The European Central Bank and the European Macroeconomic Constitution Book contents
- The European Central Bank and the European Macroeconomic Constitution
- Cambridge Studies in European Law and Policy
- The European Central Bank and the European Macroeconomic Constitution
- Copyright page
- Contents
- Figures
- Series Editors’ Preface
- Preface and Acknowledgements
- Abbreviations
- 1 Introduction: A Supranational Central Bank as a Subject
- Part I The ECB as the Central Bank of the European Macroeconomic Constitution
- 2 The Three Foundations of the EMU
- 3 The Principles of the European Macroeconomic Constitution
- 4 ECB Organisation, Monetary Policy Strategy and Operational Framework
- Part II Crises, ECB Measures and the Macroeconomic Constitution
- Part III The ECB from a Central Bank of Stability to a Central Bank of Crisis
- Bibliography
- Index
2 - The Three Foundations of the EMU
from Part I - The ECB as the Central Bank of the European Macroeconomic Constitution
Published online by Cambridge University Press: 15 September 2022
- The European Central Bank and the European Macroeconomic Constitution
- Cambridge Studies in European Law and Policy
- The European Central Bank and the European Macroeconomic Constitution
- Copyright page
- Contents
- Figures
- Series Editors’ Preface
- Preface and Acknowledgements
- Abbreviations
- 1 Introduction: A Supranational Central Bank as a Subject
- Part I The ECB as the Central Bank of the European Macroeconomic Constitution
- 2 The Three Foundations of the EMU
- 3 The Principles of the European Macroeconomic Constitution
- 4 ECB Organisation, Monetary Policy Strategy and Operational Framework
- Part II Crises, ECB Measures and the Macroeconomic Constitution
- Part III The ECB from a Central Bank of Stability to a Central Bank of Crisis
- Bibliography
- Index
Summary
The chapter analyses the three foundations of the new EU framework for macroeconomic governance, the European Macroeconomic Constitution. The provisions of the Maastricht Treaty stem from a rich background that informs about the content of the provisions and how they were assumed to lead to a successful monetary union. First, the economic constitutional thinking, originally by the German ordoliberal can be considered the philosophical foundation that informs how and why constitutional law addresses economic issues, particularly the monetary order. Second, longer evolution in central banking on one side and development in macroeconomic and monetary theory on the other side form the economic foundation. It informs about the assumption and content of various economic concepts and particularly about the 1990s broad consensus on central banking economics. Third, the institutional foundation is built on the institutional, legal and political development of the Community towards the establishment of the EMU. In the early 1990s, these three foundations happened to meet at the same intellectual crossroads that made EMU possible.
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- The European Central Bank and the European Macroeconomic ConstitutionFrom Ensuring Stability to Fighting Crises, pp. 15 - 68Publisher: Cambridge University PressPrint publication year: 2022