Longstanding Sources of Instability: The Current Deficits of the Economic Union

摘要: This chapter will identify the main deficits, which are preventing economic governance from fully achieving objective of stability euro area as a whole. These essentially three. First, limits existing legal basis have been cause incoherence reforms, well wide use intergovernmental agreements beyond EU law (so called ‘flight into international law’). Second, reforms introduced to fulfil consolidation and stabilisation policies in proven be substantially ineffective, meaning unable contribute stability. depends on scarce credibility sanctions prohibitions, political discretion peer-review surveillance national policies. Finally, democratic deficit has prevented taking consideration requests interests people affected by its