A critical analysis of the evolution of Economic and Monetary Union, this book examines the changes brought about by the financial crisis. Tackling the uncertain future of economic and fiscal integration, it focuses on the constitutional obstacles to integration and provides a compelling account of key dilemmas facing the European Union today.
This insightful book assesses the theory of constitutional pluralism in light of the events of the Eurozone crisis of the past decade. Based on an analysis of how national courts reviewed the crisis response mechanisms and participated in the European-level political process, Tomi Tuominen argues that constitutional pluralism is not a valid normative theory of European constitutionalism.
The euro area sovereign debt crisis has been the greatest threat to the euro since its inception, but the consequences of the crisis go well beyond the realm of macroeconomics: the crisis has cast doubt on the viability of a mechanism of integration such as the one envisaged in Economic and Monetary Union (EMU), and on the future of the European Union as a political project in the face of citizens' growing disaffection. The various responses to the crisis have not only altered the principles underlying EMU; they have also had a profound impact on the constitutional orders of the EU and its Member States. This book focuses on the euro area crisis and its aftermath from a constitutional perspective. It provides a critical analysis of the workings and evolution of Economic and Monetary Union, the changes brought by the crisis and their broader effects, and the constitutional obstacles to integration in this area. Looking forward, it tackles the uncertain future of economic and fiscal integration and the challenges posed. This is a compelling and incisive account of some of the most significant developments and dilemmas facing the European Union since its creation.
Comprehensive overview of the Eurozone crisis from a multidimensional constitutional perspective which incorporates the underlying economic assumptions and developments.
The Euro area sovereign debt crisis has been the greatest threat to the euro since its inception, but the consequences of the crisis go well beyond the realm of macroeconomics: the crisis has cast doubt on the viability of a mechanism of integration such as the one envisaged in Economic and Monetary Union (EMU), and on the future of the European Union as a political project in the face of citizens' growing disaffection. The various responses to the crisis have not only altered the principles underlying EMU; they have also had a profound impact on the constitutional orders of the EU and its Member States. This book focuses on the euro area crisis and its aftermath from a constitutional perspective. It provides a critical analysis of the workings and evolution of Economic and Monetary Union, the changes brought by the crisis and their broader effects, and the constitutional obstacles to integration in this area. Looking forward, it tackles the uncertain future of economic and fiscal integration and the challenges posed. This is a compelling and incisive account of some of the most significant developments and dilemmas facing the European Union since its creation. -- Book jacket.
The financial crisis, and resulting crisis with the Euro, has had profound effects on the EU, and its Member States, even those that do not form part of the Euro zone. It has generated a welter of measures to combat the 'problem' and this flurry of initiatives has not yet come to an end, nor is it likely to do so in the short term. This chapter considers the emerging constitutional architecture resulting from these measures, from both a substantive and a formal dimension. This is followed by examination of the constitutional implications of the measures adopted thus far. The discussion considers these implications from a legal, economic and political perspective, and it will be seen that there are significant constitutional challenges in all three areas.
European integration is an open-ended, ongoing process which has been deeply challenged by integral world capitalism. This study explores the present EU foundational dilemma, looking at the problematic relationship between the ideal model of integration and the reality of the 21st century. Including contributions from leading theorists, this volume explores the ways and extent to which the present European crisis could create a politico-legal space for new possibilities and opportunities for action. The authors discuss the current role of the EU, and whether it aspires to be a democratic polity or a functional organization based on inter-governmental bargaining. The chapters question whether the future of European integration after the crisis will be paved by decisions which conflict with its Treaty basis, and how it might come up with alternatives which would do more than echo the compulsions of the global market. Issues are analysed from a historical perspective to see what can be learnt from its past and to explore the options for the future. With contributions from prominent international legal and political scholars, the book will be of interest to academics, students and policy-makers working in these areas.
In their fight against the debt crisis, the European Union and its member states took measures that have profoundly changed the euro. It now differs fundamentally from when it was introduced by the Treaty of Maastricht. Surprisingly, this change has come about with hardly any formal amendment to the Union's 'basic constitutional charter', the Treaties. How, then, to understand it? This book argues that the constitution of the EU has transformed, which occurs when constitutions change without amendment. The transformation is characterized by a broadening of the currency union's stability conception from price stability to also financial stability. Using solidarity as a lens, the book conceptualises the unity of the member states and analyses how this was preserved during the crisis. Subsequently, it explains how that changed the currency union's set-up and why the European Court of Justice could not turn against the change in Pringle and Gauweiler.
Few events over the past few decades have given rise to an amount of debate and speculation concerning the state of the European Union (EU) and the future of European integration as the economic and financial crisis that began in 2007. In spite of substantial media, policy-making and academic attention, the fundamental questions of why and how the euro area (EA) has remained not only intact but also expanded and integrated further during the crisis require deeper theoretical investigation. One needs to understand not only the economics but also the politics and institutions of the crisis. A lack of such an understanding is the reason why a number of observers, at least initially, had a hard time making sense of policy-makers’ decisions (and pace thereof), including why the EA did not implode as some predicted. Economic theories provide a certain perspective for why the crisis occurred and what economic policies were and are needed to resolve it; however, they fail to capture the deeper roots and management of the crisis. In order to improve our understanding of a discussion that has oscillated between fears of EA disintegration on the one hand and the concrete advancement of integration during the crisis on the other, this special collection brings together leading scholars of European integration who apply key theoretical approaches – from liberal intergovernmentalism and neofunctionalism to other prominent theoretical accounts that have been applied to European integration such as historical institutionalism, critical political economy, normative theory, and a public opinion approach – to the economic and financial crisis. The contributions seek to analyse, understand and/or explain the events that occurred and the (re)actions to them in order to draw conclusions concerning the applicability and usefulness of their respective theoretical perspectives. This book was published as a special issue of the Journal of European Public Policy.
