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Series Editors’ Preface page xvii
Foreword by the Supervisors xix
Acknowledgments xxi
Table of Cases xiv
List of Abbreviations xxx
Introduction 1
1 Solidarity in Times of Crisis: COVID-19 and
Postpandemic Recovery 1
2 A Decade of Crises and the Transformation of EU
Economic Governance 2
3 The New Economic Governance of the Eurozone:
A System in Need of Constitutional Enquiry:
Fundamentals of the Book 6
4 The Rule of Law as an Analytical Benchmark:
Some Theoretical Underpinnings 9
4.1 What Rule of Law? A Teleological and
Contextual Approach to the Rule of Law 10
4.2 A “Rule of Law” Checklist for Postcrisis
Economic Governance in the Eurozone 18
4.3 The “Rule of Law” Credentials of EU
Economic Governance in the Postcrisis
Era: Looking for Gaps and Ways to Bridge
Them 21
5 Structure of the Book 22


Part I The New Economic Governance of the Eurozone:
A Descriptive and Conceptual Account
1 The New Economic Governance of the Eurozone:
Structure and Functioning 27
1.1 A Necessary Prerequisite: A Brief Overview of EU
Economic Governance in the Precrisis Era 27
1.1.1 The Economic Pillar of the EMU: Design
Choices in Maastricht 27
1.1.2 The Economic Pillar of the EMU: Initial
Architecture and Precrisis Developments 33
1.2 The Profound Overhaul of Budgetary Governance
in the Eurozone 41
1.2.1 A Stricter and More Comprehensive
Regulatory Regime: The New Fiscal
Discipline of the Eurozone 43
1.2.2 The Deepening of the Surveillance Paradigm 49
1.3 The Broadening of Economic Coordination: The
Macroeconomic Imbalance Procedure 58
1.3.1 The Macroeconomic Imbalance Procedure:
Founding Philosophy and Basic Tenets 59
1.3.2 The Preventive Arm of the Macroeconomic
Imbalance Procedure 60
1.3.3 The Corrective Arm of the Macroeconomic
Imbalance Procedure: The Excessive
Imbalance Procedure 62
1.4 Streamlining and Rationalizing Economic
Coordination: A Single Procedural
Framework – The European Semester 64
1.4.1 The European Semester: Rationale and
Structural Elements 64
1.4.2 The European Semester Timeline 66
1.4.3 The European Semester: Longevity
through Flexibility 71
1.4.4 The Institutional Dynamics of the
European Semester 73
1.5 New Compliance-Inducing Mechanisms for EU
Economic Governance 77
1.5.1 Smarter Sanction Regimes: Continuing the
Punitive Logic 78
1.5.2 Developing Positive Incentives: “Carrots
Instead of Sticks” and the Rise of the
Conditionality Logic 82
1.5.3 National Ownership and Decentralized
Pressure towards Compliance 94
Conclusion to Chapter 1 94
2 Postcrisis Economic Policy Coordination in the
Eurozone: A Conceptual Appraisal from the
Governance Perspective 96
2.1 A Preliminary: The Rationale for Economic
Coordination within the EMU 97
2.2 The Precrisis Coordination Pattern 99
2.3 The Postcrisis Coordination Pattern 107
2.3.1 Economic Governance in the Postcrisis
Era: Two Key Trends 107
2.3.2 Postcrisis Economic Policy Coordination in
the Eurozone: Founding Pattern and Key
Features 116
Conclusion to Chapter 2 140
Part II The New Economic Governance of the Eurozone:
A Rule of Law Analysis
3 The New Economic Governance of the Eurozone
and the Competence Allocation System of the EU 145
3.1 Economic Policy in the EU Competences
Constellation: A View from the Treaties 146
3.1.1 Primary Law and Economic Policy 146
3.1.2 Delineating the Union Competence for
Economic Policy 148
3.2 EU Economic Policy after the Eurocrisis: Within
the Bounds or Ultra Vires? 153
3.2.1 Reforming Economic Governance through
Articles 121(6) and 126(14) TFEU 153
3.2.2 The Emergence of a Eurozone-Specific
Regime via Article 136 TFEU 155
3.2.3 Strengthening Economic Governance
through International Law 159
3.2.4 Economic Policy Reforms and the Eurocrisis:
Within the Bounds or Ultra Vires? 153
3.3 Further Deepening the Economic Pillar: Any
Remaining Margin of Manoeuvre under the
Current Treaty Structure? The Lessons of
COVID-19 161
3.3.1 Towards the Outer Edge of Constitutional
Feasibility? 161
3.3.2 Exploring New Constitutional Spaces: The
Fiscal and Economic Response to COVID-19 163
Conclusion to Chapter 3 167
4 The Internal Quality of the New Economic
Governance of the Eurozone: The Case of Fiscal
Policy Rules 170
4.1 Introduction 170
4.2 The Economic Pillar of the EMU, the Rules-Based
Paradigm and its Confirmation in the Aftermath
of the Eurocrisis 171
4.3 An Assessment of the Internal Quality of
Postcrisis Budgetary Discipline in the Eurozone 174
4.3.1 Internal Quality as a Constitutional
Benchmark 174
4.3.2 The Eurozone’s Fiscal Rulebook in the
Postcrisis Era: A Qualitative Assessment 177
4.3.3 The Internal Morality of Budgetary
Discipline in the Postcrisis Era: A Few
Intermediate Conclusions 196
4.4 Which Way Forward? Suggestions to
“Remoralize” Fiscal Discipline in the Eurozone 198
4.4.1 Action on the Rules 202
4.4.2 Institutional Reorganization: Rethinking
the Position of the Commission 205
4.5 As a Conclusion: The Urgency of a Refined
Approach to the Rules-Based Paradigm 208
5 The New Economic Governance of the
Eurozone and the (Im)Possibilities of External
Review 212
5.1 Avenues for Judicial Review: The Road to
Luxembourg 215
5.1.1 Introductory Elements 215
5.1.2 Access to the Court of Justice: Passing the
Hurdle of Admissibility 217
5.1.3 Judicial Review of EU Standard Economic
and Fiscal Governance: What Type of
Scrutiny? 246
5.2 Other Avenues for External Review 264
5.2.1 The European Court of Auditors 264
5.2.2 The European Ombudsman 267
5.2.3 The European Union Fundamental Rights
Agency 269
5.2.4 The European Fiscal Board 272
5.3 Legal Accountability, External Review and
Standard Economic Governance: Lifting the
Constitutional Uncertainty 275
6 The New Economic Governance of the Eurozone
and the Sustainability of EU Fundamental
Rights 279
6.1 A Preliminary: Fundamental Rights Protection
and the Rule of Law in the EU 279
6.2 The EU Fundamental Rights Regime and the New
Economic Governance of the Eurozone: General
Observations 280
6.2.1 The Applicability of EU Fundamental
Rights Law in the Context of Eurozone
Standard Economic Governance 281
6.2.2 The EU Fundamental Rights Regime, the
“Rights v. Principles” Distinction and the
Painful Relevance of Social Rights 294
6.3 The Sustainability of EU Fundamental Rights
under the New Economic Governance of the
Eurozone: The Role of Decisionmakers 296
6.3.1 The Internalization of Fundamental Rights
by Policymakers: General Considerations 297


6.3.2 Fundamental Rights Mainstreaming and
Eurozone Economic Governance: An
Assessment 299
6.4 The Sustainability of EU Fundamental Rights
under the New Economic Governance of the
Eurozone: The Role of External Reviewers 321
6.4.1 The Role of the European Court of Justice 321
6.4.2 The Role of the Fundamental Rights Agency 335
6.5 Fundamental Rights under the New Economic
Governance of the Eurozone: An Assessment 335
Conclusion: The Rule of Law, the Role of Law and
Economic Governance in the Eurozone 338
1 The Intrinsic Value of a “Rule of Law”-Based
Analysis of Eurozone Economic Governance 338
1.1 The Rule of Law and Economic Governance
in the Pre-Crisis Era: Two Separate Worlds 338
1.2 The Continued Distinctiveness of
Economic Governance 339
1.3 Beyond the Distinctiveness: Making the
Worlds of the Rule of Law and Economic
Governance Meet 345
2 A Constitutional Assessment of Eurozone
Economic Governance through the Rule of Law:
Drawing the Lines Together 347
2.1 Criteria-Specific Findings 348
2.2 The New Economic Governance of the
Eurozone: a Nonarbitrary and TrustGenerating System? 351
2.3 The New Economic Governance of the
Eurozone and the Rule of Law: A Structural
Misalignment 353
3 Consolidating the Constitutional Settlement of
Eurozone Economic Governance: Shortterm and
Longterm Avenues for Change 353
Bibliography 358
Index 385

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The new economic governance of the Eurozone : a rule of law analysis 이용현황 표 - 등록번호, 청구기호, 권별정보, 자료실, 이용여부로 구성 되어있습니다.
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알라딘제공
The Eurozone and the European Union have recently been confronted with a number of existential threats. The sovereign debt crisis and the COVID-19 pandemic have forced European decisionmakers to pass important reforms which have radically transformed the nature and scope of the Union's powers in the field of economic and fiscal policy. As the new economic governance of the Eurozone emerges as the main driver of integration in today's Europe, this book seeks to assess the solidity of the constitutional foundations supporting that system, and its compliance with the Union's core founding value: the rule of law. Using competence allocation, regulatory quality, access to external review and fundamental rights sustainability as analytical benchmarks, this book argues that the recent metamorphosis of Eurozone economic governance has not been accompanied by a parallel strengthening of its constitutional settlement, leading to a problematic misalignment between the Union's action and its governing principles.