August 2012 THE EU FISCAL COMPACT: CONSTITUTIONALIZATION OF AUSTERITY AND PREEMPTION OF DEMOCRACY IN EUROPE

Fiscal compact essentially outlaws one side of the debate how to
deal with the euro zone crisis.3 While it elevates the austerity paradigm of the German Chancellor Angela Merkel to the status of “unbreakable law”, it basically outlaws Keynesianism and its counter-cyclical economic policies. Furthermore, the Fiscal compact deviates from traditional EU values of democracy and the equality of member states.4 As we argue in the legal analysis of the compact, it empowers European bureaucrats, judges and
bankers at the expense of European citizens. As a result, the Fiscal compact seriously preempts the most basic democratic principles and values of the EU. One European scholar argues that the Fiscal compact is the most unbalanced and asymmetric EU agreement that member states have ever signed.5 If adopted and implemented, it will have long-term negative economic, legal and political consequences for the EU as a whole and for the member states
as well.

http://works.bepress.com/cgi/viewcontent.cgi?article=1000&context=matjaz_nahtigal

 

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