The Constitutionalization of European Budgetary ConstraintsMaurice Adams, Federico Fabbrini, Pierre Larouche 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. |
Other editions - View all
The Constitutionalization of European Budgetary Constraints Maurice Adams,Federico Fabbrini,Pierre Larouche No preview available - 2014 |
The Constitutionalization of European Budgetary Constraints Maurice Adams,Federico Fabbrini,Pierre Larouche No preview available - 2016 |
Common terms and phrases
According adopted amendment apply Article authority balance balanced-budget Bank BBRs budget budgetary Bundesbank capacity Central Bank challenges changes chapter CJEU co-ordination Commission common concerning considered constitutional constitutionalism contributions correction Council countries Court crisis debt decisions deficit democracy democratic economic economic policy effective enforcement ensure established euro Europe European Parliament European Union eurozone executive existing fact federal final Fiscal Compact framework functions further German Growth implementation important increase independence institutions integration introduced Ireland issues Italy legislative legitimacy limited majority measures mechanism Member ment objectives obligations parties political possible present President principle procedure proposal provisions question reference reforms regard Regulation relation Report respect responsibility result Review role rules social specific Stability structural TFEU tion Treaty TSCG Union