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Tuori, Klaus --- "The principles of the European macroeconomic constitution, their fate during the crisis and its impact on the legitimacy of the ECB" [2019] ELECD 2465; in Hofmann, C.H. Herwig; Pantazatou, Katerina; Zaccaroni, Giovanni (eds), "The Metamorphosis of the European Economic Constitution" (Edward Elgar Publishing, 2019) 58

Book Title: The Metamorphosis of the European Economic Constitution

Editor(s): Hofmann, C.H. Herwig; Pantazatou, Katerina; Zaccaroni, Giovanni

Publisher: Edward Elgar Publishing

Section: Chapter 3

Section Title: The principles of the European macroeconomic constitution, their fate during the crisis and its impact on the legitimacy of the ECB

Author(s): Tuori, Klaus

Number of pages: 24

Abstract/Description:

This chapter explores the interaction between the two layers of the economic constitution, the microeconomic constitution and the macroeconomic constitution, during and after the economic crisis. The author argues that the crisis has induced changes in the principles lying at bottom the architecture of the economic constitution, entrusting - de facto - wider powers to the EU institutions and to the ECB in particular, to allow an adequate response to the emergency. This has ultimately allowed the European Central Bank, during the crisis, to take decisions that can involve serious value judgements. This consequently raises some important constitutional questions concerning the ECB’s independence, as well as the fate of the rule of law, legitimacy and democratic accountability in the EMU constitutional architecture.