Le riforme della governance economica dell’Unione: la creazione di un Fondo monetario europeo e la “comunitarizzazione” del Fiscal Compact

The reforms of the economic governance of the Union: the creation of a European Monetary Fund and the "communitarization" of the Fiscal Compact

Abstract

This
article examines the European Commission’s recent proposals to reform the Economic governance of the European Union with particular regard to the creation of a European Monetary Fund replacing the European Stability Mechanism (ESM), and the incorporation of the Fiscal Compact into EU law. After analysing the main innovations contained in the proposals and their institutional implications, the article will assess whether these measures are capable of addressing some critical issues underpinning the reforms implemented in the EU during the financial crisis. In particular, the question arises as to whether the measures under consideration introduce into the European law of Economic governance a more democratic decision-making process, an effective judicial control, as well as new instruments
of financial solidarity and real risk-sharing, thereby giving a new direction to the setting up of a genuine Economic and Monetary Union and overcoming a purely economic and competitive vision of the European integration process.

Keywords: European Monetary Fund; Fiscal Compact; Economic governance; Euro area;
Judicial review.