Reference : The European Central Bank and the European Macroeconomic Constitution - From Ensuring...
Books : Book published as author, translator, etc.
Law, criminology & political science : European & international law
Law / European Law
The European Central Bank and the European Macroeconomic Constitution - From Ensuring Stability to Fighting Crises
Tuori, Klaus mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Department of Law (DL) >]
Cambridge University Press
Cambridge Studies in European Law and Policy
301 + 33
United Kingdom
[en] monetary policy ; economic constitution ; monetary policy transmission ; judicial review ; economic theory ; European Central Bank ; ECB ; quantitative easing ; financial crisis
[en] The book is about money, central banking and constitutions. It explains how the European Central Bank was established to ensure stability and prosperity for the euro area. The ECB was guided and controlled by a coherent European Macroeconomic Constitution. However, this model has failed during recurring crises, and the ECB has started to act as the euro area fire brigade. Consequently, it is pushing the boundaries of monetary policy, and with that challenging the accountability mechanisms and fundamentally also the democratic legitimacy of the EMU. The book sheds light on this complex economic-constitutional setting with a view on the future. The imbalance between various new operations and a single price stability objective is difficult to remedy. New objectives of financial stability, economic adjustment and environmental sustainability can cause fundamental ruptures between the ECB's formal role and its actions, and they also dangerously overburden monetary policy moving forward with substantial risks.
Researchers ; Professionals ; Students ; General public

File(s) associated to this reference

Fulltext file(s):

Limited access
9781108488747book-1.pdfAuthor postprint2.59 MBRequest a copy

Bookmark and Share SFX Query

All documents in ORBilu are protected by a user license.