Resumen de Which Constitutional Economics for the Two-Decade-Old Eurozone?

Alberto Ruiz Ojeda

• The twentieth anniversary of the euro brings to light the feats and flaws of the European integration process and gives occasion to revise its peculiar configuration. This article contains reflections from a legal and economic perspective and is aimed to provide readers with an assembled vision of the monetary, fiscal, and constitutional features of the Eurozone. The critical analysis of the ECB’s monetary policies on inflation and quantitative easing, along with comments on the judiciary conflicts that have arisen between the European Court of Justice and the German Constitutional Court, form the core of the article. Some attention is also paid to the Fiscal Union and the role of a European Fiscal Compact to balance the asymmetry of a single currency without a taxation-budget counterpart. A new constitutional consensus for the EU, endowed with sound economic foundations, is considered indispensable to fill the legitimation gap left by current ‘fiscal dominance’ in the monetary realm.