An Introduction to the Law of Economic and Monetary Union
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An Introduction to the Law of Economic and Monetary Union

Alberto Saravalle

This incisive book is an accessible guide to the laws and policies relating to economic and monetary union (EMU). Providing a rich, multidisciplinary analysis, it combines historical, legal and economic perspectives to offer a detailed understanding of how EMU has developed since its inception and how it works in practice today. This book will be a valuable reference for those teaching and studying advanced courses on EU law, as well as courses that cover the economic history of EU integration.
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Chapter 3: The Fiscal Compact

Alberto Saravalle


Chapter 3 examines the Treaty on Stability, Coordination and Governance (TSCG, aka the Fiscal Compact), which in 2012 introduced more stringent provisions into the SGP. Importantly, the TSCG required Member States to adhere to the “golden rule”, i.e., to adopt provisions of binding force and permanent character, preferably constitutional, to ensure that the TSCG’s rules took effect in their national legal systems. Moreover, it set out some new rules on the governance of the euro area. The chapter emphasises how these reforms took place outside the framework of EU law (through the intergovernmental method) and what that means in terms of their legitimacy.

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