Financial Stability; Social rights; Economic and Monetary Union; Post-crisis economic governance; European integration; Overriding objectiv
Résumé :
[en] In this chapter, we argue that the concern for financial stability led to a drastic change in European
integration, as from 2010 onwards it became an overriding objective not only for the EMU but indeed for
the whole EU. Initially a political concept lacking clear legal definition, financial stability gradually made its
way into the EU legal order, starting with appearances in international law treaties such as the Treaty on
Stability, Convergence and Governance in the EMU (TSCG) and the European Stability Mechanism (ESM)
Treaty. In a second step, it found its way to EU primary law through the new Article 136(3) TFEU until it was
fully entrenched into the EU legal order through the CJEU case law.
Because it is such a versatile concept, financial stability has justified very different measures to address
financial and sovereign debt crises, ranging from innovative monetary policy programs and new financial
assistance mechanisms for Member states in distress to reinforced central control over national budgets
within the context of the European Semester. When approached together, these measures yield a
framework that is generally inconsistent and can only be coherently reconstructed if financial stability is
considered the keystone. Moreover, the overriding nature of the financial stability objective could create
significant problems when other aims and objectives run counter to it – something that is likely to happen.
In particular, firmly anchoring the objective of financial stability may pose major challenges for the
advancement of social rights protections.
Disciplines :
Droit européen & international
Auteur, co-auteur :
TUORI, Klaus ; University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Department of Law (DL)
Losada, Fernando; University of Helsinki
Co-auteurs externes :
yes
Langue du document :
Anglais
Titre :
The emergence of the new over-riding objective of financial stability
Date de publication/diffusion :
octobre 2022
Titre de l'ouvrage principal :
Social Rights and the European Monetary Union Challenges Ahead
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