De la gouvernance économique à la "Constitution" de la zone euro
Dimitris N. Triantafyllou
Professeur de l'Université de Würzburg,
Conseiller juridique de la Commission européenne
The rescue of the euro through measures regarding individual countries has led to the elaboration of a whole range of instruments of "economic governance", including the Commission's opinion on national budgets, closer surveillance and sanctions for the Eurozone members, let alone the new prudential supervision assigned to the ECB. At the level of primary law, the new treaty on Stability, Coordination and Governance of the EMU, along with the treaty on the European Stability Mechanism, underpin the new procedures and signal a "first speed" in the EU around the euro. This institutional setting does not always match well with the main institutional framework of the Union, its share of competences, its rule of law and its democratic principle. A reform of the existing EU treaties would seem necessary, in order to integrate the parallel treaties and procedures that emerged during the crisis, while the Eurozone should be allowed to move forward to an horizontal enhanced cooperation, i.e. to a new Constitution.