7. Brexit and the Reform of Economic and Monetary Union

European Commission, Reflection paper on the Deepening of EMU, COM(2017)291, 31 May 2015.

See further Fabbrini (2017a).

See Four Presidents report “Towards a Genuine EMU,” 5 December 2012.

See European Commission President-elect, Juncker (2014).

See Five Presidents report, “Completing Europe’s EMU,” 22 June 2015.

See Bratislava Declaration and Roadmap, 16 September 2016, para. IV.

See Rome Declaration, 25 March 2017.

See Macron and Gabriel (2015).

See Padoan (2016).

See Conseil des Ministres Franco-Allemand, Paris, 13 July 2017.

See European Parliament Resolution of 20 November 2012 Towards a Genuine EMU, P7_TA(2012)0430 and European Parliament Resolution of 24 June 2015 Review of Economic Governance Framework, P8_TA(2015)0238.

Enderlein (2012).

The Glienicker Group (2013).

The Eiffel Group (2014).

Enderlein et al. (2016).

See further Federico Fabbrini (2017b), on which this chapter draws.

See further Federico Fabbrini (2016a).

See Treaty Establishing the European Stability Mechanism, 25 March 2011, available at http://​www.​european-council.​europa.​eu/​media/​582311/​05-tesm2.​en12.​pdf.

See further Federico Fabbrini (2016b, p. 529).

Five Presidents report, p. 6.

See Commission Recommendation for a Council Recommendation on the establishment of National Competitiveness Boards within the Euro Area, 21 October 2015, COM(2015)601 final.

Bertelsmann report, p. 21.

Five Presidents report, Annex 2.

See Regulation (EU) No. 1173/2011 of the European Parliament and of the Council of 16 November 2011 on the effective enforcement of budgetary surveillance in the euro area, OJ 2011 L 306/1; Regulation (EU) No. 1174/2011 of the European Parliament and of the Council of 16 November 2011 on enforcement measures to correct excessive macroeconomic imbalances in the euro area, OJ 2011 L 306/8; Regulation (EU) No. 1175/2011 of the European Parliament and of the Council of 16 November 2011 amending Council Regulation (EC) No. 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies, OJ 2011 L 306/12; Regulation (EU) No. 1176/2011 of the European Parliament and of the Council of 16 November 2011 on the prevention and correction of macroeconomic imbalances, OJ 2011 L 306/25; Council Regulation No. 1177/2011 of 8 November 2011 amending Regulation (EC) No. 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure, OJ 2011 L 306/33; Council Directive 2011/85/EU of 8 November 2011 on requirements for budgetary frameworks of the Member States, OJ 2011 L 306/41; Regulation (EU) No. 473/2013 of the European Parliament and the Council of 21 May 2013 on monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficits in euro-area Member States, OJ 2013 L 140/11; Regulation (EU) No. 472/2013 of the European Parliament and the Council of 21 May 2013 on enhanced surveillance of euro-area Member States experiencing or threatened with serious difficulties with respect to their financial stability, OJ 2013 L 140/1.

See Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, 2 March 2012, available at http://​www.​eurozone.​europa.​eu/​media/​304649/​st00tscg26_​en12.​pdf

See further Adams et al. (2014).

See Commission proposal for a Regulation of the European Parliament and the Council amending Regulation (EU) No. 806/2014 in order to establish a European Deposit Insurance Scheme, 24 November 2015, COM(2015)586 final.

See Council Regulation (EU) No. 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, OJ 2013 L 287/63.

See Regulation (EU) No. 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Bank Resolution Fund and amending Regulation (EU) No. 1093/2010 of the European Parliament and of the Council, OJ 2014 L 225/1.

See, for example, ECB President, Mario Draghi, Introductory statement in front of the European Parliament, Brussels, 15 June 2015.

See Commission proposal for a Regulation of the European Parliament and the Council laying down rules on securitization, 30 September 2015, COM(2015)472 final.

See also European Parliament resolution of 13 March 2014 on the enquiry on the role and operations of the Troika (ECB, Commission and IMF) with regard to the euro-area program countries, P7_TA(2014)0239.

See Ministero dell’Economia e delle Finanze, “European Unemployment Insurance Scheme,” October 2015.

See Commission communication on strengthening the social dimension of the Economic and Monetary Union, 2 November 2013, COM(2013) 690 final.

Emphasis added.

See already Mario Monti, “A New Strategy for the Single Market at the Service of Europe’s Economy and Society” – report to the President of the European Commission, 9 May 2010.

Bertelsmann report, p. 26.

See Bertelsmann report, p. 26.

See Regulation (EU) No. 2015/1017 of the European Parliament and the Council of 25 June 2015 on the European Fund for Strategic Investments, the European Investment Advisory Hub, and the European Investment Project Portal and amending Regulations (EU) No. 1291/2013 and (EU) No. 1316/2013, OJ 2015 L 169/1.

See Commission communication on strengthening European investments for jobs and growth: Towards a second phase of the European Fund for Strategic Investments and a new European External Investment Plan, 14 September 2016, COM(2016)581 final.

See in particular European Parliament resolution of 20 November 2012 towards a Genuine EMU, P7_TA(2012)0430.

See Fabbrini (2014, p. 155).

See Commission proposal for a Council Directive on a common system of Financial Transaction Tax, 28 November 2011, COM(2011)594 final.

See Commission proposal for a Council Directive on a Common Consolidated Corporate Tax Base, 16 March 2011, COM(2011)121 final and now the new Commission proposal on a Common Consolidated Corporate Tax Base, 25 October 2016, COM(2016)685 final.

See Commission proposal for a Council Decision on the system of Own Resources of the European Union, 29 June 2011, COM(2011)510 final.

See Commission proposal for a Council Directive implementing enhanced cooperation in the area of a Financial Transaction Tax, 14 February 2013, COM(2013)71 final.

See further Chang (2017).

See further Fabbrini (2016c, p. 281).

See European Council Decision No. 2011/199/EU of 25 March 2011, amending Article 136 TFEU with regard to a stability mechanism for Member States whose currency is the euro, OJ 2011 L 91/1.

See Hinarejos (2015).

Five Presidents report, p. 18.

Bertelsmann report, p. 21.

See Decision of the ECB of 14 May 2010 establishing a securities market program, OJ 2010 L124/8.

See Agreement on the transfer and mutualization of contributions to the Single Resolution Fund, 21 May 2014 available at: http://​register.​consilium.​europa.​eu/​doc/​srv?​l=​EN&​f=​ST%20​8457%20​2014%20​INIT.

See BVerfG, Case No. 2 BvR 1390/12 et al., judgment (final) of 18 March 2014, para. 193.

See Piris (2011).

See Commission proposal for a Council Decision laying down measures in view of progressively establishing unified representation of the euro area in the International Monetary Fund, 21 October 2015, COM(2015)603 final.

Bertelsmann report, p. 25.

Bertelsmann report, p. 35.

Five Presidents report, p. 18.

See Fabbrini et al. (2015).

See Gertrude Tumpel-Gugerell, Expert Group on Debt Redemption Fund and Eurobills, final report, 31 March 2014.

See ECB, Press release, “Technical Features of Outright Monetary Transactions,” 6 September 2012.

Bertelsmann report, p. 35.

Fabbrini, supra note 2.

See Mario Monti, High Level Group on Own Resources, final report and recommendations, “Future Financing of the EU,” December 2016.

See Macron (2016, p. 236).

See further Fabbrini (2016d).