La stabilità finanziaria quale nuovo obiettivo fondante e sovranazionale del diritto e delle politiche dell’Unione Europea

Financial stability as a new founding objective of European Union law

Abstract

The
Economic and Monetary Union (EMU) has undergone major reforms and restructuring in the last years as a consequence of the financial crisis in Europe. The article analyses whether financial stability has developed in Europe as a stand-alone objective in EU law and policy.
After mapping EU objectives in EU law, this contribution examines the various concepts of stability developed before or during the financial crisis and differentiates financial stability
from them. Then, it intends to answer partially to the lack of understanding by tracing the origins of financial stability in EU law and policy and to define financial stability in EU law and policy as a standalone new foundational objective. For this purpose, the article develops the essentially normative components that need to be developed to achieve a financially “stable” Union. In the EMU framework, it is argued that these are supranational regulation, supervision/surveillance as well as burden sharing arrangements and rescue measures.

Keywords: EMU, Financial stability, ESM, ECB.