The Metamorphosis of the European Economic Constitution
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The Metamorphosis of the European Economic Constitution

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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Chapter 2: The Faustian bargain. How evolving economic and political beliefs have redefined the European economic constitution

Dariusz Adamski

Abstract

This chapter is built on the assumption that every constitution is based on certain convictions, a concept as to how a good society should be organized in its various dimensions and how to arrange public institutions towards that goal. Based upon this premise, the contribution makes three points. The first is that the history of the last decade has demonstrated quite painfully that the original economic beliefs behind some of the most important tenets of the European Economic Constitution have proven largely wrong or at least have become very contestable. Second, the European Economic Constitution has been pliable to adjustments, even if the adjustments occurring in the last decade have largely taken a very specific form of EU institutions gradually redefining their mandate. And third, the most serious recent adaptations are time-inconsistent, in the sense that they produce short-term benefits, at the expense, however, of long-term costs. Arguably a viable European economic constitution requires a different kind of metamorphosis.

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