The principles of the European macroeconomic constitution, their fate during the crisis and its impact on the legitimacy of the ECB

This chapter explores the interaction between the two layers of the economic constitution, the microeconomic constitution and the macroeconomic constitution, during and after the economic crisis. The author argues that the crisis has induced changes in the principles lying at bottom the architecture of the economic constitution, entrusting - de facto - wider powers to the EU institutions and to the ECB in particular, to allow an adequate response to the emergency. This has ultimately allowed the European Central Bank, during the crisis, to take decisions that can involve serious value judgements. This consequently raises some important constitutional questions concerning the ECB’s independence, as well as the fate of the rule of law, legitimacy and democratic accountability in the EMU constitutional architecture.