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MonographDOI

The Eurozone Crisis: A Constitutional Analysis

01 Jan 2013-
TL;DR: In this paper, two layers of the European economic constitution are discussed, and the authors propose a framework for the analysis of the economic crisis and the response to the crisis, as well as the reform of the macroeconomic constitution.
Abstract: Part I. Setting the Scene: 1. Introduction: framework of the analysis 2. Two layers of the European economic constitution 3. Towards the crisis: an economic narrative 4. Responses to the crisis Part II. Constitutional Mutation: 5. Constitutionality of European measures 6. Realignment of the principles of the macroeconomic constitution 7. Democracy and social rights Part III. What Next?: 8. Initiatives on the table.
Citations
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Book
Sergio Fabbrini1
26 Feb 2015
TL;DR: In this paper, the Lisbon Treaty and the Euro crisis are considered as the starting point for the institutionalisation of multiple unions in the European Union, and a new political order in Europe is proposed.
Abstract: Preface: how many Unions? Part I. Institutionalisation of Multiple Unions: 1. From Rome to the Lisbon Treaty 2. The Lisbon Treaty and the Euro Crisis 3. Institutionalisation and constitutional divisions Part II. Main Perspectives on the European Union: 4. The perspective of the economic community 5. The perspective of intergovernmental union 6. The perspective of parliamentary union Part III. Towards the Compound Union Perspective: 7. Comparing democratic models 8. Compound unions and the EU 9. A new political order in Europe.

99 citations

Journal ArticleDOI
TL;DR: The Euro crisis reforms as major example of interstitial institutional change in the EU as mentioned in this paper, and forms of institutional change : unusual sources of law, new tasks for the EU institutions, new organs, competence creep, institutional hybrids, and more differentiated integration.
Abstract: 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.

39 citations

Journal ArticleDOI
TL;DR: The European Central Bank (ECB) has been used to stabilize the euro without having its mandate formally enlarged, thus confirming the ascendency of technocratic, and often ad hoc, governance over democratically and legally circumscribed alternatives.
Abstract: Rather than halting European integration, the euro crisis, in some ways, has accelerated it. However, it is integration of a different type, which departs significantly from the rule of law-based model of integration that traditionally burnished the European Union’s legitimacy. The crisis-induced transformation of the European Central Bank (ECB) captures this trend. Through schemes such as Outright Monetary Transactions, the Bank bolstered its capacity to stabilize the euro without having its mandate formally enlarged, thus confirming the ascendency of technocratic, and often ad hoc, governance over democratically and legally circumscribed alternatives. This article posits the ECB’s expanded and politicized role as the manifestation of a new mode of integration – integration through the disintegration of law – which inverts the court-driven integration-through-law that consolidated the single market. However, the lack of a solid legitimacy base casts doubt on the long-term sustainability of this i...

31 citations

Journal ArticleDOI
TL;DR: In this article, the authors systematically analyse the capacities of mainstream theoretical frameworks to explain the way the EU has dealt with the situation since 2008, starting from a definition of the two central characteristics of the crisis and the strong call for legal regulation of, and court response to, the EU’s economic governance.
Abstract: This article aims to analyse the challenges the eurozone crisis created for theoretical explanations of European integration. Starting from a definition of the two central characteristics of the crisis – the increasing politicisation of the domestic level and the strong call for legal regulation of, and court response to, the EU’s economic governance – this article systematically analyses the capacities of mainstream theoretical frameworks to explain the way the EU has dealt with the situation since 2008. Liberal intergovernmentalism, neofunctionalism, and constructivism explain parts of the processes, but do not sufficiently link the domestic level and the EU level to answer the crucial question of why a more politicised and opposed domestic level leads to continued integration through (hard) law. It is in broadening these main theoretical frames and in combining them that tools are found that allow for an understanding of contemporary EU integration through law in politicised times.

29 citations

References
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Book
01 Jan 1999
TL;DR: In this article, the European Contribution Conclusion: Multi-level Problem-Solving in Europe References Index is presented, where the authors propose a solution without boundary control for solving multi-level problem solving in Europe.
Abstract: 1. Political Democracy in a Capitalist Economy 2. Negative and Positive Integration 3. Regulatory Competition and Re-Regulation 4. National Solutions without Boundary Control 5. The European Contribution Conclusion: Multi-level Problem-Solving in Europe References Index

2,726 citations

Posted Content
TL;DR: This paper study the relationship between government debt and real GDP growth and find that the relationship is weak for debt/GDP ratios below a threshold of 90 percent of GDP, while for higher levels, growth rates are roughly cut in half.
Abstract: We study economic growth and inflation at different levels of government and external debt. Our analysis is based on new data on forty-four countries spanning about two hundred years. The dataset incorporates over 3,700 annual observations covering a wide range of political systems, institutions, exchange rate arrangements, and historic circumstances. Our main findings are: First, the relationship between government debt and real GDP growth is weak for debt/GDP ratios below a threshold of 90 percent of GDP. Above 90 percent, median growth rates fall by one percent, and average growth falls considerably more. We find that the threshold for public debt is similar in advanced and emerging economies. Second, emerging markets face lower thresholds for external debt (public and private)--which is usually denominated in a foreign currency. When external debt reaches 60 percent of GDP, annual growth declines by about two percent; for higher levels, growth rates are roughly cut in half. Third, there is no apparent contemporaneous link between inflation and public debt levels for the advanced countries as a group (some countries, such as the United States, have experienced higher inflation when debt/GDP is high.) The story is entirely different for emerging markets, where inflation rises sharply as debt increases.

2,007 citations

Journal ArticleDOI
TL;DR: This paper study the relationship between government debt and real GDP growth and find that the relationship is weak for debt/GDP ratios below a threshold of 90 percent of GDP, while for higher levels, growth rates are roughly cut in half.
Abstract: We study economic growth and inflation at different levels of government and external debt. Our analysis is based on new data on forty-four countries spanning about two hundred years. The dataset incorporates over 3,700 annual observations covering a wide range of political systems, institutions, exchange rate arrangements, and historic circumstances. Our main findings are: First, the relationship between government debt and real GDP growth is weak for debt/GDP ratios below a threshold of 90 percent of GDP. Above 90 percent, median growth rates fall by one percent, and average growth falls considerably more. We find that the threshold for public debt is similar in advanced and emerging economies. Second, emerging markets face lower thresholds for external debt (public and private)--which is usually denominated in a foreign currency. When external debt reaches 60 percent of GDP, annual growth declines by about two percent; for higher levels, growth rates are roughly cut in half. Third, there is no apparent contemporaneous link between inflation and public debt levels for the advanced countries as a group (some countries, such as the United States, have experienced higher inflation when debt/GDP is high.) The story is entirely different for emerging markets, where inflation rises sharply as debt increases.

1,623 citations

Book
01 Jan 1978

944 citations