The Crisis Response in Europe's Economic and Monetary Union: Overview of Legal Developments

Smits, R.

doi:10.2139/ssrn.2592929

Cited by 3 publications

(3 citation statements)

References 2 publications

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“…The first innovation in the field of EMU was the offering of financial assistance to MS, linked to strict conditionality [ 56 for an overview of measures adopted during the crisis]. Financial assistance was offered to several Eurozone MS that experienced dramatic economic downturns.…”

Section: Euro-crisis Reforms Of Emumentioning

confidence: 99%

National central banks in EMU: time for revision?

Sluis

2021

J Bank Regul

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The national central banks of the euro area are crucial to the monetary policy of the euro. Their Governors sit (on a personal title) on the Governing Council of the ECB, and they execute most of the monetary policies. Whereas the recent ruling by the German Constitutional Court on the Public Sector Purchases Program highlighted the uncomfortable role of the German Bundesbank in between national and EU law, the euro-crisis already showed other legal strains on the position of the national central banks in Economic and Monetary Union. This article argues that EMU empowered national central banks, even when it took away their power to individually set monetary policies for their respective Member States. The euro-crisis then disturbed the balance struck in the construction of the ECB between protecting national interests and effective decision-making, resulting in several legal problems.

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Section: Euro-crisis Reforms Of Emumentioning

confidence: 99%

National central banks in EMU: time for revision?

Sluis

2021

J Bank Regul

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“…Aside from socio-historical research on central banking (Feiertag and Margairaz 2010;Feiertag 2005), a growing number of studies call into question what we call the 'social process of neutralisation' in these institutions (Lebaron 2000a, b). Archival research as well as analyses on laws, jurisdictions, or other legal documents regulating this area have been important in investigating how central banks' specific powers are redefined (Mehra 2010;Smits 2015) and what effects they have on the 'financialisation' of economies (Krippner 2011). These powers have been at stake particularly in the debates about the 'independence' of these institutions from governments and about their growing 'regulatory' role, especially after the 2008 financial crisis (Canova 2015;Tognato 2013).…”

Section: Empirical Sources Currently Used In Research On Central Bankersmentioning

confidence: 99%

Central Bankers as a Sociological Object: Stakes, Problems and Possible Solutions

Lebaron

Dogan

2020

Researching Elites and Power

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Central bankers can be defined as agents in charge of the decisions that are studied, developed and implemented within the central banks. These financial institutions have been both products and agents of nation-building and state formation (Cohen 1998; Feiertag and Margairaz 2016; Helleiner 1998), as well as that of the international diffusion of norms and structures (Krampf 2013; Marcussen 2005; Polillo and Guillén 2005). They are inserted and act in national and historical contexts, but they also share common functions (control of credit and money supply, banking and payment system supervision, reserve management, monetisation of budget deficit, collection and publication of data, etc.), objectives (price stability, macroeconomic and financial consistency), instruments (interest rates, open market operations, cash reserve ratio or other requirements and tools) and norms. Equipped with monopoly privileges such as issuing notes and acting as the final authority on monetary policy decisions, these institutions coordinate, in varying degrees, with governments. They also cooperate with each other as well as with regional, international and supranational decision-makers, some of which-such as the International Monetary Fund (IMF) and the Bank for International Settlements (BIS)-monitor and engage in policy coordination (Borio et al. 2008; Eichengreen et al. 2018; Toniolo 2005). In fact, in addition to being national policy-makers, central bankers have acquired a major role in the contemporary world economy and a central position in global governance (Baker 2006; Hall 2008). In comparison with other sectors of public policy, monetary decisions are, in general, clearly identified and highly formalised. Furthermore, they are characterised by a very high degree of centralisation of decision power in the hands of a few

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“…51 In a nutshell, as an organ (the 43 ECB) and as a function (as central banking), the ECB co-determines the political direction of the Eurozone. 52 In constitutional parlance, this means that the ECB performs a governing function. 53 As such, its status as a materially constitutional organ ought to be recognized and its political salience too.…”

Section: The Role Of the European Central Bank In The Euro Governancementioning

confidence: 99%

The Limits of Legal Accountability of the European Central Bank

Goldoni

2016

SSRN Journal

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The research for this article has been generously supported by subsidies for long-term conceptual development of the Institute of State and Law of the Academy of Sciences of the Czech Republic, v.v.i. (RVO: 68378122). 1 The Lisbon Treaty is the most recent rationalisation of the treaties that make up the European Union. European integration has been marked by a number of different treaties, which have been reduced to two. Unlike the previous structure of the Union, both treaties refer to the same legal subject. The "division into two European Treaties follows a functional criterion. While the (new) Treaty on the European Union contains the general provisions defining the Union, the Treaty on the Functioning of the European Union spells out specific provisions with regard to the Union institutions and politicies." ROBERT SCHÜTZE, EUROPEAN UNION LAW 37 (2015). For the sake of clarity, two points ought to be mentioned at the outset of this article: first, sometimes this article references the EC Treaty, which preceded the Lisbon Treaty. This is the case because some institutions and rules were already created by that Treaty. Second, other treaties have been recently approved in the wake of the Euro crisis, such as the European Stability Mechanism and the so-called Fiscal Compact. Neither are part of EU law, but they do apply to European institutions in certain circumstances.

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The Crisis Response in Europe's Economic and Monetary Union: Overview of Legal Developments

Cited by 3 publications

References 2 publications

National central banks in EMU: time for revision?

National central banks in EMU: time for revision?

Central Bankers as a Sociological Object: Stakes, Problems and Possible Solutions

The Limits of Legal Accountability of the European Central Bank

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