La gestione della crisi dei debiti sovrani ed il ruolo della BCE di Leonardo Mellace
Abstract – This article pays specific attention to the impact that the recent economic and financial crisis had on the European Union. Austerity and balance constraints seem to have seriously undermined the decision-making autonomy of the states, which have seen reduced their traditional prerogatives. The reconstruction of the recent past cannot be separated from the introduction in the national law of a balanced budget, which represents the victory of the financial markets on the European democracy. A brief mention is aimed to the actions taken by the European Court of Justice whom, in the Pringle case (regarding the ESM) and in the OMT case (regarding the conduct and actions of the ECB), “helped” the European Union to avoid disintegration. The conclusion of the essay is focused on the role played by the European Central Bank, which has created an expansionary monetary policy in the last years.
Keywords – European integration, European Central Bank, Fiscal Compact, Economic crisis, ESM, European Court of Justice.