The European Financial Crisis: Constitutional Aspects and Implications

  title={The European Financial Crisis: Constitutional Aspects and Implications},
  author={K. Tuori},
  journal={Macroeconomics: Monetary \& Fiscal Policies eJournal},
  • K. Tuori
  • Published 2012
  • Economics
  • Macroeconomics: Monetary & Fiscal Policies eJournal
With its provisions on the EMU, the Maastricht Treaty introduced a new, ’macroeconomic’ layer into the European economic constitution. The Maastricht layer of the European economic constitution was based on the following principles: exclusive competence of the EU in monetary policy in the euro area; price stability as the primary objective of Europeanized monetary policy; independence of the ECB and national central banks; Member State sovereignty in fiscal and economic policy with the Union… Expand