THEORETICAL OVERVIEW ON NEW ECB COMPETENCIES IN EU MONETARY LAW: THE CASE OF EURO CRISES AND THE COVID-19 PANDEMIC
THEORETICAL OVERVIEW ON NEW ECB COMPETENCIES IN EU MONETARY LAW: THE CASE OF EURO CRISES AND THE COVID-19 PANDEMIC

Summary/Abstract: The subject of analysis in this paper is the identification and analysis of new regulatory competencies of the European Central Bank (ECB) in the field of European Union (EU) monetary law that arose in the circumstances of the Euro crisis (2012) and during the pandemic caused by COVID-19. The first part of the paper points out the traditional regulatory framework of the ECB de lege lata, while the following discusses the legal effects of measures applied by the ECB to address the economic consequences of these crises and maintain monetary stability and legal continuity in the application of basic principles of European monetary legislation. The subject of special attention is the monetary analysis of the ECB's program for remediation of the consequences caused by the pandemic, having in mind the fact that it is a non-standard monetary policy measure sui generis whose legal justification will surely be the subject of significant controversies in EU monetary law science and practice. Determining the optimal normative framework in monetary legislation with a clear delineation of competencies within the existing organizational structure of the ECB, according to the authors, is a conditio sine qua non of preserving monetary stability and the rights of monetary users.

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