Legal Developments

Forthcoming in: JCMS - Journal of Common Market Studies 2012 Vol. 50 Annual Review

22 Pages Posted: 13 Jul 2013

See all articles by Fabian Amtenbrink

Fabian Amtenbrink

Erasmus University Rotterdam - Erasmus School of Law

Date Written: July 12, 2013

Abstract

This contribution provides a brief overview of selected main developments pertaining to economic governance in the euro zone in 2012. It first discusses the European Court of Justice judgment on the Treaty establishing a European Stability Mechanism and the approach to the ESM Treaty by some national highest (constitutional) courts with references to decisions by the German Federal Constitutional Court and the Estonian Supreme Court. Thereafter the contribution shifts to the major developments that have taken place in 2012 towards the establishment of a banking union. The political agreement on the establishment of a single supervisory mechanism (SSM) with the European Central Bank (ECB) at the helm not only constitutes a major step towards the centralization of banking supervision in the internal financial market; it is also directly linked to the establishment of the ESM, at least in the view of the Union.

Keywords: EU, Euro zone, euro, European Stability Mechanism, debt crisis, Pringle, Single Supervisory Mechanism, European Central Bank

JEL Classification: K10, K30 ,G18, G28, F42

Suggested Citation

Amtenbrink, Fabian, Legal Developments (July 12, 2013). Forthcoming in: JCMS - Journal of Common Market Studies 2012 Vol. 50 Annual Review , Available at SSRN: https://ssrn.com/abstract=2292908 or http://dx.doi.org/10.2139/ssrn.2292908

Fabian Amtenbrink (Contact Author)

Erasmus University Rotterdam - Erasmus School of Law ( email )

3000 DR Rotterdam
Netherlands
+31104081573 (Phone)

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