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EMU and Central Bank: Chances Missed

Articles EC 4 and 98 ff.; Draft Convention I-29, II-69 ff., III-289a and b

Published online by Cambridge University Press:  12 October 2004

P.J.G. Kapteyn
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Both the EU- and the EC-Treaties refer in prominent places to the establishment of economic and monetary union (Articles 2 EU and EC). This union is mentioned as one of the principal means of achieving the Union's and the Community's economic and social objectives. Such a prominent place is not allotted it in the Constitution. In its effort to separate the basic provisions from the other provisions in the treaties, the Convention decided to retain only the European Union's objectives in the actual constitutional part. The concrete activities pertaining to the economic and monetary union, as well as its ‘guiding principles’ of stable prices, sound public finances and monetary conditions and a sustainable balance of payments were relegated to Part III that deals with the Union's policies.

Keywords

European ConstitutionEuropean Constitutional LawEuropean ConventionEuropean UnionEconomic and Monetary UnionEMUEuropean Central BankEconomic PolicyMonetary PolicySingle CurrencyEuroExcessive Deficit ProcedureStability and Growth PactEuropean System of Central Banks
Type
Financial Structure
Information
European Constitutional Law Review , Volume 1 , Issue 1 , January 2005 , pp. 123 - 130
Copyright
© T.M.C. Asser Press 2005