The ways in which Europe’s economy and the Eurozone are governed have changed fundamentally over the course of the Eurozone crisis. The resulting constitutional constellation is nothing less than a deep transformation of the European project. Christian Joerges, Professor of Law and Society at the Hertie School of Governance in Berlin, looks at how the project of a European economic constitution has been abandoned, and instead replaced by entirely new modes of European economic governance.
The transformation of European economic and political governance patterns (the EU’s constitutional constellation) occurred step by step through what the European University Institute in Florence has named the ‘Euro Crisis Law‘. The German court had asked whether the European Central Bank had overstepped its monetary policy competence with the Outright Monetary Transactions programme (OMT), and interfered with the powers of the Member States in the sphere of economic policy. On 16 June 2015, the Court of Justice of the EU (CJEU) found the ECB’s programme to be legal. Continue reading