform which ultimately materialized in the Lisbon Treaty, effective from January 2010. With more detailed analysis of the Lisbon Treaty, the lack of the EU institutional toolbox for Eurozone crisis is much less surprising. The Lisbon Treaty has introduced significant institutional changes in the EU system but those reforms concentrated primarily on the institutional framework of the external relations of the EU and on strengthening of the EU governance in domain of internal security and criminal law. In contrast, the Lisbon Treaty has been rather conservative regarding the institutional structure of the Eurozone. With exception of a formal recognition of the role of Eurogroup (meeting of ministers of finance of EU states using Euro), the Lisbon Treaty maintained all key institution-

Sovereign Debt Crisis 2010-2011: Institutional Improvisation on Margins of the EU Treaty Framework