Research Handbook on EU Economic Law
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Research Handbook on EU Economic Law

Edited by Federico Fabbrini and Marco Ventoruzzo

This comprehensive Research Handbook analyses and explains the EU’s complex system of economic governance from a legal point of view and looks ahead to the challenges it faces and how these can be resolved. Bringing together contributions from leading academics and top lawyers from EU institutions, this Research Handbook is the first to cover all aspects of the Eurozone’s legal ecosystem, and offers an up-to-date and in depth assessment of the norms and procedures that underpin the EU’s economic, monetary, banking, and capital markets unions.
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Chapter 2: The institutional architecture of economic union

Alberto de Gregorio Merino

Abstract

This chapter provides an overview of the institutional architecture for macro-economic governance in the EMU, analysing the role of the EU supranational and intergovernmental institutions and explaining their reciprocal interactions. Specifically, the author analyses the tasks of the Council, the Commission, the Eurogroup - including when this acts as the board of governors of the European Stability Mechanism (ESM) - as well as the European Council and the Euro Summit, reflecting the complexity of coordination of economic affairs in the EU. Moreover, he details the limited powers of the European Parliament in EMU, and underlines the narrow justiciability of acts adopted by the intergovernmental institutions - as reflected in the case law of the European Court of Justice on crisis-response measures. As the author emphasizes, the inter-governmental response to the euro-crisis significantly affected the EU inter-institutional balance in economic governance, but this created challenges, including on the relation between the European Council and the Council, which will need to be addressed over time.

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