The Courts and the Crisis
The Courts and the Crisis
The sovereign debt crisis has caused significant changes in the architecture of EMU and its constitutional underpinnings, and it has unleashed a broad debate on the future of European integration. This chapter analyses the different ways in which both the Court of Justice of the EU (CJEU) and certain national courts have been involved in the review of post-crisis legal developments. Despite the significance of these developments, both EU and national courts have shown deference to the political process, to varying degrees. This degree of restraint is both problematic and hardly surprising, and it comes as a response to a different set of challenges in each category of cases. The chapter critically analyses the role played by the CJEU and national courts so far, and provides an overview of the challenges ahead.
Keywords: CJEU, national constitutional courts, austerity measures, ESM Treaty, Pringle, German Constitutional Court, MoU, OMT
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