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 5: A gentle criticism of the metamorphosis thesis

Bruno De Witte

Abstract

This chapter criticizes the metamorphosis thesis, i.e. the widely held view in the scholarly literature that the EU'’s economic constitution has been radically transformed during the time of the euro crisis. The criticism is based on a distinction between the EMU part of the economic constitution and the older, and equally important, internal market part. Whereas the latter has hardly changed at all in the past 10 years of economic crisis, the EMU part has certainly seen the adoption of many new rules and institutional mechanisms, although one may doubt whether this has radically modified either the institutional arrangements or the core substantive rules of EMU.

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