The Law of the Economic and Monetary Union
Full course description
The Economic and Monetary Union represents the “pinnacle” of European integration. It is based on novel procedures of cooperation between the EU and the Member States, which may culminate in serious sanctions, and the establishment of the exclusive competence of the EU in the monetary field. The course examines in detail the primary and secondary law and landmark judgments on fiscal and monetary policies, the European Stability Mechanism, and the division of competences between EU institutions and Member States. An important aspect of the course is a critical assessment of the effectiveness of the rules and of institutional accountability. The course starts with an explanation of the reasons for and the consequences of monetary integration and the evolution towards monetary union. It then reviews the relevant legislation and institutional responsibilities on fiscal and monetary policies and, in particular, the role of the Council, the European Commission and the ECB. It assesses decision-making procedures on fiscal and monetary policies and identifies their strength and weaknesses. The course concludes with an analysis of the banking union, the Single Supervisory Mechanism and the Single Resolution Mechanism.
Course objectives
Goals:
- Students demonstrate a thorough understanding of Treaty provisions and secondary legislation on the EMU.
- Students can critically assess the decision-making procedures and institutional structures of the EMU.
- Students can evaluate the effectiveness of multiple reforms of the rules of the EMU during the past decade.
- Students can explain the reasons for functional independence and appraise with rigorous argumentation the accountability of the institutions responsible for fiscal and monetary policies.
- Students can analyse the main pleas raised in landmark judgments and identify their strengths and weaknesses.
Objectives:
- In-depth review of the evolution and reasons for the EMU.
- Detailed understanding of the legal and institutional framework of the EMU, including the roles and responsibilities of the various institutions and agencies.
- Critical evaluation of the rules and structures of the EMU and the banking union.
- Comprehensive analysis of the case law on Treaty provisions and secondary legislation on the EMU.
- Synthesis of past problems, recent solutions and remaining challenges facing the EMU.
Prerequisites
None
Recommended prior knowledge
Students should have a good knowledge of the institutions and decision-making process and the principles of EU law concerning free movement in the internal market and some knowledge of EU competition rules.
Recommended reading
Alberto Saravalle, An Introduction to the Law of Economic and Monetary Union, (Edward Elgar, 2021).
- P. Nicolaides