Independence of the ECB and the ECJ during the Sovereign Debt Crisis
From Active Leadership to Rubber‐Stamping
Bibliographic Data
| ID | 6281193 |
|---|---|
| Authors | Marijus Bernatavičius (0000-0001-7704-443X, Vilnius University Vilnius, corresponding author) |
| Year | 2021 |
| Volume | 59 |
| Issue | 3 |
| Pages | 483-496 |
| Publication date | 2021-05-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | JCMS Journal of Common Market Studies (JOURNAL) |
| Journal identifiers | ISSN: 0021-9886 • E-ISSN: 1468-5965 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/jcms.13096 |
| OpenAlex | W3076200720 |
| Language | EN |
| Citations received | 3 |
| References cited | 13 |
During the sovereign debt crisis the ECB and ECJ were constrained by two main factors: pressures from the Crisis Management Mechanism and the sovereign debt markets. Contributions claiming that the European Economic Constitution was transformed did not recognize that European policy makers managed to preserve its main features by reinforcing the role of the market. Other contributions, which claim that the sovereign debt crisis was solved only because of the active role assumed by independent institutions like the ECB and the ECJ, are also devoid of analysis of the underlying causes, which implicitly incentivized or hindered the responses from independent institutions. A unified synthetic approach could provide a better explanation for the trade‐offs faced by independent institutions during four peak moments of the sovereign debt crisis: the ECJ's decisions on the ESM and the OMT, and the ECB's decisions to start the OMT and emergency liquidity provision for Greek banks
Business · Debt · Economics · European debt crisis · European integration · European union · Financial crisis · Financial system · International economics · Macroeconomics · Market liquidity · Monetary economics · Political science · Politics · Sovereignty · European Monetary and Fiscal Policies · European Union Policy and Governance · Finance · Global Financial Regulation and Crises · Law
The Euro and the Battle of Ideas
Eurozone Crisis and European Integration
Liberal intergovernmentalism and the euro area crisis
The politics of legal integration in the European Union
The New Intergovernmentalism
Integration through the disintegration of law? The ECB and EU constitutionalism in the crisis
Europe Before the Court
| Citations per year | 0.6 |
|---|---|
| Citation span | 2021 - 2026 (6) |
| Highly cited | No |