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Continuity and Change in EU LawEssays in Honour of Sir Francis Jacobs$
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Anthony Arnull, Piet Eeckhout, and Takis Tridimas

Print publication date: 2008

Print ISBN-13: 9780199219032

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199219032.001.0001

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The Evolution of Economic and Monetary Union – Some Legal Issues

The Evolution of Economic and Monetary Union – Some Legal Issues

(p.297) 17 The Evolution of Economic and Monetary Union – Some Legal Issues
Continuity and Change in EU Law

Ja Usher

Oxford University Press

This chapter discusses legal aspects of the Economic and Monetary Union (EMU). Topics covered include EMU and capital movements, EMU and differentiated integration, monetary policy, and economic union. The EMU shows that there can be exclusive Community competence in relation to a group of Member States rather than the Community as a whole, and it also shows that rules relating to the group have been extended to the Community as a whole through the use of Article 308. It has created a new institutional structure, with an apparently enormous degree of independence, which has been tempered by a judgment of the ECJ. In the context of economic policy, it has created new enforcement machinery, based on what some would regard as a rather arbitrary choice of figures for government debt and deficits.

Keywords:   EMU, capital movements, differentiated integration, monetary policy, economic union, Article 308

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