Droit et Économie - L'avenir de l'Union économique et monétaire : une perspective franco-allemande - 130

130 L'AVENIR DE L'UNION ÉCONOMIQUE ET MONÉTAIRE

what is proposed is the establishment of a European Monetary Fund
(EMF),74 the integration of the TSCG into the Union legal framework,75
the adoption of various new budgetary instruments at the Union level,76
and the establishment of a European Minister of Economy and Finance.77
What all of these proposals have in common is that they have been devised
in a way that they supposedly do not require an amendment of primary
Union law. The Commission's Roadmap thus does not foresee in a fundamental adaptation of the Union legal framework and as such - somewhat
unsurprisingly - stands for further evolution rather than a transformation
of the Maastricht framework. This implies that to the extent that shortcomings of today's system are inherent to primary Union law itself, they are
certainly not addressed at their roots. This is not to say however that these
proposals are altogether inept when it comes to addressing some of the
shortcomings identified in the previous sections.
Concerning the decoupling of economics from law and politics referred to
in § 3, the proposal for a transfer of the ESM financial assistance function to
a EMF is particularity interesting when it comes to the proposed legal arrangements concerning the democratic accountability of the EMF vis-à-vis the
European Parliament and the national parliaments of the participating
Member States. What is proposed here by-and large resemble the legal
arrangements applicable to the ECB in the exercise of its functions in the
Single Supervisory Mechanism in the shape of the supervisory dialogue and
as such surpasses the information rights of the European Parliament in the
context of the establishment and implementation of macroeconomic
adjustment programs pursuant to Regulation 472/2013.78 By contrast, it is

74.
75.
76.

77.

78.

eu/uedocs/cms_Data/docs/pressdata/en/ec/134069.pdf> (accessed 20 February 2018); Five
Presidents' Report, 'Completing Europe's Economic and Monetary Union' of 22 June 2015,
available at (accessed 20 February 2018).
Proposal for a Council Regulation on the establishment of the European Monetary Fund
(COM/2017/0827 final).
Proposal for a Council Directive laying down provisions for strengthening fiscal responsibility
and the medium-term budgetary orientation in the Member States (COM/2017/0824 final).
Communication from the Commission to the European Parliament, the European Council,
the Council and the European Central Bank, 'New Budgetary Instruments for a Stable Euro
Area Within the Union Framework' (COM (2017) 822 final).
Communication from the Commission to the European Parliament, the European Council,
the Council and the European Central Bank, 'A European Minister of Economy and Finance'
(COM (2017) 823 final).
Art. 5-6 Proposal for a Council Regulation on the establishment of the European Monetary
Fund (COM/2017/0827 final); Art. 20-21 Council Regulation 1024/2013 conferring specific
tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions, OJ 2013, L 287/63; Articles 7(1), (4), (10) Regulation 472/2013 on
the strengthening of economic and budgetary surveillance of Member States in the euro area

https://ec.europa.eu/commission/sites/beta-political/files/5-presidents-re

Droit et Économie - L'avenir de l'Union économique et monétaire : une perspective franco-allemande

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