The Role of Constitutional Law for the ECB: Past, Present, and Future

This chapter examines the evolution of the constitutional design of the Economic and Monetary Union (EMU) as it was defined in the Maastricht Treaty and rebuts the common assumption that it has proven to be a failure. Indeed, this chapter posits that the Maastricht Treaty set both economic and political goals, and by including those defining provisions in primary law, Member States made sure that they—and not the EU institutions— remained in charge. Thus, despite the fact that the euro area crisis has led to significant innovations in the day-to-day governance of EMU, the constitutional environment in which the European Central Bank (ECB) operates has not significantly changed. The chapter argues in conclusion that the euro and the ECB must be de-constitutionalized.