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 11: European macroeconomic constitution and its post-crisis reproduction: the Single Supervisory Mechanism

Jakub Gren

Abstract

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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