Edited by Herwig C.H. Hofmann, Katerina Pantazatou and Giovanni Zaccaroni
Chapter 11: European macroeconomic constitution and its post-crisis reproduction: the Single Supervisory Mechanism
The functioning of the ECB/Eurosystem is governed by a number of operational mechanisms, which constrain the performance of monetary policy function under a high level of independence enshrined in the European macroeconomic constitution. The creation of the Single Supervisory Mechanism, with the ECB at its apex, responsible for a large number of day-to-day supervisory tasks, has created a number of challenges possibly affecting the efficient functioning of the ECB main decision-making body (the Governing Council), continuous observance of the principle of good administration and the primacy of monetary policy objective over other ones within the Eurosystem. We show that the newly created SSM has assimilated, to certain extent, some operational mechanisms governing the functioning of the EMU’s monetary policy pillar. This strongly suggests that supranational rules of the Economic and Monetary Union can be considered as structurally robust enough to address legal and constitutional constrains imposed upon the ECB and to be reproduced to organize the exercise of new competences conferred by the Member States upon the Union.
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