The Euro Area Crisis in Constitutional Perspective
Alicia Hinarejos
The euro area sovereign debt crisis has been the
greatest threat to the euro since its inception, but the consequences of the
crisis go well beyond the realm of macroeconomics: the crisis has cast doubt on
the viability of a mechanism of integration such as the one envisaged in
Economic and Monetary Union (EMU), and on the future of the European Union as a
political project in the face of citizens' growing disaffection. The various
responses to the crisis have not only altered the principles underlying EMU;
they have also had a profound impact on the constitutional orders of the EU and
its Member States.
This book focuses on the euro area crisis and its
aftermath from a constitutional perspective. It provides a critical analysis of
the workings and evolution of Economic and Monetary Union, the changes brought
by the crisis and their broader effects, and the constitutional obstacles to
integration in this area. Looking forward, it tackles the uncertain future of
economic and fiscal integration and the challenges posed. This is a compelling
and incisive account of some of the most significant developments and dilemmas
facing the European Union since its creation.
