Suchergebnisse

"How was the Banking Union, the most advanced legal and institutional integration in the single market, created? How does European law impact European integration? To answer these questions, this book provides a sweeping account of the evolution of European law. It identifies five integration periods of the single financial market, intertwined with the development of global finance, from its origins, through its expansion and crisis, to the Banking Union. Each period is defined by innovations to deepen integration, such as the single passport for financial services, soft governance and comitology, agencies, or a single rulebook. Providing a far-reaching explanation of the legal and institutional rationality of the European Banking Union, this book demonstrates that the Banking Union is not an accident of history or simply the product of the existential crisis of the Monetary Union. It has deep roots in the evolutionary process of European law and its drive towards supranational integration"--

The wide-ranging debate on the responses to the crisis increasingly calls into question the future of the EU as a polity. This article contributes to such discussion in legal scholarship by arguing that the European responses to the crisis since autumn 2008 have already set in motion a number of processes which are reshaping the EU polity. Three important but often misrepresented processes are identified. The first is the emergence of a new EU method of action, which breaks with the historically rooted balance of voices within the EU, while directing it towards a distinct form of reinforced intergovernmentalism. The second process corresponds to the trend to have recourse to arrangements both partly internal and partly external to the EU framework. Such a process opens the way to the autonomization of the EMU, and of the eurozone within the EMU, which endangers the legal and institutional unity of the EU. The third is the transformation of the EMU from a "community of benefits" to a "community of benefits and risk-sharing", which reshapes the traditional construction of the EMU and might prefigure a federal transformation of the EU, but it also raises functional and legitimacy issues. These developments have the potential to undermine prerequisites of the EU as a project oriented towards democratic constitutionalism: they may ultimately lead to a de-institutionalization of the EU; they exhaust the main democratic legitimacy sources of the EU polity; and they undermine the already fragile social embeddedness of EU institutions.