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The Flight of Icarus

European Legal Responses Resulting from the Financial Crisis

By: Yiannis Drossos
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Published: 26-05-2022
Format: Paperback
Edition: 1st
Extent: 448
ISBN: 9781509944644
Imprint: Hart Publishing
Dimensions: 234 x 156 mm
RRP: £59.99
Online price : £53.99
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About The Flight of Icarus

This book provides a detailed analysis of the institutional transformations brought about by the financial crisis, focusing on the institution-building course of Europe and the Constitution-bending course in several Member States.

It discusses the seemingly contradictory interplay between national and European institutions and the law resulting from the crisis, arguing that the anti-crisis exceptionality constitutes the matrix of the new normality of the reformed European economic governance.

The author carries out a critical analysis of the new economic governance and its case-law with regular reference to relevant political episodes, key economic figures and to the hitherto lax modes and rules. The author also offers deep insights into the Greek adjustment programme and the crisis-related Greek and Portuguese constitutional case-law, presented in comparison with the German and French case-law.

The book concludes with a critical overview of the profound mutations in the role of national Constitutions, instigated by the new European economic governance, and the emergence of a democratically deficient meta-constitutional mode of functioning of both the European institutions and national Constitutions.

Table Of Contents

Summary of Contents

1. Conceptual Flaw, Original Sin and Misapplications of the Maastricht Treaty
I. Introduction: The Interrelation between Monetary and Fiscal Policy
II. The Open Coordination Method, the Ambitious Goals and the Wishful Rules of the 'Macroeconomic Constitution' of the Maastricht Treaty
III. The Structural Asymmetry (and Original Sin) of the Maastricht Treaty and its Impact on the Crisis
IV. The Jurisprudential Quasi Pre-emption of an Already Shallow Discipline
2. The Greek Memoranda
I. The Message of the Figures and the Agony of the Titles
II. The Road to the Greek Memoranda
III. The Memoranda
IV. A Mathematical Scrutiny
3. Institutional Creativity
I. Some Political Prolegomena of the New Economic Governance
II. The Strategic Response: The New Economic Governance: 'Jetzt einmal wird in Europa Deutsch gesprochen'
III. The Tactical Response: Facing the Outbreak of the Crisis

4. The Two Sides of the Coin: Constitutional Reviews of the Crisis Legislation
I. Introduction
II. The 'Givers'' Case Law I: The Bundesverfassungsgericht's Concern for German Constitutional Identity
III. The 'Givers'' Case Law II: France's Care for Her Republican Sovereignty
IV. The 'Receivers'' Case Law I: Greece
V. The 'Receivers' Case Law II: Portugal
5. The Schmittian and the Madisonian Moments of the Crisis and the Fate of the Constitution
I. The Moment of the Crisis
II. On the Exception and the Rule and the Schmittian Moment of the Crisis
III. The End of the Exception: The Madisonian Moment of the Crisis
IV. The Mystical Power of the Constitution
V. Bending the Parameters of a Constitutional Polity: The Emperor's Clothes
6. Gleichschaltung or a Metaconstitutional Catallaxy
I. The Melting Pots
II. The Direct Entry of Economics into Law and the Depoliticisation of Politics
III. A Metaconstitutional Catallaxy

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