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The Euro Area Crisis in Constitutional Perspective$
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Alicia Hinarejos

Print publication date: 2015

Print ISBN-13: 9780198714958

Published to Oxford Scholarship Online: August 2015

DOI: 10.1093/acprof:oso/9780198714958.001.0001

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The Future of EMU

The Future of EMU

Constitutional Obstacles

(p.155) 9 The Future of EMU
The Euro Area Crisis in Constitutional Perspective

Alicia Hinarejos

Oxford University Press

This chapter provides an analysis of the main constitutional obstacles to further fiscal and economic integration within the current constitutional settlement: the implications for the vertical allocation of competences within the EU, the lack of democratic legitimacy and financial solidarity, the concerns of national constitutional courts regarding the constitutional identity of the state, and the difficulties of reconciling a more integrated core of euro states with the larger Union. These obstacles are not new or hypothetical; the EU and the Member States have already had to contend with them, to a limited degree, when addressing the crisis. Crucially, however, the chapter argues that these obstacles will loom larger the more the Union attempts to approximate a full economic and fiscal union without a full political union.

Keywords:   constitutional obstacles, fiscal union, economic and fiscal union, fiscal and economic integration, democratic legitimacy, financial solidarity, national constitutional courts, constitutional identity, vertical allocation of competences

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