Since the economic crisis unfolded in 2008, the European Union economic governance framework has been profoundly transformed from a legal perspective. The EU has adopted new tools, institutions and rules to tackle the changes and is arguably better prepared to combat any future crises. This book analyses the basic legal framework of EU economic governance and considers the economic underpinnings which underlie legal institutions in this area. It uses analytical dialectics as a method of analysis and the paradigm of 'law as credibility' as the main model through which the substantive parts of EU economic governance are accounted for. Important issues such as access, exit and expulsion from the euro, the independence of the European Central Bank, the Stability and Growth Pact, bail-outs to member states, and the EU's economic strategy are addressed in a clear, critical and innovative way.
Antonio Estella is Associate Professor of Administrative Law and holds a Jean Monnet Chair 'ad personam' of Law and European Economic Governance at the University Carlos III of Madrid (Spain). He was a Jean Monnet Professor of European Union Law from 2006 to 2010. He completed his Ph.D. at the European University Institute, Florence (1997). He has a Master's Degree in European Community Law from the Universite libre de Bruxelles, Belgium (1992) and graduated in Law at the Autonomous University of Madrid, Spain, in 1991. Estella has been a Visiting Fellow at University of California, Berkeley (1999), at Princeton University (2012) and at the University of Oxford (Institute of European and Comparative Law, 2014-15). He was elected Senior Member of St Antony's College, University of Oxford in June 2014.
1. Analytical dialectics, rationality, trust; 2. Law as credibility: basic traits; 3. The eurozone: access, exit and expel - revisited; 4. The ECB and the European monetary policy; 5. The European framework of financial regulation and supervision: towards a banking union; 6. The stability and growth pact before the crisis; 7. The stability and growth pact under the crisis - and beyond; 8. European Union bail-outs (I): general aspects; 9. European Union bail-outs (II): bail-outs to member states and MOUS; 10. The European Union economic strategy.