The currency of solidarity : constitutional transformation during the Euro crisis / Vestert Borger, Leiden University.

Cambridge, United Kingdom ; New York, NY : Cambridge University Press, 2020.

©2020

xxvii, 409 pages ; 24 cm.

Cambridge studies in European law and policy.

"In their fight against the debt crisis, the EU and its member states took measures that have profoundly changed the euro. As a result, it now differs fundamentally from when it was introduced by the Treaty of Maastricht. Surprisingly, this change has come about with hardly any formal amendment to the Union's 'basic constitutional charter', the Treaties. How, then, to understand this change? This book argues that the constitution of the EU has transformed, which occurs when constitutions change without amendment. The transformation is characterized by a broadening of the currency union conception of stability. Whereas it used to grant overriding importance to price stability, it now also attributes great significance to financial stability. Financial assistance operations for distressed member states well as government bond purchases by the European Central Bank are its key manifestations. Using solidarity as its lens, the book conceptualises the unity of the member states and analyses how this was preserved by political leaders during the crisis. It then shows how this changed the euro's legal set-up of and why the ECJ could not turn against this change in Pringle and Gauweiler"-- Provided by publisher.

Based on author's thesis (doctoral - Universiteit Leiden, 2018) issued under title: The transformation of the Euro : law, contract, solidarity.

Includes bibliographical references and index.

KJE7051 .B67 2020

English

9781108836364 hardcover
1108836364 hardcover
9781108818933 paperback
1108818935 paperback
9781108864633 electronic publication

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