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EN
The article presents selected concepts related to integration of government debt of Economic and Monetary Union (EMU) member states by issuing common bonds. In order to evaluate the possible implementation and value of eurozone bonds, the author applies two methods. The first one is cost and benefits analysis (CBA), the second is simulations based on historical data on government debt sourced from Eurostat. Next, the author discusses solutions already implemented and prospects for changes.
EN
The article contains an analysis of the jurisprudence of German Federal Constitutional Court and the European Court of Justice judgment in the Pringle case (C-370/12). First of all, they examined consistency with EU law of the Treaty establishing the European Stability Mechanism and the Treaty on Stability, Coordination and Governance in Economic and Monetary Union (Fiscal Compact), both adopted beyond the institutional legal framework of the European Union. The analysis of this jurisprudence unequivocally reveals that the said treaties do not violate EU law, nor do they involve a conferral of new competences on the European Union by its member states. Secondly, this analysis shows that the case-law (particularly, the judgment of the European Court of Justice) legitimizes, to an extent, the so-call Schengen method, setting — at the same time — the legal framework for future inter-governmental measures to be taken for consolidation of the Eurozone. From the above-mentioned case-law it follows that the procedure used in Poland for approval of the decision of the European Council (2011/199/EU) and for ratifi cation of the Fiscal Compact was reasonable. That procedure may be applied in the future for ratifi cation of the Treaty establishing the European Stability Mechanism.
Human Affairs
|
2013
|
vol. 23
|
issue 3
429-442
EN
The economic and debt crisis threaten many eurozone countries and the very existence of the common currency, the euro. The crisis has meant that some special mechanisms have had to be created (EFSF, ESM) and the introduction of special procedures in heavily indebted countries. The deepening of the crisis and the economic recession in the euro area have resulted in the growth of nationalism and anti-European sentiments in EU member states. Resolving the crisis, however, requires further convergence of the eurozone countries, the formation of a fiscal union and a banking union. At the same time, the crisis has shown that the grand theories of European integration, neo-functionalism and liberal intergovernmentalism, have failed to provide answers to the questions raised by the crisis, and this has led to the growing importance of social constructivism.
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