20. Free Movement of Capital and Economic and Monetary Union

2015 ◽  
Author(s):  
Paul Craig ◽  
Gráinne de Búrca
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
Monetary Union ◽  
European Central Bank ◽  
Legal Framework ◽  
Free Movement ◽  
Economic And Monetary Union ◽  
European Central ◽  
Free Movement Of Capital ◽  
Academic Debate

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter, focuses on the free movement of capital and economic and monetary union (EMU). It first considers the movement of capital, one of the four freedoms enshrined in the original Rome Treaty. It then discusses EMU and analyzes the movement towards EMU, and the Treaty provisions that set the legal framework for EMU. The chapter considers arguments for and against EMU and the position of the European Central Bank, concluding with an overview of the stresses and strains of EMU in the light of the banking and financial crisis.

21. Free Movement of Capital and Economic and Monetary Union

EU Law ◽  
2020 ◽  
pp. 783-808
Author(s):  
Paul Craig ◽  
Gráinne de Búrca
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
Monetary Union ◽  
European Central Bank ◽  
Legal Framework ◽  
Free Movement ◽  
Economic And Monetary Union ◽  
European Central ◽  
The Uk ◽  
Free Movement Of Capital

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing students with a stand-alone resource. This chapter, focuses on the free movement of capital and economic and monetary union (EMU). It first considers the movement of capital, one of the four freedoms enshrined in the original Rome Treaty. It then discusses EMU and analyzes the movement towards EMU, and the Treaty provisions that set the legal framework for EMU. The chapter considers arguments for and against EMU and the position of the European Central Bank, concluding with an overview of the stresses and strains of EMU in the light of the banking and financial crisis. The UK version contains a further section analysing issues concerning free movement of capital between the EU and the UK post-Brexit.

21. Free Movement of Capital and Economic and Monetary Union

EU Law ◽  
2020 ◽  
pp. 756-780
Author(s):  
Paul Craig ◽  
Gráinne de Búrca
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
Monetary Union ◽  
European Central Bank ◽  
Legal Framework ◽  
Free Movement ◽  
Economic And Monetary Union ◽  
European Central ◽  
The Uk ◽  
Free Movement Of Capital

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing students with a stand-alone resource. This chapter, focuses on the free movement of capital and economic and monetary union (EMU). It first considers the movement of capital, one of the four freedoms enshrined in the original Rome Treaty. It then discusses EMU and analyzes the movement towards EMU, and the Treaty provisions that set the legal framework for EMU. The chapter considers arguments for and against EMU and the position of the European Central Bank, concluding with an overview of the stresses and strains of EMU in the light of the banking and financial crisis. The UK version contains a further section analysing issues concerning free movement of capital between the EU and the UK post-Brexit.

Article 140 TFEU

2019 ◽  
Author(s):  
Leo Flynn
Keyword(s):  
Member State ◽  
Central Bank ◽  
Monetary Union ◽  
European Central Bank ◽  
Economic And Monetary Union ◽  
Member States ◽  
National Legislation ◽  
European Central ◽  
High Degree

Articles 121(1), 122(2), second sentence, and 123(5) EC At least once every two years, or at the request of a Member State with a derogation, the Commission and the European Central Bank shall report to the Council on the progress made by the Member States with a derogation in fulfilling their obligations regarding the achievement of economic and monetary union. These reports shall include an examination of the compatibility between the national legislation of each of these Member States, including the statutes of its national central bank, and Articles 130 and 131 and the Statute of the ESCB and of the ECB. The reports shall also examine the achievement of a high degree of sustainable convergence by reference to the fulfilment by each Member State.

Article 138 TFEU

2019 ◽  
Author(s):  
Leo Flynn
Keyword(s):  
Central Bank ◽  
Monetary Union ◽  
Financial Institutions ◽  
European Central Bank ◽  
International Monetary System ◽  
Economic And Monetary Union ◽  
International Financial Institutions ◽  
European Central ◽  
Monetary System

Article 111(4) EC In order to secure the euro’s place in the international monetary system, the Council, on a proposal from the Commission, shall adopt a decision establishing common positions on matters of particular interest for economic and monetary union within the competent international financial institutions and conferences. The Council shall act after consulting the European Central Bank.

scholarly journals Balancing independence with accountability: A third-metre waltz?

2019 ◽  
Vol 26 (1) ◽  
pp. 17-34 ◽  
Author(s):  
Christy Ann Petit
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
European Central Bank ◽  
Legal Framework ◽  
European Central ◽  
The Past ◽  
Accountability Practices ◽  
Economic And Financial Crisis

This article assesses the past and current balance of independence with accountability for the European Central Bank (ECB). The concept of accountability is adapted to the central bank context, notably with the contextualisation of ‘accountable independence’ in the early ECB’s inception. Different endogenous and exogenous determinants might influence such balance. If initially a communication-driven strategy embodied a somehow weak accountability regime, additional accountability practices – beyond the Treaty provisions – progressively readjusted the balance; yet, without guaranteeing to call and fully hold the ECB to account. The magnitude of the responsibilities assumed by the ECB in the recent years, after the economic and financial crisis, triggered an increased demand for accountability. The intensification of ECB’s accountability practices, the provision of justifications beyond mere explanations and an increased scrutiny over the ECB all demonstrate an ongoing step towards an enhanced accountability regime. This is nevertheless a potentially reversible oscillation of the balance towards more accountability. The legal framework for ECB’s accountability seems flexible enough to encompass accountable independence, independence but accountability, to a third-metre waltz of independence and accountability.

European Parliament and National Parliaments

2020 ◽  
Author(s):  
René Repasi
Keyword(s):  
Decision Making ◽  
Monetary Policy ◽  
Economic Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Monetary Union ◽  
European Central Bank ◽  
Policy Coordination ◽  
National Parliaments ◽  
European Central

The EMU’s legitimacy is precarious. To be precise, it is not the legitimacy of the Economic and Monetary Union (EMU) as such that is precarious since it is set out in the Treaties but of acts adopted within EMU. Monetary policy acts are adopted by the European Central Bank (ECB) equipped with a Primary law independence guarantee shielding it against any sort of binding objections from Parliament(s) and governments. In economic policy coordination, the original compromise between the lack of Parliamentary control of European decision-making and the non-legally binding nature of acts taken within economic policy coordination was denounced during the various reforms made in the aftermath of the recent economic and financial crisis. Originally, the non-compliance with recommendations adopted by the Council addressing shortcomings in a Member State’s economic policy conduct would at most lead to financial sanctions in case of serious budgetary disturbances in a country whose currency is the euro.

Article 66 TFEU

2019 ◽  
Author(s):  
Audronė Steiblytė ◽  
Jonathan Tomkin
Keyword(s):  
Central Bank ◽  
Monetary Union ◽  
European Central Bank ◽  
Economic And Monetary Union ◽  
Article 59 ◽  
European Central ◽  
Safeguard Measures

Article 59 EC Where, in exceptional circumstances, movements of capital to or from third countries cause, or threaten to cause, serious difficulties for the operation of economic and monetary union, the Council, on a proposal from the Commission and after consulting the European Central Bank, may take safeguard measures with regard to third countries for a period not exceeding six months if such measures are strictly necessary.

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