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Mitigating the COVID economic crisis: act fast and do whatever it takes

Political science analyses of the governance of the euro crisis largely build on conventional theories of European integration to account for the extent to which institutional developments either reflect supranationalism, inter-governmentalism or historical path-dependencies. This analytical focus captures the usual integration dynamics and institutional design outcomes, but overlooks the constitutional dimension of how the crisis affects the EU's legal order. In this agenda-setting article, I draw attention to legal scholarship that highlights important deviations from the EU's ‘legal normalcy’. Legal studies find that a number of emergency measures were taken on an extra-legal basis and through quasi-autocratic procedures. Normative reconstructions interpret this practice as a form of transnational state of exception which transitions into permanent traits of authoritarianism in the EU's legal order. I argue that their findings offer a new terrain for political science research which transcends the explanatory categories of integration theory.

Beyond Integration Theory: The (Anti‐)Constitutional Dimension of European Crisis Governance

Concept of solidarity – Factual vs. normative solidarity – Development of solidarity in the euro area – Transition from negative to positive solidarity – Solidarity as a legal concept – European Stability Mechanism – European Financial Stabilisation Mechanism – European Financial Stability Facility – Pringle judgement of the Court of Justice of the European Union – ECB bond-buying programmes

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How the Debt Crisis Exposes the Development of Solidarity in the Euro Area

The Legal Framework of Sovereign Debt Management

Euro crisis reforms as major example of interstitial institutional change in the EU - Forms of institutional change : unusual sources of law, new tasks for the EU institutions, new organs, competence creep, institutional hybrids, and more differentiated integration - Question whether some or all of this amounts to a ‘constitutional mutation’ of the EU legal order - Reasons to doubt whether the constitutional fundamentals have changed - Alternative thesis: increased institutional variation, deepening the differences between EMU law and the rest of EU law.

https://www.cambridge.org/core/services/aop-cambridge-core/content/view/S1574019615000292

Euro crisis responses and the EU legal order : increased institutional variation or constitutional mutation?

The Union and its Member States have given a double response to the sovereign debt crisis: the creation of mechanisms of assistance and the strengthening of economic governance. Both responses have contributed to substantially redesign the architecture of the economic and monetary union. This article focuses on the mechanisms of assistance - most of which have been agreed intergovernmentally outside the EU Treaties -, describing them and examining their most significant legal implications. These are their compatibility with the no bail-out clause, the limited revision of the Treaties to include new Article 136(3) TFEU, the use of Article 122(2) TFEU as the only legal basis under the Treaties to provide financial assistance, the relationship between the intergovernmental mechanisms of assistance and the law of the Union and the judgment of 7 September 2011 of the German Constitutional Court on the compatibility of mechanisms of assistance with the German Constitution. Mechanisms of assistance are presented as part of an unavoidable process of further integration of the Member States that share a common good, the euro, a process that might lead to fundamental changes in the EU Treaties, including the creation of a European Treasury, that would go hand by hand with a fiscal federation where budgetary sovereignty of euro area Member States would yield to supranational control.

Legal developments in the Economic and Monetary Union during the debt crisis: the mechanisms of financial assistance

Book Review: The Resolution of Cross-Border Banking Crises in the EU. A Legal Study from the Perspective of Burden Sharing , by Seraina Gruenewald. (Alphen aan de Rijn: Kluwer, 2014)

Alberto de Gregorio Merino

Papers

Legal developments in the Economic and Monetary Union during the debt crisis: the mechanisms of financial assistance

Book Review: The Resolution of Cross-Border Banking Crises in the EU. A Legal Study from the Perspective of Burden Sharing , by Seraina Gruenewald. (Alphen aan de Rijn: Kluwer, 2014)