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 3: The principles of the European macroeconomic constitution, their fate during the crisis and its impact on the legitimacy of the ECB

Klaus Tuori

Abstract

This chapter explores the interaction between the two layers of the economic constitution, the microeconomic constitution and the macroeconomic constitution, during and after the economic crisis. The author argues that the crisis has induced changes in the principles lying at bottom the architecture of the economic constitution, entrusting - de facto - wider powers to the EU institutions and to the ECB in particular, to allow an adequate response to the emergency. This has ultimately allowed the European Central Bank, during the crisis, to take decisions that can involve serious value judgements. This consequently raises some important constitutional questions concerning the ECB’s independence, as well as the fate of the rule of law, legitimacy and democratic accountability in the EMU constitutional architecture.

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