EU Economic Law in a Time of Crisis

EU Economic Law in a Time of Crisis

Edited by Harri Kalimo and Max S. Jansson

How has the EU’s economic crisis affected the development of economic law in the Union? This book contributes to the debate by examining EU economic law from a contextual and policy-oriented perspective. The expert authors explore areas such as the EMU and the internal market, and emphasize the important fields of public procurement, taxation, and intellectual property rights. The investigation proceeds along themes such as harmonization, institutional interplay, non-economic values, and international actions. The authors conclude that, during the crisis, the attention of the Barroso Commission focused quite narrowly on the most urgent problems, failing to consider longer-term issues to spark off bold policy endeavours, and break inter-institutional blockages.

Chapter 5: The EMU and the internal market during the economic crisis – building bridges over troubled waters?

Janne Salminen

Subjects: law - academic, european law, law and economics

Abstract

In Chapter 5, Janne Salminen, Senior Lecturer in law at the University of Turku, merges and builds upon the EMU and internal market analyses of Strupczewski, Lahti and Faull. Salminen shows how the crisis has been handled in many different ways, which illustrates the astounding ability of the EU’s legal framework to react to crises, often even without revising the Treaties. The law on economic and fiscal coordination as amended stretches however the constitutional limits of the Treaties. Where the Lisbon Treaty no longer is capable of offering the prerequisite legal basis, international agreements are used as the legal framework instead. This technique is evident both in the field of stabilization mechanisms and in the field of economic and fiscal governance. These developments lead in Salminen’s view nonetheless to issues of constitutionality, transparency and clarity. Institutionally speaking, the European Parliament’s limited role is problematic, while the Council and the European Council have taken a central role at the European Union level in actively seeking solutions to the crisis. Undoubtedly, the new means of economic and fiscal governance that the crisis has triggered have also strengthened the powers of the European executive, the Commission. The role of the European Central Bank has also been growing, sometimes in somewhat unconventional ways.

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