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