EMU and euro crisis: The art of good and fair?
EMU and euro crisis: The art of good and fair?

Author(s): Rainer Palmstorfer
Subject(s): Law, Constitution, Jurisprudence, International Law, EU-Legislation
Published by: Пловдивски университет »Паисий Хилендарски«
Keywords: economic and monetary union; euro crisis; bail-out; Lisbon treaty; economic policies
Summary/Abstract: ‘Law: the art of good and fair?’ Being raised in the Austrian tradition of legal studies, which was considerably influenced by Hans Kelsen, this question seems to be difficult to answer from the perspective of legal positivism. That is so, because ‘good’ and ‘fair’ are attributes, positive law rarely resorts to. Rather they are qualities to describe law from an extralegal perspective. Therefore, this question cannot be answered in a general manner. It can only be answered in relation to a certain body of law. For reasons of topicality I have decided to answer this question with regard to what is usually referred to as ‘euro crisis’ or, more precisely speaking, with regard to the European responses to this crisis. There is reason to believe that some of the current counter measures not only seem to be highly problematic as concerns their legality, that is, their compatibility with the EU Treaties. We might also have reason to believe that they won’t achieve their aim, which is the prevention of a further crisis, as the very roots of the economic and monetary Union (EMU) are possibly flawed. Having said this, our field of investigation will be the policy field of EMU as enshrined in Articles 119-144 TFEU. This necessitates a journey back into history.

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