The European Financial Crisis: Constitutional aspects and implications

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dc.contributor.author TUORI, Kaarlo
dc.date.accessioned 2012-11-06T13:25:54Z
dc.date.available 2012-11-06T13:25:54Z
dc.date.issued 2012
dc.identifier.issn 1725-6739
dc.identifier.uri http://hdl.handle.net/1814/24301
dc.description.abstract With its provisions on the EMU, the Maastricht Treaty introduced a new, ’macroeconomic’ layer into the European economic constitution. The Maastricht layer of the European economic constitution was based on the following principles: exclusive competence of the EU in monetary policy in the euro area; price stability as the primary objective of Europeanized monetary policy; independence of the ECB and national central banks; Member State sovereignty in fiscal and economic policy with the Union accomplishing a mere coordinating task; Member State fiscal liability as the reverse of their fiscal sovereignty; and primacy of price stability pursued by Europeanized monetary policy over national fiscal-policy objectives. The ongoing euro-area crisis is a constitutional crisis, too. The European responses to the crisis include, on the one hand, emergency measures and stability mechanisms, and, on the other hand, strengthening European economic governance. As a consequence of these responses, the central Maastricht principles of the European economic constitution are teetering. However, the present constitutional crisis should not merely be conceived in economic terms. It extends to the political and social dimensions; it also affects democracy and transparency, as well as social values and rights. en
dc.language.iso en en
dc.relation.ispartofseries EUI LAW en
dc.relation.ispartofseries 2012/28 en
dc.subject Fiscal Crisis en
dc.subject Economic Constitution en
dc.subject Maastricht Principles en
dc.subject Inter-Governmentalism en
dc.subject Democratic Deficit en
dc.subject Social Constitution en
dc.title The European Financial Crisis: Constitutional aspects and implications en
dc.type Working Paper en


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