Accountability In The Economic And Monetary Union

Following the financial and public debt crisis, the EU's Economic and Monetary Union (EMU) has been under intense political scrutiny. The measures adopted in response to the crisis have granted additional powers to the EU (and national) authorities, the exercise of which can have massive implications for the economies of the Member States, financial institutions and, of course, citizens. The following questions arise: how can we hold accountable those institutions that are exercising power at the national and EU level? What is the appropriate level, type and degree of accountability and transparency that should be involved in the development of the EU's governance structures in the areas of fiscal and economic governance and the Banking Union? What is the role of parliaments and courts in holding those institutions accountable for the exercise of their duties? Is the revised EMU framework democratically legitimate? How can we bridge the gap between the citizens - and the institutions that represent them - and those institutions that are making these important decisions in the field of economic and monetary policy? This book principally examines the mechanisms for political and legal accountability in the EMU and the Banking Union. It examines the implications that the reforms of EU economic governance have had for the locus and strength of executive power in the Union, as well as the role of parliaments (and other political fora) and courts in holding the institutions acting in this area accountable for the exercise of their tasks. It further sets out several proposals regarding transparency, accountability, and legitimacy in the EMU.

"The European Union's response to the financial crisis was designed in a way that prevented EU citizens from holding decision-makers accountable. This book reimagines legal accountability by focusing on the citizen, who should be at the centre of the common interest in the EU, with solidarity and equality as guiding principles"--

Following the financial and public debt crisis, the EU's Economic and Monetary Union (EMU) has been under intense political scrutiny. The measures adopted in response to the crisis have granted additional powers to the EU (and national) authorities, the exercise of which can have massive implications for the economies of the Member States, financial institutions and, of course, citizens. The following questions arise: how can we hold accountable those institutions that are exercising power at the national and EU level? What is the appropriate level, type and degree of accountability and transparency that should be involved in the development of the EU's governance structures in the areas of fiscal and economic governance and the Banking Union? What is the role of parliaments and courts in holding those institutions accountable for the exercise of their duties? Is the revised EMU framework democratically legitimate? How can we bridge the gap between the citizens - and the institutions that represent them - and those institutions that are making these important decisions in the field of economic and monetary policy? This book principally examines the mechanisms for political and legal accountability in the EMU and the Banking Union. It examines the implications that the reforms of EU economic governance have had for the locus and strength of executive power in the Union, as well as the role of parliaments (and other political fora) and courts in holding the institutions acting in this area accountable for the exercise of their tasks. It further sets out several proposals regarding transparency, accountability, and legitimacy in the EMU.

Seminar paper from the year 2005 in the subject Politics - International Politics - Topic: European Union, grade: 2,0, Otto-von-Guericke-University Magdeburg (Political Sience), course: European Institutions, Decisions, Structures, 11 entries in the bibliography, language: English, abstract: For the purpose of the curse this paper will give a brief overview about the historical development of the European Central Bank and the predecessor institutions of the European Monetary Union. Therefore the author will select certain points in the path to the monetary Union in order to give a slight insight in the developments behind this powerful European institution. A short outline of the chapter will also be provided in the beginning of it. After the author has examined the chosen parts of the historical background with the conclusion that the integration process of the European Monetary Union is somehow exemplary for the integration movement in Europe itself, he will go over to the examination of the monetary strategy carried trough by the central bank. Again this investigation will have an introductionary character which also spears out the claim to be complete in the editing of the subject of matter. This section about the strategy of the central bank will shortly comprehensively explain the two pillar strategy and its advantages for the agents concerned. Followed from a section about transparency and accountability which will be introduced with some opening remarks as well, the paper will conclude with a revision of the applied arguments of the text and drawn upon this a short closing comment to the read paper. The paper will provide the reader with a basic knowledge about the development of the European Central Bank and additionally with some arguments which could be helpful in the discussion of the just mentioned subject.

1.Introduccition -- 2.What es Monetary Union? -- 3.Conceiving Monetary Union, 1957-86 -- 4.Bargaining Monetary Union, 1988-91 -- 5.Implementing Monetary Union, 1991-98 -- 6.The Economics of the Maastricht Treaty -- 7.The Economics of the Transition -- 8.Monetary Policy -- 9.Fiscal Policy -- 10.The Euro as a Global Currency -- 11.EMU and the Single Market for Financial Services -- 12.Executive Power under Monetary Union 1: the European Central Bank -- 13.Executive Power under Monetary Union 2: the European Council, Council of Ministers and Commission -- 14.Representation and Accountability under Monetary Union -- 15.The Place of Monetary Union in European Integration.

Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.

An authoritative reference work on the legal framework of European economic and monetary union, this book comprehensively analyses the legal foundations, institutions, and substantive legal issues in EU monetary integration.