In late 2017, the European Commission proposed establishing a European finance minister in order to better coordinate fiscal and economic policies in Europe’s Economic and Monetary Union (EMU). The proposal was part of a broader EMU reform package. This article argues that creating such a new economic policy authority would be path-breaking for EMU. It would go against the spirit of the Maastricht Treaty, which unambiguously dismissed the constitution of a centralized economic policy and, instead, enshrined a rules-based coordination system in EU primary law. We claim that the creation of a new institutional actor responsible for EMU economic policy implies a reshuffle of roles and functions that will affect the institutional balance laid out in the treaties. Therefore, such a significant reform should find its legal basis in EU primary law and requires Treaty revision. In the absence of Treaty underpinning, the creation of a finance minister would risk further undermining the legitimacy of the Union by conferring a semblance of democratic spirit to a fundamentally technocratic reform.

The European finance minister and the EMU reform conundrum / Patrin M.; Schlosser P.. - In: CAPITAL MARKETS LAW JOURNAL. - ISSN 1750-7219. - ELETTRONICO. - 14:(2019), pp. 274-291. [10.1093/cmlj/kmz004]

The European finance minister and the EMU reform conundrum

Patrin M.;
2019

Abstract

In late 2017, the European Commission proposed establishing a European finance minister in order to better coordinate fiscal and economic policies in Europe’s Economic and Monetary Union (EMU). The proposal was part of a broader EMU reform package. This article argues that creating such a new economic policy authority would be path-breaking for EMU. It would go against the spirit of the Maastricht Treaty, which unambiguously dismissed the constitution of a centralized economic policy and, instead, enshrined a rules-based coordination system in EU primary law. We claim that the creation of a new institutional actor responsible for EMU economic policy implies a reshuffle of roles and functions that will affect the institutional balance laid out in the treaties. Therefore, such a significant reform should find its legal basis in EU primary law and requires Treaty revision. In the absence of Treaty underpinning, the creation of a finance minister would risk further undermining the legitimacy of the Union by conferring a semblance of democratic spirit to a fundamentally technocratic reform.
2019
14
274
291
Patrin M.; Schlosser P.
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Utilizza questo identificatore per citare o creare un link a questa risorsa: https://hdl.handle.net/2158/1348703
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