The Eurozone Crisis: Some reflections on economic sustainability and the issue of legitimacy

von Andromachi Georgosouli

The Eurozone Crisis: A Constitutional Analysis by Kaarlo and Klaus Tuori is a welcome addition to the vast literature on the recent financial turmoil, the Eurozone crisis and the policy, legal and institutional reform of the European Union in their aftermath.

The book consists of three parts. Part one introduces the reader to the main themes of the book, namely, the macroeconomic and the microeconomic layers of the European economic constitution, the causes of the recent financial crisis and the European response. Against this backdrop, part two focuses on the issue of constitutional mutation, exploring, in particular, the constitutionality of the European measures that were taken in response to the crisis, the realignment of the principles of the macro-economic constitution and the wider implications on democracy and social rights. Finally, part three goes through key initiatives that are currently on the table offering thus a glimpse on the future of the Eurozone and the challenges ahead.

One of the chief virtues of the book is that it lays the basis for a broader debate on the present and future of the Eurozone without becoming entangled in the details. Further, the authors attempt to shed light on the interplay between economic policy and the evolution of the European economic constitution in a manner that is dispassionate, well balanced and accessible even to those unfamiliar with these subjects. I found the discussion of the principles of the European economic constitution and the comparative analysis of the micro- and the macro-economic facets of it to be a very insightful introduction into the more rigorous analysis of themes such as the constitutionality of the EU response to the financial crisis, which is considered in a subsequent chapter ...

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