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Katerina Pantazatou

This chapter aims to present the EU measures in place in order to implement the ATAD effectively. It starts by briefly discussing the increasing secondary law in the exchange of information, it then focuses on the most recent measure of mandatory disclosure rules and automatic exchange of information as provided in the DAC 6. It discusses DAC 6 content and examines the challenges that arise therefrom, notably the danger of over-disclosure, possible breaches of taxpayers’ rights, and possible inconsistencies in its implementation that might lead to the Directive not being fully effective.

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Katerina Pantazatou and Ioannis G. Asimakopoulos

The chapter begins with a description of the imperfect character of the EMU, one of the main components of the European Economic Constitution, and the crisis-induced mechanisms to address any ensuing external, asymmetrical shocks. In absence of monetary policy instruments at the national level, fiscal policies can become overwhelmed if country-specific shocks are very large and not well catered for by the shock-absorbing capacity of the economy and the financial sector. Hence, risk-sharing in the EMU takes place through two channels: the market channel and the fiscal channel. In particular, the second section examines the preventive and corrective fiscal rules, the third elaborates on the role that the European Stability Mechanism and the European Central Bank play in providing fiscal relief to Member States in need, and the fourth section analyses how the Banking Union is aimed to absorb fiscal imbalances rather than reinforce them. We then conclude.

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Katerina Pantazatou and Ioannis G. Asimakopoulos

Aikaterini Pantazatou and Ioannis Asimakopoulos overview the conventional and unconventional monetary policies that the ECB has deployed to pursue its mandate as the central bank of the Eurozone. The authors underline how the EU treaties assign to the ECB the primary task of maintaining price stability, and explain the traditional toolkit to achieve this goal, including interest rates changes, open market operations, standing facilities, i.e., the deposit and the marginal lending facilities, and minimum reserve requirements for credit institutions. At the same time, they underline how conventional monetary policy came under pressure in context of the euro-crisis, where interest rates policy reached its lower bound and the transmission of monetary policy came under pressure, forcing the ECB to develop new instruments, such as targeted long-term refinancing operations, securities market programme, outright monetary transactions (OMT) and - finally - public assets purchase programmes, otherwise known as quantitative easing (QE). As this chapter explains, the deployment of unconventional monetary policy confirms that the ECB enjoys powers analogous to other central banks, but also raises legal challenges to the ECB actions.

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Herwig C.H. Hofmann and Katerina Pantazatou

The present chapter reviews the approach of the book towards the issue of the metamorphosis of the European Economic Constitution, departing from the analysis and the evolution of its micro- and macro-economic structure. Alongside the development of the arguments in the text, it provides an understanding of how this metamorphosis has been induced by the measures taken to counter the economic crisis and reflects over the place of the Economic Constitution within the composite constitution of the European Union.

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Edited by Herwig C.H. Hofmann, Katerina Pantazatou and Giovanni Zaccaroni

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Edited by Herwig C.H. Hofmann, Katerina Pantazatou and Giovanni Zaccaroni

Demonstrating the ways in which the micro and macro-economic constitutions of Europe have reacted to legal measures enacted to counter the economic crisis of the past decade, this innovative book takes an interdisciplinary approach in its attempt to understand and portray the metamorphosis of the European Economic Constitution. It contains contributions from leading scholars and experts in European economic law, discussing the challenges, solutions found, problems arising and possible approaches to embed the economic constitution in the broader constitutional framework of the EU.
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Edited by Werner Haslehner, Katerina Pantazatou, Georg Kofler and Alexander Rust

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Edited by Werner Haslehner, Katerina Pantazatou, Georg Kofler and Alexander Rust

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Edited by Werner Haslehner, Katerina Pantazatou, Georg Kofler and Alexander Rust

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Edited by Werner Haslehner, Katerina Pantazatou, Georg Kofler and Alexander Rust