This book looks at accountability in the field of Economic and Monetary Union, including the Banking Union. It looks at the emergence of a new constitutional and governance architecture in the Eurozone, following the measures that were adopted in response to the crisis. It shows how the rules and institutions that were put in place in response to the financial and public debt crisis affect not only the economies of the Member States but also the lives of European citizens. It makes the case for instilling more democratic legitimacy into the Economic and Monetary Union and examines the impact o ... More

This book looks at accountability in the field of Economic and Monetary Union, including the Banking Union. It looks at the emergence of a new constitutional and governance architecture in the Eurozone, following the measures that were adopted in response to the crisis. It shows how the rules and institutions that were put in place in response to the financial and public debt crisis affect not only the economies of the Member States but also the lives of European citizens. It makes the case for instilling more democratic legitimacy into the Economic and Monetary Union and examines the impact of the new EU economic governance framework on the horizontal and vertical distribution of power in the EU and the Member States. The key question is: what is the appropriate level, type, and degree of accountability and transparency that should be involved in the development of the EU’s governance structures in the areas of fiscal/economic governance and the Banking Union? The book evaluates the powers conferred on the European and national parliaments in the fields of economic governance, monetary policy, and banking supervision/resolution, as well as the European Parliament’s input into the crisis-induced measures. It further looks at access to EU courts, the available remedies, and the role of the EU and national courts in reviewing economic and monetary policy measures. Finally, it sets out the author’s own proposals regarding the reforms needed to strengthen the Eurozone, as well as transparency, accountability, and—more broadly—legitimacy in the Economic and Monetary Union.