21 June 2019
Mini-BOTs, complementary currencies and the European monetary malaise
On May 28th, the Italian Chamber of Deputies approved a resolution requiring the government to issue the so-called mini-BOTs. Under such a name, reference is made to Treasury bills issued in small denominations (in Euros), bearing no interest, with no expiry date, and which the Italian Exchequer would accept as a means of payment of taxes. The proposal has been predictably met with marked skepticism by European institutions and by the Italian Minister of Economy and Finance. However, the wisest move, in prudential, political and economic terms, would be that European institutions would embrace experimentation with complementary currencies, in genuine federal spirit. Continue reading >>
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12 December 2018
Alle Jahre wieder: die Geldpolitik der EZB vor Gericht
Nicht nur die Geräuschkulisse des Brexits absorbierte ein Stück weit die Aufmerksamkeit für das Urteil des Europäischen Gerichtshofs (EuGH) zur Zulässigkeit des Anleihenkaufprogramms der EZB. Denn immerhin entschied Luxemburg damit über eine der nach wie vor seltenen Vorlagen aus Karlsruhe. Dazu mag auch beigetragen haben, dass seit der Stellungnahme des Generalanwalts Wathelet nicht mehr damit gerechnet wurde, dass der EuGH der Europäischen Zentralbank (EZB) einen sprichwörtlichen Strich durch die Rechnung machen würde. Dennoch ist das Urteil aus einigen Gründen bemerkenswert. Continue reading >>31 May 2018
The “Savona Affaire”: Overconstitutionalization in Action?
As is well known, Italy is undergoing an institutional crisis sparked by President Mattarella’s veto on the composition of the prospective Italian government. Following Dieter Grimm, we claim that the events here analysed reveal the extent to which the EU legal framework is overconstitutionalised and the democratic costs and risks inherent in this legal and political order. Continue reading >>13 March 2017
Democratizing the Euro Area without the European Parliament: Benoît Hamon’s “T-Dem”
On the 10th March, the official candidate of the Socialist Party for the French presidential elections, Benoît Hamon, outlined his programme for the European Union. This programme, whilst being against austerity and in favour of more flexibility as regards EU requirements in terms of public budgets and public debts, comes with a treaty proposal, the draft treaty on the democratization of the governance of the euro area (dubbed « T-Dem »). This treaty, which was prepared by the candidate together with the superstar economist Thomas Piketty (who has joined his team) is supposed to bring more democracy to the governance of the Euro area. However noble (and necessary) this ambitious idea might seem, the way this draft treaty has been engineered raises not only political but also legal questions. Continue reading >>
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02 September 2015
Deutschland und die Flüchtlingskrise: von wegen Reluctant Hegemon
Deutschland unter Angela Merkel wird oft als "reluctant hegemon" beschrieben, als gutmütiger Riese, der am liebsten gemütlich weiter seinen kleinen provinziellen Garten bestellen würde, sich aber widerwillig von den Weltläuften gezwungen sieht, einer ihm aufgedrängten Führungsrolle in Europa und der Welt gerecht zu werden. Ich habe immer größere Zweifel, ob diese Beschreibung stimmt. Continue reading >>17 July 2015
Greece: a constitutionalist’s two (euro)cents.
Greece is obviously at the forefront of many EU scholars’ minds over the past number of weeks. There has been an avalanche of commentary and analysis on the Greek bailout negotiations both from those with intimate knowledge of the situation and familiarity with Greek politics, the EMU and sovereign debt crises as well speculation from the sidelines from those of us more ignorant of these matters. Therefore as someone whose credibility in the debate (such as it is) is limited to the expertise of the constitutional lawyer with a good familiarity of EU law generally, I have limited my two (euro)cents on the topic to a number of (mostly factual) propositions related to the crisis for what they are worth. Most I think are obvious and (hopefully) few are contentious but I think that they are worth (re)stating in the context of the war of words and recrimination from all sides present in the debate in recent days. Continue reading >>16 July 2015
The Euro Summit deal: defeat or victory? A response to Robert Howse
Avoiding Grexit is, of course, the important achievement of the Agreement. But this counts as a success no more than surviving self-inflicted wounds: Concrete discussions on Grexit revived only in the last months and especially after the recent referendum. They are actually the product of the negotiation strategy itself. If we are looking for success then, we are left with debt relief and the new conditionality. Continue reading >>13 July 2015
The Deal on Greek Debt: Political Gamechanger for Europe, Tactical Retreat (not Surrender) by Tsipras
The conventional wisdom, delivered before anyone could really ponder the fine print of the Greek debt deal, is that Tsipras surrendered to the creditors in a humiliating defeat. His referendum and prior tenacity in negotiations proved futile,according to the predominant account that has emerged in the media and the twitter and blog worlds. Wrong on all counts. And here's why. Continue reading >>13 July 2015
„Haircut“ für Griechenland? (Un-)mögliche Frisuren eines Schuldenschnitts
Die Euro-Regierungschefs wollen Griechenland offenbar mit verlängerten Kreditlaufzeiten und niedrigeren Zinsen helfen, im Euro bleiben zu können. Solange eine Rückzahlungspflicht der Nominalschuld bestehen bleibt, ist eine solche Form des "Haircuts" wohl europarechtlich zulässig - anders als ein tatsächlicher Schuldenschnitt. Continue reading >>12 July 2015