The Constitutionalization of European Budgetary Constraints

by Maurice Adams, Federico Fabbrini, Pierre Larouche

Overview

The recently enacted Treaty on the Stability, Coordination and Governance of the Economic and Monetary Union (generally referred to as the Fiscal Compact) has introduced a 'golden rule', which is a detailed obligation that government budgets be balanced. Moreover, it required the 25 members of the EU which signed the Treaty in March 2012, to incorporate this 'golden rule' within their national Constitutions. This requirement represents a major and unprecedented development, raising formidable challenges to the nature and legitimacy of national Constitutions as well as to the future of the European integration project. This book analyses the new constitutional architecture of the European Economic and Monetary Union (EMU), examines in a comparative perspective the constitutionalization of budgetary rules in the legal systems of the Member States, and discusses the implications of these constitutional changes for the future of democracy and integration in the EU. By combining insights from law and economics, comparative institutional analysis and legal theory, the book offers a comprehensive survey of the constitutional incorporation of new fiscal and budgetary rules across Europe and a systematic normative discussion of the legitimacy issues at play. It thus contributes to a better understanding of the Euro-crisis, of the future of the EU, and the reforms needed towards a deeper and genuine EMU.

Product Details

ISBN-13:	9781509907052
Publisher:	Bloomsbury Academic
Publication date:	06/30/2016
Series:	Modern Studies in European Law , #47
Edition description:	UK ed.
Pages:	444
Product dimensions:	6.14(w) x 9.21(h) x 0.90(d)

About the Author

Maurice Adams is Professor of Democratic Governance and Rule of Law (vfund chair) and Professor of General Jurisprudence at Tilburg Law School.
Federico Fabbrini is Assistant Professor of European and Comparative Constitutional Law at Tilburg Law School.
Pierre Larouche is Professor of Competition Law and Director of Studies of the Bachelor Global Law at Tilburg Law School.

Table of Contents

Foreword: Fiscal Capacity and Constitutional Reform in the EMU Miguel Poiares Maduro v

List of Contributors xv

1 Introduction-The Constitutionalization of European Budgetary Constraints: Effectiveness and Legitimacy in Comparative Perspective Maurice Adams Federico Fabbrini Pierre Larouche 1

Part 1 The New Constitutional Architecture of European Economic and Monetary Union

2 Economic Governance and the Euro Crisis: Constitutional Architecture and Constitutional Implications Paul Craig 19

3 The Use of International Law as a Tool for Enhancing Governance in the Eurozone and its Impact on EU Institutional Integrity Angelos Dimopoulos 41

4 Differentiated Economic Governance and the Reshaping of Dominium Law Kenneth A Armstrong 65

5 EU Fiscal Governance and the Effectiveness of its Reform Alexandre de Streel 85

6 Maastricht Revisited: Economic Constitutionalism, the ECB and the Bundesbank Marijn van der Sluis 105

7 The Independence of the ECB after the Economic Crisis Stefania Baroncelli 125

Part 2 The Constitutionalization of European Budgetary Constraints: Comparative Experiences

8 (Un)Balanced Budget Rules in Europe and America Pieter-Augustijn Van Malleghern 151

9 A Legalization of Financial Constitutions in the EU? Reflections on the German, Spanish, Italian and French Experiences Giacomo Delledonne 181

10 Fiscal Stability Rules in Central European Constitutions Marek Antoš 205

11 Can Constitutional Rules. Even if 'Golden, Tame Greek Public Debt? Lina Papadopoulou 223

12 Mandatory Balanced Budget in Dutch Legislation Following Examples Abroad? Michal Diamant Michiel van Emmerik 249

13 An Analysis of the Method and Efficacy of Ireland's Incorporation of the Fiscal Compact Roderic O'Gorman 273

Part 3 Towards a Genuine EMU: Democracy, Legitimacy and Integration

14 Domestic Courts, Constitutional Constraints and European Democracy: What Solution for the Crisis? Ingolf Pernice 297

15 National Parliaments' Say on the New EU Budgetary Constraints: The Case of Spain and Ireland Soma Piedrafita 319

16 Who Got to Adjudicate the EU's Financial Crisis and Why? Judicial Review of the Legal Instruments of the Eurozone Samo Bardutzky Elaine Fahey 341

17 The Impact of Stronger Economic Policy Co-ordination on the European Social Dimension: Issues of Legitimacy Francesco Costamagna 359

18 Power and Legitimacy in the Eurozone: Can Integration and Democracy Be Reconciled? Peter L Lindseth 379

19 From Fiscal Constraints to Fiscal Capacity: The Future of EMU and its Challenges Federico Fabbrini 399

Index 419

Editorial Reviews

"...this timely publication addresses some of the key issues regarding current challenges to and the future of the EMU and certainly lives up to its aspiration of contributing to the new debate and stimulating further discussions." --International Journal of Constitutional Law

From the Publisher