Topical and timely, this book offers an economically informed constitutional analysis on European responses to the crisis. It discusses the longer-term proposals on the table including rescue measures and stability mechanisms, as well as the tightening of European economic governance. The authors see the European constitution as a multidimensional and multi-temporal process of constitutionalisation. They examine how the crisis has catapulted the economic constitution back to the 'pacemaker' position from where it determines developments in the political and social dimensions. However, now the key role is not played by the constitution of 'microeconomics', focusing on free movement and competition law, but the constitution of 'macroeconomics', introduced in Maastricht.
Kaarlo Tuori is Professor of Jurisprudence and Academy Professor at the University of Helsinki. He is also Vice President of the Venice Commission of the Council of Europe and serves as a consulting expert on the Constitutional Law Committee at the Finnish Parliament. Klaus Tuori is a researcher of EU constitutional law at Helsinki University. He has worked extensively within the financial market sector, focusing on asset management and sovereign debt markets. Between 1997 and 2000, he worked as a monetary policy economist at the European Central Bank designing the framework of the common monetary policy.
Part I. Setting the Scene: 1. Introduction: framework of the analysis; 2. Two layers of the European economic constitution; 3. Towards the crisis: an economic narrative; 4. Responses to the crisis; Part II. Constitutional Mutation: 5. Constitutionality of European measures; 6. Realignment of the principles of the macroeconomic constitution; 7. Democracy and social rights; Part III. What Next?: 8. Initiatives on the table.