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The Pursuit of Stability of the Euro Area as a Whole

The Reform of the European Economic Union and Perspectives of Fiscal Integration

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  • © 2020

Overview

Authors:
  1. Luca Lionello

    1. Faculty of Political and Social Sciences, Catholic University, Milan, Italy

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  • Represents the first analysis of the objective of the “stability of the euro area as a whole” in Article 136(3) TFEU
  • Contributes to the ongoing debate on the reform of the eurozone by identifying the different proposals advanced to date and analysing the legal challenges for their implementation
  • Takes into consideration the most relevant contributions of the academic doctrine published in English, German, French and Italian

Part of the book series: Studies in European Economic Law and Regulation (SEELR, volume 18)

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Table of contents (6 chapters)

  1. Front Matter

    Pages i-xv
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  2. General Introduction

    • Luca Lionello
    Pages 1-9

  3. The Objective of Stability of the Euro Area as a Whole

    • Luca Lionello
    Pages 11-62

  4. The Instruments Available to Achieve Stability in the Euro Area: The Current Functioning of the Economic Governance

    • Luca Lionello
    Pages 63-94

  5. Longstanding Sources of Instability: The Current Deficits of the Economic Union

    • Luca Lionello
    Pages 95-160

  6. Completing the Economic Union: The Different Paths Towards Stability

    • Luca Lionello
    Pages 161-234

  7. Conclusions

    • Luca Lionello
    Pages 235-240

  8. Back Matter

    Pages 241-243
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Keywords

About this book

This book analyses the ongoing reform of the European economic union in the light of the new objective of ‘stability of the euro area as a whole’ in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.


Authors and Affiliations

  • Faculty of Political and Social Sciences, Catholic University, Milan, Italy

    Luca Lionello

About the author

Dr. Luca Lionello, Catholic University of Milan, Milan, Italy

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