International economic and political interdependence has increased dramatically since the close of World War II. We now watch foreign wars on our living room television sets, move billions of dollars worth of funds across national borders daily, 1 and feel the effects of political violence in the Mideast throughout our domestic farmlands. A corollary to economic and political interdependence, however, is the less visible but equally pervasive problem of legal interdependence. Any attempt, in the contemporary world, to create new international rules or institutions necessarily depends on the national legal and constitutional systems of a number of countries. This Article analyzes the Tokyo Round 2 negotiations of the General Agreement on Tariffs and Trade 3 as a case study of the legal • Professor of Law, University of Michigan.-ed.
In drawing heavily on its case law related to the distinction between the economic and monetary policy (EMU), the extent of control of discretionary power, motivation and proportionality, and the prohibition of monetary financing, the Court of Justice of the European Union has made legitimate unconventional measures of the European Central Bank. The judgment on the Outright Monetary Transaction (OMT) offers guidelines for future action. The Juncker Report builds on the reflection process started by the Van Rompuy Reports and the Commission blue-print of 2012. Among the questions raised are: how much centralization is necessary? How many competences should remain in the national domain? To what extent should EMU rely on strict rules'? To what extent are strong institutions necessary? How can political accountability be increased and what role should the European Parliament and national parliaments play, especially in the framework of the renewed ‘European semester’? What place could a European treasury, meaning a Ministry of Finance of the EU or the Eurozone, play in a reformed EMU? The Juncker Report proposes a calendar for the ten years to come. Do the answers given in the Juncker Report appropriately address the necessity of reform?
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