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2020 | Book

General Introduction Read chapter Read first chapter

The Pursuit of Stability of the Euro Area as a Whole

The Reform of the European Economic Union and Perspectives of Fiscal Integration

Author: Dr. Luca Lionello

Publisher: Springer International Publishing

Book Series : Studies in European Economic Law and Regulation

Part of: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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About this book

This book analyses the ongoing reform of the European economic union in the light of the new objective of ‘stability of the euro area as a whole’ in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.

Table of Contents

Frontmatter
Chapter 1. General Introduction
Abstract
This chapter provides a general introduction to the work; the research aims to investigate the pursuit of the stability of the euro area as a whole in the light of the reforms adopted over the last few years and the ongoing debate on the completion of the Economic and Monetary Union (EMU). The methodology adopted takes into consideration the singularity of the economic governance, which is based on different legal sources, and evaluates the analysis developed in the case law of both European and national courts, as well as the contribution of the other social sciences on the matter.
Luca Lionello
Chapter 2. The Objective of Stability of the Euro Area as a Whole
Abstract
This chapter focuses on the meaning of the objective of the ‘stability of the euro area as a whole’, which has been formally introduced in art. 136(3) TFEU. After recalling the role of objectives in the EU legal framework, the research will develop an exhaustive definition and qualification of the ‘stability of the euro area as whole’ in the light of the case law of the CJEU and the academic debate. The objective will distinguish it from other interpretations of stability such as monetary, fiscal and financial stability. The analysis will argue that the ‘stability of the euro area as a whole’ essentially consists of the preservation of the existence and the integrity of the monetary union, whose establishment is a goal of the EU in accordance with art. 3(4) TEU.
Luca Lionello
Chapter 3. The Instruments Available to Achieve Stability in the Euro Area: The Current Functioning of the Economic Governance
Abstract
This chapter studies the current functioning of the economic union. After having analysed the decentralised model of fiscal integration and the concept of governance in EU law, the research will consider the application of European supervisory and corrective instruments on national macroeconomic policies, the introduction of constitutional limits in the national budgetary cycle, the regulatory role of financial markets, the implementation of the conditionality policy in the framework of financial assistance, the development of investment policies in the EU legal framework and the establishment of the banking union.
Luca Lionello
Chapter 4. Longstanding Sources of Instability: The Current Deficits of the Economic Union
Abstract
This chapter will identify the main deficits, which are preventing the economic governance from fully achieving the objective of the stability of the euro area as a whole. These are essentially three. First, the limits of the existing legal basis have been the cause of the legal incoherence of the reforms, as well as the wide use of intergovernmental agreements beyond EU law (so called ‘flight into international law’). Second, the reforms introduced to fulfil consolidation and stabilisation policies in the euro area have proven to be substantially ineffective, meaning unable to contribute to the cause of stability. This depends on the scarce credibility of economic sanctions and legal prohibitions, as well as the wide political discretion of the peer-review surveillance on national economic policies. Finally, the democratic deficit has prevented the governance from fully taking into consideration the requests and interests of the people affected by its policies.
Luca Lionello
Chapter 5. Completing the Economic Union: The Different Paths Towards Stability
Abstract
This chapter analyses the main proposals of reform of the economic union: finalisation of the banking union, creation of a capital market union, transformation of the European Stability Mechanism, establishment of an additional budgetary capacity for the euro area, creation of a debt restructuration mechanism and setup of a European Minister of Economy and Finance. After having described the main features of these proposals, the chapter will study the most relevant legal challenges, the process of completion of the economic union will present coming from both the process of fiscal centralisation and the restoration of the decentralised model of economic union.
Luca Lionello
Chapter 6. Conclusions
Abstract
As it was explained in the introduction, the single currency has been established leaving a fundamental issue unresolved: is it possible to create a monetary union and ensure its survival without providing it with the essential attributes of a state? Even if only time will definitely answer this question, the research developed in the book may at least help giving some possible suggestions.
Luca Lionello
Backmatter
Metadata
Title
The Pursuit of Stability of the Euro Area as a Whole
Author
Dr. Luca Lionello
Copyright Year
2020
Electronic ISBN
978-3-030-28045-1
Print ISBN
978-3-030-28044-4
DOI
https://doi.org/10.1007/978-3-030-28045-1

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