M
ASSIMO
M
ECCARELLI
READING
THE CRISIS
Legal,
Philosophical
and Literary
Perspectives
The Programme “Legal History” of the Figuerola Institute of Social Science History –a part of the Carlos III University of Madrid– is devoted to improve the overall knowledge on the history of law
from different points of view –academically, culturally, socially, and institutionally– covering both ancient and modern eras. A number of experts from several countries have participated in the Programme, bringing in their specialized knowledge and dedication to the subject of their expertise.
To give a better visibility of its activities, the Programme has published in its Book Series a number of monographs on the different aspects of its academic discipline.
Publisher:
Carlos III University of Madrid
Book Series: Legal History
Editorial Committee:
Manuel Ángel Bermejo Castrillo, Universidad Carlos III de Madrid Catherine Fillon, Université Jean Moulin Lyon 3
Manuel Martínez Neira, Universidad Carlos III de Madrid Carlos Petit, Universidad de Huelva
Cristina Vano, Università degli studi di Napoli Federico II
LEGAL, PHILOSOPHICAL AND LITERARY PERSPECTIVES
edited by Massimo Meccarelli
DYKINSON 2017
© 2017 Autores Editorial Dykinson
c/ Meléndez Valdés, 61 – 28015 Madrid Tlf. (+34) 91 544 28 46
E-mail: info@dykinson.com http://www.dykinson.com
Preimpresión: TALLERONCE
ISBN: 978-84-9148-420-2 ISSN: 2255-5137
D.L.: M-31219-2017
Versión electrónica disponible en e-Archivo http://hdl.handle.net/10016/25705
ANY ROLE FOR THE COURT OF JUSTICE OF THE EU? Francesco Costamagna1
1. Introduction: the reform of the European economic governance in re-sponse to the crisis
The European response to the crisis revolved around two main axis2
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6 The Treaty Establishing the European Stability Mechanism µ(60 7UHDW\¶ ZDV signed in March 2012.
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This has been achieved through a combination of EU legislative measures and international law treaties. As for the former, in November 2011 the Eu-URSHDQ3DUOLDPHQWDQGWKH&RXQFLODGRSWHGWKHVRFDOOHGµ6L[3DFN¶DEXQGOH RI¿YH5HJXODWLRQVDQGRQH'LUHFWLYHWKDWVWUHQJWKHQHGERWKWKHSUHYHQWLYH DQGFRUUHFWLYHDUPVRIWKH6WDELOLW\DQG*URZWK3DFWDQGLQWURGXFHGWKH0DF-UR(FRQRPLF,PEDODQFH3URFHGXUH102QHRIWKH5HJXODWLRQRIWKLVSDFNDJH11
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10 5HJXODWLRQ(81RRI1RYHPEHUDPHQGLQJ&RXQFLO5HJXODWLRQ (&1RRI-XO\on the strengthening of the surveillance of budgetary
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veillance mechanism.12,Q0D\WKH(8OHJLVODWRUDGRSWHGWZRIXUWKHU
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,Q0DUFKRXWRI(80HPEHU6WDWHVVLJQHGWKHTreaty on Stability
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14 The Treaty on Stability, Coordination and Governance in the Economic and Mon-etary Union ZDVVLJQHGLQ0DUFKE\UHSUHVHQWDWLYHVRIDOO(80HPEHU6WDWHVEXWWKH
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bailout instruments that threatens one of the cornerstone of the European integration process.
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&HQWUDO%DQNGHWDLOLQJDOLVWRIPHDVXUHVWKDWLWKDGWRWDNHDQGHYHQWKHOHJDO instruments it had to use. The adoption of these reforms were considered as a FRQGLWLRQWREHQH¿WIURPWKHSXUFKDVHRIVRYHUHLJQGHEWSDSHURQWKHVHFRQG-DU\PDUNHWLQWKHFRQWH[WRIWKH6HFXULWLHV0DUNHW3URJUDPPHDOWKRXJKWKH OHWWHUGLGQRWPDNHWKLVOLQNH[SOLFLW7KHVDPHOLQHRIDFWLRQKDVDOVREHHQIRO-lowed with Spain and, although using other forms of pressure, with Ireland,21
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20 See Economia e Finanza - Corriere della Sera, KWWSZZZFRUULHUHLWHFRQRPLDB VHWWHPEUHBWULFKHWBGUDJKLBLQJOHVHBDIHHDHDHGDVKWP-O"UHIUHVKBFHFSOXJOLR 21 ,QWKLVFDVHWKH(&%SOD\HGDNH\UROHWRIRUFHWKH6WDWHWRHQWHULQDVWUXFWXUDO DGMXVWPHQWSURJUDPPHWREHQHJRWLDWHGZLWKWKH7URLND,QDOHWWHURI2FWREHU 7ULFKHWUHPLQGHGWRWKHQ,ULVK0LQLVWHURI)LQDQFHWKH(&%*RYHUQLQJ&RXQFLO¶VSRZHUV DQGGLVFUHWLRQDOLW\LQDSSO\LQJFROODWHUDOUXOHVDQGLQVHWWLQJOLPLWVWR(/$,QDVXEVH-TXHQWOHWWHURI1RYHPEHU7ULFKHWZDVHYHQFOHDUHURQWKLVSRLQWE\VWDWLQJWKDW
&\SUXV22 and Greece.23
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Although diverging on several aspects, these perspectives concur on the fact that the departure from the rule of law has been a choice and not an acci-dent. As it often happens in situations that are perceived as having an excep-tional character,26 the respect for rules has been perceived as a constraint that
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22 In a Decision of 21 March, the ECB Governing Council made clear that it would have UHMHFWHGDUHTXHVWRI(PHUJHQF\/LTXLGLW\$VVLVWDQFHE\&\SUXV¶1DWLRQDO&HQWUDO%DQNXQ-OHVV³DQ(8,0)SURJUDPPHLVLQSODFHWKDWZRXOGHQVXUHWKHVROYHQF\RIWKHFRQFHUQHG EDQNV´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pQGH] 26 The war on terror represents a good example in this regard.
FRQWH[WHIIHFWLYHQHVVKDVEHFRPHWKHPDLQLIQRWWKHRQO\IHDWXUHWKDWDQ-WLFULVLVPHDVXUHVPXVWSRVVHVVHYHQDWWKHH[SHQVHVRIOHJDOLW\
7KHQHZIUDPHZRUNJLYHVWR(8LQVWLWXWLRQVDQXQSUHFHGHQWHGFDSDFLW\WR WDNHSDUWDQGLQÀXHQFHGHFLVLRQVDGRSWHGE\QDWLRQDODXWKRULWLHVLQGRPDLQV reserved to Member States, as it reaches across the entire spectrum of the WKHLU HFRQRPLF DQG VRFLDO SROLFLHV 7KLV LV SDUWLFXODUO\ HYLGHQW ZLWK UHJDUG WR6WDWHVXQGHU¿QDQFLDODVVLVWDQFHVWUXFWXUDODGMXVWPHQWSURJUDPVJLYHWR (8LQVWLWXWLRQVWKHFDSDFLW\WRH[HUFLVHSROLF\IRUPXODWLRQVXSHUYLVLRQDQG JXLGDQFHRQNH\VRFLDOLVVXHVVXFKDVWKHSURYLVLRQRIVRFLDOVHUYLFHVRUWKH UHJXODWLRQRIWKHODERXUPDUNHW 5HIHUULQJWRWKHFDVHRILPSOLFLWFRQGLWLRQDOLW\6DFFKLGHVFULEHGWKHVLWXD-WLRQDVDQ³H[WUHPHFDVHRIYHUWLFDO>«@LQWHJUDWLRQLQWKHSROLF\DUHQDZKLFK JRHVZHOOEH\RQGZKDWLVJHQHUDOO\PHDQWE\(XURSHDQL]DWLRQDQGFDQQRWEH captured through multilevel governance heuristic”. In his view, this transfor-PDWLRQLVEHWWHUGHVFULEHGDV³DIXVLRQµRIUHVSRQVLELOLWLHVIRUWKHXVHRIVWDWH LQVWUXPHQWV¶´28
,QWKHVDPHYHLQWKHVWUHQJWKHQLQJRIHFRQRPLFSROLF\FR-RUGLQDWLRQDQGVXUYHLOODQFHPHFKDQLVPVKDVSRWHQWLDOO\KHLJKWHQHGWKHOHYHO RILQYROYHPHQWRI(8LQVWLWXWLRQVLQWRGRPHVWLFSROLF\PDNLQJ&KDOPHUVLQ particular, described the regimes aiming at securing balanced budgets, avoid-LQJH[FHVVLYHGH¿FLWVDQGDYRLGLQJRUFRUUHFWLQJPDFURHFRQRPLFLPEDODQFHV as a process of co-government that “goes to the structure and rationale of a 6WDWH¿VFDODQGZHOIDUHV\VWHPV´29
This development puts severe constrains on political bargaining processes WKDWVKRXOGWDNHSODFHDWQDWLRQDOOHYHO30
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3. The Impact of Anti-Crisis Measures on Social Rights
5HGXFWLRQRIVRFLDOH[SHQGLWXUHPRGHUQL]DWLRQRIVRFLDOSURWHFWLRQV\V- WHPVDQGUHIRUPRIWKHODERXUPDUNHWDUHHYHUSUHVHQWLQJUHGLHQWVLQWKHUHF-LSHVSURSRVHGLQWKHPHQXRIWKH(8DQWLFULVLVVWUDWHJ\7KHVHREMHFWLYHVDUH &RVWDPDJQD 28 6DFFKLS 6HHDOVR&KDOPHUV 30 )ORULVGH:LWWH
VWURQJO\UHPLQLVFHQWRIWKRVHWUDGLWLRQDOO\SXUVXHGE\,0)VSRQVRUHGVWUXF-WXUDODGMXVWPHQWSURJUDPPHVEDFNLQWKHµVDQGµVHYHQWKRXJKWKH,0) itself is now reconsidering the wisdom of this approach.31 Some
commenta-WRUVKDYHDSWO\GXEEHGVXFKDSDUDGR[LFDOVLWXDWLRQDVWKH³(XURSHDQUHVFXH RIWKH:DVKLQJWRQ&RQVHQVXV´32 (VSHFLDOO\IURPRQZDUGWKHSULRULW\RIDXVWHULW\GULYHQUHVFXHSDFN-DJHVZDVUHGXFLQJVRYHUHLJQGHEWVE\LQYDULDEO\LPSRVLQJGUDFRQLDQFXWVWR VRFLDOH[SHQGLWXUH7KHDWWHQWLRQWRZDUGWKLVLVVXHPD\EHH[SODLQHGE\UHIHU-ULQJWRLWVUHODWLYHZHLJKWLQ(XURSHDQ6WDWHV¶EXGJHWVDVVRFLDOH[SHQGLWXUH DFFRXQWIRUURXJKO\RIWKHWRWDO$WWKHVDPHWLPHWKLVVWUDWHJ\VHHPV WREHIXOO\LQOLQHZLWKRQHRIWKHGRPLQDQWQDUUDWLYHVRIWKHFULVLVDFFRUGLQJ WRZKLFKWKHODWWHUKDGEHHQPDLQO\JHQHUDWHGE\WKHSURÀLJDF\RI6RXWKHUQ 6WDWHV DQG WKH H[FHVVLYH JHQHURVLW\ RI WKHLU ZHOIDUH V\VWHPV33 7KLV LV YHU\
much evident in the case of States forced to enter into a structural adjustment SURJUDPPHLQRUGHUWRJHW¿QDQFLDODVVLVWDQFHIURPWKH(8RUIURP(8UH-ODWHGPHFKDQLVPV)RULQVWDQFH*UHHFHDQG+XQJDU\ZHUHIRUFHGWRUHGXFH WKHLU VRFLDO H[SHQGLWXUH E\ UHVSHFWLYHO\ DQG LQ WKH SHULRG 201334. Moreover, it is worth observing that the First Economic Adjustment
3URJUDPPHIRU*UHHFHHQYLVDJHGFXWVLQKHDOWKFDUHH[SHQGLWXUHDPRXQWLQJ WRPRUHWKDQELOOLRQHXURE\DQGFXWVLQVRFLDOEHQH¿WVDPRXQWLQJWR PRUHWKDQELOOLRQHXURE\WKHVDPH\HDUWREHDFKLHYHGWKURXJKLQWHUDOLD DUHGXFWLRQRIWKHPRQHWDU\WUDQVIHUVWRFHUWDLQFDWHJRULHVRIYXOQHUDEOHSHU- VRQV,QWKHWKLUGSDFNDJHDSSURYHGLQ$XJXVW*UHHNDXWKRULWLHVFRP-PLWWHGWRWDUJHWVDYLQJVRIDURXQGRI*'3LQDQGDURXQGRI *'3E\WRLPSURYHWKHORQJWHUPVXVWDLQDELOLW\RIWKHSHQVLRQV\VWHP $VHFRQGFRPSRQHQWRIWKHDXVWHULW\GULYHQVWUDWHJ\LVWKHSURPRWLRQRI LQWHUQDO GHYDOXDWLRQ VR WR HQDEOH WKH µEHQH¿FLDU\¶ 6WDWH WR UHJDLQ H[WHUQDO FRPSHWLYHQHVV,QDFRQWH[WZKHUHFXUUHQF\GHYDOXDWLRQLVQRORQJHUDQRS-tion35 WKHREMHFWLYHKDVEHHQPRVWO\SXUVXHGE\UHGXFLQJZDJHVDQGRWKHUOD- ERXUFRVWVPDNLQJLQGLYLGXDODQGFROOHFWLYHGLVPLVVDOVHDVLHUIRUFLQJ0HP-EHU6WDWHVWRUHYLVHRUHYHQGLVPDQWOHWKHZDJH±VHWWLQJV\VWHPE\JLYLQJ 31 /W] 32 /W].UDQNH 7VRXNDOD 34 2(&'
35 Internal devaluation policies have been considered as “functional equivalents” to H[FKDQJHUDWHÀH[LELOLW\6HHJHQHUDOO\$UPLJHRQ%DFFDUR
SUHFHGHQFHWRLQGLYLGXDORYHUFROOHFWLYHEDUJDLQLQJ7KLVVWHPVIURPWKHEH-ODWHGUHFRJQLWLRQWKDW¿VFDOFRQVROLGDWLRQLVQRWHQRXJKWRSURPRWHJURZWK DQGWKDWWKHUHLVWKHQHHGWRSXUVXHLWE\PDLQO\ORRNLQJDWWKHVXSSO\VLGH
2YHUWKH\HDUVWKHUHKDYHEHHQVRPHDWWHPSWVWRSD\JUHDWHUDWWHQWLRQ WR WKH VRFLDO LPSOLFDWLRQV RI ¿QDQFLDO DVVLVWDQFH SURJUDPPHV $UWLFOH RI 5HJXODWLRQ(8RQWKHVWUHQJWKHQLQJRIHFRQRPLFDQGEXGJHWDU\ surveillance of Member States in the euro area experiencing or threatened ZLWKVHULRXVGLI¿FXOWLHVZLWKUHVSHFWWRWKHLU¿QDQFLDOVWDELOLW\UHSUHVHQWVD good example in this regard. The provision establishes that, when a Member 6WDWHUHTXHVWV¿QDQFLDODVVLVWDQFHWKHGUDIWPDFURHFRQRPLFDGMXVWPHQWSUR- JUDPPHKDVWRWDNH³LQWRDFFRXQWWKHSUDFWLFHDQGLQVWLWXWLRQVIRUZDJHIRU-mation and the national reform programme of the Member State concerned”, DVZHOODVWR³IXOO\REVHUYH$UWLFOH7)(8DQG$UWLFOHRIWKH&KDUWHU´ /LNHZLVHWKH$XJXVW0HPRUDQGXPIRU*UHHFHVHHPVDWOHDVWRQSD-SHUPRUHµVRFLDOO\FRQVFLRXV¶WKDWLWVSUHGHFHVVRUV,QSDUWLFXODULWH[SOLFLWO\ UHFRJQL]HVWKHQHHGIRUJUHDWHUVRFLDOMXVWLFHXUJLQJWKH*UHHN*RYHUQPHQW WR³UROORXWDEDVLFVRFLDOVDIHW\QHWLQWKHIRUPRID*XDUDQWHHG0LQLPXP Income”36 and praising the adoption of some measures aimed at supporting
the most vulnerable part of the population.
$OWKRXJKFHUWDLQO\ZHOFRPHWKHVHDWWHPSWVWRZRUNRXWDPRUHEDODQFHG DSSURDFK VHHP IDU WRR OLPLWHG HVSHFLDOO\ LI FRPSDUHG ZLWK WKH PDJQLWXGH RI WKH SUREOHP,QGHHG DXVWHULW\ PHDVXUHV FRQWULEXWHG PXFK WR PDNHWKH economic crisis evolve into a full-scale social crisis, having a severe negative LPSDFWRQWKHHQMR\PHQWRQDZLGHUDQJHRIVRFLDOULJKWVLQSDUWLFXODUZLWK UHJDUGWRFHUWDLQJURXSVVXFKDVFKLOGUHQZRPHQ\RXQJDQGSHQVLRQHUV
7KHLPSDFWRIDXVWHULW\PHDVXUHVRQVRFLDOULJKWVKDVEHHQWKHREMHFWLYHRI VHYHUDOVWXGLHV1RWDEO\LQ-DQXDU\WKH(XURSHDQ3DUOLDPHQWSXEOLVKHG D GHWDLOHG FRPSDUDWLYH DQDO\VLV UHJDUGLQJ WKH LPSDFW RQ IXQGDPHQWDO ULJKWV RIDXVWHULW\PHDVXUHVLPSRVHGLQUHVSRQVHWRWKHFULVLVE\VHYHQ(80HPEHU 6WDWHV%HOJLXP&\SUXV*UHHFH,UHODQG,WDO\6SDLQDQG3RUWXJDO38. The
anal-\VLVIRFXVHGRQDQXPEHURIULJKWVSURWHFWHGE\WKH(8&KDUWHURI)XQGDPHQWDO
36 Memorandum of Understanding between the European Commission acting on
behalf of the European Stability Mechanism and the Hellenic Republic and the Bank of Greece, 19 August 2015, p. 4.
However, this praise sounds at bit paradoxical, as the adoption of these measures KDGEHHQVHYHUHO\FULWLFL]HGE\WKHGRQRUVDWWKHWLPHZKHQWKH\KDGEHHQDGRSWHG
5LJKWVDQGE\WKH(XURSHDQ6RFLDO&KDUWHUVXFKDVHGXFDWLRQKHDOWKFDUHZRUN SHQVLRQDFFHVVWRMXVWLFHIUHHGRPRIH[SUHVVLRQDQGDVVHPEO\KRXVLQJSURS-HUW\DQGVRPHULJKWVDWZRUN7KH¿QGLQJVRIWKHVWXG\SDLQWDEOHDNSLFWXUH
For instance, with regard to the right to education, it found that reduction in the number of schools, in the number of teachers and of administrative and RWKHUVFKRROUHODWHGFRVWV³LQFOXGHDGDQJHUWRWKHRYHUDOOTXDOLW\RIHGXFDWLRQ DQGFKLOGUHQ¶VVXFFHVVDWVFKRRODQLQFUHDVHLQXQHPSOR\HGZRUNHUVLQHGXFD-WLRQUHGXFHGDYDLODELOLW\RIVHUYLFHV>DQG@GHWHULRUDWLRQRIJHQHUDOFRQGLWLRQV LQFODVVURRPV´$OOWKHVHFRQVHTXHQFHVEHLQJPRUHLQWHQVHIRU³>F@KLOGUHQZLWK GLVDELOLWLHV5RPD7UDYHOOHUV¶FKLOGUHQDVZHOODVFKLOGUHQRIPLJUDQWV´39 Fur-WKHUPRUHWKHVWXG\IRXQGWKDWWKHPDVVLYHUHIRUPVRIWKHKHDOWKFDUHV\VWHPV DGRSWHGLQFHUWDLQFRXQWULHVVXFKDV*UHHFHDQG&\SUXVSULPDULO\DLPHGDW reducing costs through restricting access to healthcare, introducing or in-FUHDVLQJSDUWLFLSDWLRQIHHVUHGXFLQJVDODULHVDQGIUHH]LQJWKHHPSOR\PHQWRI VWDIIWRRNDQHTXDOO\KHDY\WROORQWKHHQMR\PHQWRIWKHULJKWWRKHDOWK,QSDU-ticular these measures reduced access to healthcare, increased waiting times for treatments and unmet medical needs, as well as decreased preventive and SURWHFWLQJFDUH$OVRLQWKLVFDVHWKHVHHIIHFWVZHUHPRUHDFXWHO\IHOWE\WKH most vulnerable, such as poor and homeless people, older people, people with disabilities and their families, women, and undocumented migrants.40 The
DQDO\VLVFRPHVWRVLPLODUO\WURXEOHVRPHFRQFOXVLRQVDOVRZLWKUHJDUGWRRWK-HUULJKWVVXFKDVZRUNUHODWHGRQHVDQGLQSDUWLFXODUWKHULJKWWRFROOHFWLYH EDUJDLQLQJWKHULJKWWRVRFLDOVHFXULW\DVVRFLDOEHQH¿WVKDYHEHHQFXWDQG DFFHVVKDVEHHQVHYHUHO\UHVWULFWHGLQPDQ\6WDWHVDQGWKHULJKWWRKRXVLQJDV foreclosures and evictions escalated in countries such as Spain.41
4. The Court of Justice and the Safeguard of Social Rights in Crisis
4.1. The crisis, the reform of the European economic governance and the Court
At least on paper, the reform of the European economic governance strengthened the position of the Court.
39 (XURSHDQ3DUOLDPHQWS 40 (XURSHDQ3DUOLDPHQWS 41 (XURSHDQ3DUOLDPHQWSS
On the one hand, new legal instruments, even if adopted outside the EU legal order, conferred further competences to the Court. This is the case of $UWLFOH(607UHDW\WKDWJLYHVWRWKH&RXUWWKHSRZHUWRKHDUDQ\GLVSXWH FRQFHUQLQJWKHLQWHUSUHWDWLRQRUWKHDSSOLFDWLRQRIWKH7UHDW\)XUWKHUPRUH $UWLFOH76&*HPSRZHUVHDFK&RQWUDFWLQJ3DUW\WREULQJDFODLPEHIRUHWKH &RXUWZKHQLWFRQVLGHUVWKDWDQRWKHU3DUW\IDLOHGWRIXOO\WUDQVSRVHLQWRLWV QDWLRQDOOHJDORUGHUWKHEDODQFHGEXGJHWUXOHDVSURYLGHGIRUE\$UWLFOH TSCG.42
On the other hand, some commentators pointed out that the Court, togeth-HUZLWKVRPHQDWLRQDOVXSUHPHMXGLFLDOERGLHVKDVEHHQYHU\PXFKLQYROYHGLQ WKH¿VFDOGRPDLQWRDGHJUHHWKDWLVIDUKLJKHUWKDQLQWKHSDVWDQGHOVHZKHUH 7KH\FRQVLGHUHGWKDWWKLVKDVOHGWRDOHYHORIMXGLFLDOLQWHUIHUHQFHWKDWLVH[-cessive, as decisions in this domain are better left with the political branches. 7KH\PDLQWDLQHGWKDWWKHPDLQUHDVRQEHKLQGVXFKDQXQSUHFHGHQWHGMXGLFLDO LQWHUYHQWLRQLQWKH¿VFDOGRPDLQLVWKHUHFRXUVHWRLQWHUQDWLRQDOODZLQVWUX-ments, which are more amenable to judicial review than EU ones.43
+RZHYHUWKHLPDJHRIDVWURQJHUDQGSURDFWLYH&RXUWFDQEHKDUGO\UHF-RQFLOHG ZLWK WKH SHULSKHUDO UROH WKDW LW KDV SOD\HG ZLWK UHJDUG WR WKH SUR-WHFWLRQRIVRFLDOULJKWVDQGPRUHJHQHUDOO\WKHVDIHJXDUGRIQRQHFRQRPLF interests and values vis-à-vis the strengthening of the EMU.44 This contrasts
VWDUNO\ZLWKWKHNH\UROHWKDWWKH&RXUWSOD\HGLQWKHFRQVWUXFWLRQRIWKH(8 legal architecture underpinning the European integration process, through the introduction of new principles - such as that concerning the protection of fundamental rights - that have contributed much to shape the European inte-JUDWLRQSURFHVVDVDZKROH,QGHHGDVDSWO\REVHUYHGE\3RLDUHV0DGXURWKH &-(8³SURPRWHGWKHXVHRIODZDV>«@DµPDVNIRUSROLWLFV¶LQ(XURSHDQLQWH-JUDWLRQ´VXSSOHPHQWLQJWKHZRUNRIWKHOHJLVODWLYHSURFHVVDQGFRPSHQVDWLQJ IRUWKHODFNRIFRQVHQVXVDPRQJ0HPEHU6WDWHVRQNH\LVVXHV45 To this end,
WKH&-(8GLGPDNHIXOOXVHRIWKHLQWHUSUHWDWLYHGLVFUHWLRQOHIWE\(8UXOHV VWUHWFKLQJWKHPWRWKHOLPLWDQGLQPDQ\LQVWDQFHVHYHQEH\RQG
&RQYHUVHO\ LQ WKH FDVHV FRQFHUQLQJ DXVWHULW\ PHDVXUHV WKH &-(8 KDV
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44 7KH&RXUWLVQRWDORQHLQKROGLQJWKLVSRVLWLRQVHH+LQDUHMRV 45 3RLDUHV0DGXURSS
LW\RIVXFKPHDVXUHV0RVWRIWKHVHVROXWLRQVDUHGHIHQVLEOH46 resting upon
DÀDZOHVVHYHQWKRXJKTXLWHIRUPDOLVWLFUHDGLQJRIWKHUHOHYDQWSURYLVLRQV Nonetheless, the overall approach contrasts with the far more proactive at-titude that it had adopted in the past, showing that the CJEU was not just XQDEOHWRSOD\DSDUWEXWDWOHDVWWRDODUJHH[WHQWDOVRXQZLOOLQJWRGRVR
4.2. The systematic rejection of annulment actions brought by private ap-plicants
7KH¿UVWOLQHRIUHOHYDQWFDVHVFRQFHUQVWKHFODLPVEURXJKWWRWKH&-(8 E\SULYDWHDSSOLFDQWVVHHNLQJWKHDQQXOPHQWRIDFWVDGGUHVVHGWRD0HPEHU 6WDWHLQWKHFRQWH[WRID¿QDQFLDODVVLVWDQFHSURJUDPPH
$¿WWLQJH[DPSOHLQWKLVUHJDUGLVWKHLedra case, concerning the ESM
LQWHUYHQWLRQWRDVVLVW&\SUXVLQWKHPDQDJHPHQWRIWKHGLI¿FXOWLHVIDFHGE\ WZRRILWVELJJHVWEDQNVDQGFRQVHTXHQWO\WRDYRLGFRQWDJLRQ(60¿QDQFLDO DVVLVWDQFHZKLFKODVWHGIURPWRZDVJUDQWHGRQWKHEDFNRIDPDF-URHFRQRPLFDGMXVWPHQWSURJUDPPHVHWE\D0R8WREHQHJRWLDWHGEHWZHHQ WKH7URLNDDQGWKH&\SULRWDXWKRULWLHV1HJRWLDWLRQVVWDUWHGLQDQGHQG-HGLQ$SULOZKHQWKH0R8ZDVVLJQHGE\WKH&RPPLVVLRQRQEHKDOIRI WKH(60WKH&HQWUDO%DQNRI&\SUXVDQGWKH0LQLVWHURI)LQDQFHRI&\SUXV ,QWKHPHDQZKLOHWKH&\SULRWDXWKRULWLHVSXWWKHWZRODUJHVW&\SULRWEDQNV into resolution and provided for the recapitalisation of one of them, at the expenses of uninsured depositors, shareholders and bondholders. Some of them, after having seen a substantial decrease in the value of their deposits, WXUQHGWRWKH(8*HQHUDO&RXUWVHHNLQJWKHDQQXOPHQWRIWKHSDUWVRIWKH 0R8SURYLGLQJIRUWKHUHVWUXFWXULQJRIWKHEDQNV,QWKLVFDVHWKH*HQHUDO Court48VZLIWO\UHMHFWHGWKHFODLPSRLQWLQJWRWKHIDFWWKDWWKH0R8KDGEHHQ DGRSWHGE\WKH5HSXEOLFRI&\SUXVDQGWKH(60DQGWKXVQRWEHLQJDQDFWRI DQ(8LQVWLWXWLRQERG\RI¿FHRUDJHQF\LWVOHJDOLW\FDQQRWEHUHYLHZXQGHU Article 263 TFEU.
The CJEU came to the same conclusion also in cases where the challenge
46 0XQDULS
Judgment of 20 September 2016, Ledra Advertising at al.-RLQHGFDVHV&WR &3(8&
48 Order of 10 November 2014, Ledra Advertising Ltd7(87 paras. 56-63.
was directed toward EU acts. In the ADEDY case,49 for instance, a public
sec-tor trade union sought the annulment of two Council decisions addressed WR*UHHFHDLPLQJDWUHLQIRUFLQJDQGGHHSHQLQJ¿VFDOVXUYHLOODQFHDVZHOODV SXVKLQJ WKURXJK PHDVXUHV IRU WKH UHGXFWLRQ RI DQ H[FHVVLYH GH¿FLW $SSOL-cants argued that, inter alia, the two acts violated the principle of conferral, HQVKULQHGLQ$UWLFOH7(87KH*HQHUDO&RXUWGLVPLVVHGWKHDFWLRQDV it considered that the applicants had no standing to bring it. Indeed, Article 7)8(SURYLGHVWKDWQDWXUDORUOHJDOSHUVRQVFDQLQVWLWXWHDQDQQXO-PHQWSURFHHGLQJRQO\LQWKRVHFDVHVZKHUHWKHDFWLIQRWDGGUHVVHGWRWKHPLV “of direct and individual concern to them”. The General Court focused exclu-VLYHO\RQWKHUHTXLUHPHQWRIGLUHFWFRQFHUQDQGKDYLQJIRXQGWKDWLWKDGQRW EHHQIXO¿OOHGDQGKDYLQJFRQVLGHUHGWKDWWKHWZRFRQGLWLRQVDUHFXPXODWLYH LWGHFODUHGWKHDFWLRQLQDGPLVVLEOHZLWKRXWKDYLQJWRWDNHLQWRFRQVLGHUDWLRQ WKHRWKHURQH,QSDUWLFXODULWREVHUYHGWKDWWKHDFWVQRWRQO\ZHUHDGGUHVVHG WR*UHHFHEXWZHUHDOVRYHU\JHQHUDOLQFRQWHQWOHDYLQJPXFKGLVFUHWLRQDU\ VSDFHWR*UHHNDXWKRULWLHVDVWRWKHVHOHFWLRQRIWKHFRQFUHWHPHDVXUHVWREH DGRSWHGLQRUGHUWRUHGXFHWKHGH¿FLW7KHUHIRUHDSSOLFDQWVZHUHQRWLQWKH position to claim that the EU decisions were of direct concern to them.
This conclusion is in line with a well-settled case law and it did not come as DVXUSULVH7KHVDPHJRHVDOVRZLWKD¿QDOUHPDUNPDGHE\WKH&RXUWGLVPLVV-LQJWKHLQFRPSDWLELOLW\EHWZHHQWKHLQDGPLVVLELOLW\GHFLVLRQDQGWKHULJKWWR effective judicial protection. Following, also in this case, a usual path,50 the
&RXUWSRLQWHGRXWWKDWWKHUHPHG\SURYLGHGIRUXQGHU$UWLFOH7)8(LV not to be considered in isolation, as it represents just one of the possibilities DYDLODEOHWRSULYDWHSDUWLHVWRFKDOOHQJHWKHYDOLGLW\RI(8DFWVKDYLQJDJHQHU-al character. Indeed, private parties can bring their claim in front of nationDYDLODEOHWRSULYDWHSDUWLHVWRFKDOOHQJHWKHYDOLGLW\RI(8DFWVKDYLQJDJHQHU-al FRXUWVDQGWKHQDVNWKHPWRPDNHDUHIHUHQFHWRWKH&-(8IRUDSUHOLPLQDU\
49 2UGHURI1RYHPEHUAnotati Dioikisi Enoseon Dimosion Ypallilon
(AD-EDY), Spyridon Papaspyros and Ilias Iliopoulos v Council of the European Union, T-15
(87
50 However this line of reasoning has been much contested also within the CJEU, as WKHVWULFWLQWHUSUHWDWLRQRIWKHFRQGLWLRQVIRUDGPLVVLELOLW\RIDFWLRQEURXJKWE\SULYDWHDS-SOLFDQWVZHUHFRQVLGHUHGWREHLQFRPSDWLEOHZLWKWKHULJKWWRDQHIIHFWLYHMXGLFLDOUHPHG\ VHH-XGJPHQWRI0D\Jego-Quéré7(877KHMXGJPHQWZDV VXEVHTXHQWO\VHWDVLGHE\WKH&RXUWZKLFKFRQVLGHUHGWKDWWKHWKHQ&RXUWRI)LUVW,QVWDQFH HUUHGLQODZDVLWIDLOHGWRGXO\FRQVLGHUWKDW³WKH7UHDW\KDVHVWDEOLVKHGDFRPSOHWHV\VWHP RIOHJDOUHPHGLHVDQGSURFHGXUHVGHVLJQHGWRHQVXUHUHYLHZRIWKHOHJDOLW\RIDFWVRIWKH LQVWLWXWLRQV´-XGJPHQWRI$SULOJego-Quéré&(8&
UXOLQJRQWKHYDOLGLW\RIWKHFRQWHVWHGDFWV$VFRQ¿UPHGLQADEDY, the an-QXOPHQWSURFHGXUHDQGWKHSUHOLPLQDU\UHIHUHQFHRQHHVWDEOLVK³DFRPSOHWH V\VWHPRIOHJDOUHPHGLHVDQGSURFHGXUHVGHVLJQHGWRHQDEOHWKH(XURSHDQ 8QLRQ&RXUWVWRUHYLHZWKHOHJDOLW\RIDFWVRIWKHLQVWLWXWLRQV´
4.3. A truly “complete system of legal remedies”? Austerity measures out-side the reach of the Charter
7KHDSSOLFDWLRQRIWKHµFRPSOHWHV\VWHP¶GRFWULQHGRHVQRWVHHPVWRRIIHU PDQ\UHDVRQVIRUKRSHZLWKUHJDUGWRWKHFDSDFLW\RIWKH&RXUWWRSOD\DPRUH DFWLYHUROHIRUWKHSURWHFWLRQRIULJKWVWKUHDWHQHGE\DXVWHULW\PHDVXUHV,Q- GHHGWKH&-(8KDVUHMHFWHGPRVWRIWKHUHTXHVWVIRUSUHOLPLQDU\UXOLQJVVXE-PLWWHGE\QDWLRQDOFRXUWVVKRZLQJLQSDUWLFXODUPXFKUHOXFWDQFHWRDSSO\ WKH(8&KDUWHURQ)XQGDPHQWDO5LJKWVµWKH&KDUWHU¶LQFDVHVFRQFHUQLQJ anti-crisis measures.
In this regard, the case that set the tone was Pringle,51 one of the few
de- FLGHGE\WKH&RXUWVLWWLQJLQSOHQDU\VHVVLRQ7KHFDVHRULJLQDWHGIURPDUH-IHUUDOE\WKH,ULVK+LJK&RXUWZKLFKKDGEHHQDVNHGWRDVFHUWDLQZKHWKHU E\UDWLI\LQJWKH(607UHDW\,UHODQGZRXOGKDYHXQGHUWDNHQREOLJDWLRQVLQ contravention with several provisions of EU law and, in particular, with the norms on the protection of fundamental rights, as contained in the Charter. The Court answered in the negative, observing that in the case at hand the &KDUWHUGRHVQRW¿QGDSSOLFDWLRQ$FFRUGLQJWR$UWLFOHRIWKH&KDUWHULWV SURYLVLRQVDUHDGGUHVVHGWR0HPEHU6WDWHVRQO\ZKHQWKH\DUHLPSOHPHQWLQJ (8ODZDQGDFFRUGLQJWRWKH&RXUWWKLVFRQGLWLRQZDVQRWIXO¿OOHGLQWKHFDVH DWVWDNH,QGHHG³0HPEHU6WDWHVDUHQRWLPSOHPHQWLQJ8QLRQODZ>«@ZKHQ WKH\HVWDEOLVKDVWDELOLW\PHFKDQLVPVXFKDVWKH(60ZKHUH>«@WKH(8DQG )(87UHDWLHVGRQRWFRQIHUDQ\VSHFL¿FFRPSHWHQFHRQWKH8QLRQWRHVWDEOLVK such a mechanism”.525HJUHWWDEO\WKH&RXUWGLGQRWFRQFOXVLYHO\DGGUHVVWKH
other issue on the table, i.e. whether the Charter applies when EU institu-WLRQVVXFKDVWKH&RPPLVVLRQDQGWKH(XURSHDQ&HQWUDO%DQNDFWRXWVLGH WKH(8OHJDOIUDPHZRUNDVLWKDSSHQVIRULQVWDQFHZKHQWKH\SDUWLFLSDWH WR WKH GH¿QLWLRQV RI WKH FRQGLWLRQV DWWDFKHG WR (60VSRQVRUHG DVVLVWDQFH SDFNDJHV,QWKLVUHJDUGLWLVZRUWKFRQVLGHULQJWKDWLQKHUFRQFOXVLRQVRQ WKHFDVH$GYRFDWH*HQHUDO.RNRWWPDGHFOHDUWKDWWKH&RPPLVVLRQ³DVVXFK 51 -XGJPHQWRI1RYHPEHUPringle&(8& 52 Pringle above note 50, para. 180.
LVERXQGE\WKHIXOOH[WHQWRI(XURSHDQ8QLRQODZLQFOXGLQJWKH&KDUWHURI Fundamental Rights”.53
7KH&-(8DGRSWHGDQHTXDOO\UHVWULFWLYHVWDQFHZLWKUHJDUGWRWKHDSSOL-FDELOLW\ RI WKH &KDUWHU LQ FDVHV GLUHFWO\ FRQFHUQLQJ WKH OHJDOLW\ RI DXVWHULW\ PHDVXUHV$JRRGH[DPSOHLQWKLVUHJDUGLVWKH2UGHUDGRSWHGE\WKH&RXUW in Sindicato dos Bancarios do Norte and Others.54 The case concerned the
3RUWXJXHVHEDLORXWDQGLQSDUWLFXODUDQXPEHURIPHDVXUHVDLPHGDVFODUL-¿HGLQWKH,PSOHPHQWLQJ'HFLVLRQ(855 at “strengthening labour
PDUNHW IXQFWLRQLQJ E\ OLPLWLQJ VHYHUDQFH SD\PHQWV DQG PDNLQJ ZRUNLQJ WLPHDUUDQJHPHQWVPRUHÀH[LEOH´E\WKHHQGRIDVSURYLGHGIRUE\WKH 0HPRUDQGXPRI8QGHUVWDQGLQJ7KH3RUWXJXHVH*RYHUQPHQWKRQRXUHGLWV commitments with the Budget Law for 2011, which imposed, inter alia, cuts WRSXEOLFVHFWRUZDJHVDQGVXVSHQGHGWKHSD\PHQWRIERQXVHV3XEOLFVHFWRUV WUDGHXQLRQVFKDOOHQJHGWKHVHPHDVXUHVLQIURQWRIWKHHPSOR\PHQWWULEX-QDORI3RUWRWKDWLQWXUQUHIHUUHGDQXPEHURISUHOLPLQDU\TXHVWLRQVWRWKH &RXUW,QSDUWLFXODULWDVNHGZKHWKHUWKHULJKWWRIDLUDQGMXVWZRUNLQJFRQ-ditions, as enshrined in Article 31 of the Charter, prevented the reduction of ZRUNHUV¶VDODU\ZKHQWKHUHLVQRPRGL¿FDWLRQRIWKHFROOHFWLYHDJUHHPHQW 0RUHRYHU WKH 3RUWXJXHVH WULEXQDO DOVR DVNHG ZKHWKHU WKH VDPH SURYLVLRQ LV WR EH LQWHUSUHWHG DV LPSRVLQJ D UHPXQHUDWLRQ WKDW DOORZV WKH ZRUNHU WR PDLQWDLQDVDWLVIDFWRU\VWDQGDUGRIOLYLQJ/DVWO\LWDVNHGZKHWKHUVDODU\FXWV LQVRIDUDVWKH\DUHQRWWKHRQO\DYDLODEOHPHDVXUHWRHQVXUHWKHVXVWDLQDELOLW\ RISXEOLF¿QDQFHVFRQWUDYHQH$UWLFOHRIWKH&KDUWHUDVWKH\SXWDWULVNWKH VWDQGDUGRIOLYLQJRIWKHDIIHFWHGZRUNHUV7KH&RXUWUHIXVHGWRKHDUDQ\RI WKHVHTXHVWLRQVFODLPLQJWKDWLWKDGQRMXULVGLFWLRQWRWDNHFRJQLVDQFHRIWKH UHTXHVWV,QGHHGLWFRQ¿UPHGWKDWWKH&KDUWHUGRHVQRW¿QGDSSOLFDWLRQLQ WKLVFDVHVLQFHZKHQ3RUWXJDODGRSWHGWKHFRQWHVWHGPHDVXUHVLWZDVQRW implementing EU law.
7KH VWULFW LQWHUSUHWDWLRQ RI WKH FRQGLWLRQV UHJXODWLQJ WKH DSSOLFDELOLW\ RI WKH&KDUWHUVHHPVFRPSDWLEOHZLWKWKHEODFNOHWWHURI$UWLFOHRIWKH&KDUWHU ZKLFKHVWDEOLVKHVWKDWWKH&KDUWHUDSSOLHVWRPHPEHU6WDWHV³RQO\ZKHQWKH\
53 9LHZRI2FWREHUPringle&(8&SDUD6HH.LOSDW-ULFNDSS
54 2UGHURI0DUFKSindicato dos Bancarios do Norte and Others& EU:C:2013:149.
55 &RXQFLO ,PSOHPHQWLQJ 'HFLVLRQ QR (8 RI 0D\ 2011 on granting
are implementing Union law”. However, there has been instances where the Court opted for a much liberal reading of the provision, allowing for the appli-cation of the Charter in cases where the State concerned was not implementing (8ODZ$FDVHWKDWVWDQGVRXWLQWKLVUHJDUGLVcNHUEHUJ)UDQVVRQDMXGJPHQW concerning an alleged violation of the ne bis in idem principle enshrined in Article 50 of the Charter.56 Mr. Fransson, having been charged for serious tax
RIIHQFHVKDG¿UVWEHHQRUGHUHGWRSD\DKHIW\WD[VXUFKDUJHE\WKH6ZHGLVK 7D[%RDUGDQGWKHQFULPLQDOO\SURVHFXWHGIRUWKHVHYHU\RIIHQFHV)URPRXU perspective, the most interesting issue is that neither the Tax Board, nor the 3URVHFXWRUZHUHLPSOHPHQWLQJ(8ODZZKHQWKH\LPSRVHGWKHSHQDOWLHVRQ0U )UDQVVRQRUZKHQWKH\GHFLGHGWRSURVHFXWHKLP7KLVQRWZLWKVWDQGLQJWKH &RXUWHVWDEOLVKHGWKDWWKH&KDUWHUFRXOG¿QGDSSOLFDWLRQLQWKHFDVHDWKDQGDV LWFRQVLGHUHGWKDWWKHH[LVWHQFHRIDOLQNHYHQWKRXJKTXLWHWHQXRXVEHWZHHQ WKHRIIHQFHVFRPPLWWHGE\0U)UDQVVRQDQG(8ODZZRXOGVXI¿FHWRWKLVHQG In particular, the Court pointed to the fact that some of these breaches con-FHUQHGWKHREOLJDWLRQWRGHFODUH9$7ZKLFKLQWXUQLVRQHRIWKHVRXUFHVRI (8¶VRZQUHVRXUFHVDQGLWUHJXODWHGE\(8SULPDU\DQGVHFRQGDU\QRUPV7KLV element, according to the Court, was enough to draw the situation under the VFRSHRI(8ODZDQGWKXVWRPDNHWKH&KDUWHUDSSOLFDEOH7KLVEURDGUHDGLQJ of the conditions governing the application of EU fundamental rights norms UHIHUVEDFNWRFDVHODZSUHGDWLQJWKHHQWU\LQWRIRUFHRIWKH&KDUWHUDQGLWXVHG E\WKH&-(8WREURDGHQLWVVFRSHRIDSSOLFDWLRQYLVjYLV0HPEHU6WDWHV
Had the Court followed the same interpretive approach when faced with FKDOOHQJHVGLUHFWHGDJDLQVWDXVWHULW\PHDVXUHVLWZRXOGKDYHFRPHWRGLIIHU-HQWFRQFOXVLRQVDVWRWKHDSSOLFDELOLW\RIWKH&KDUWHU,QGHHGWKHPHDVXUHV DWVWDNHKDGEHHQDGRSWHGLQWKHFRQWH[WRIVWUXFWXUDODGMXVWPHQWSURJUDPV QHJRWLDWHGZLWK(8LQVWLWXWLRQVLQDFFRUGDQFHWRSURFHGXUHVJRYHUQHGE\(8 ODZDQGWRSXUVXHREMHFWLYHVVXFKDVWKHUHGXFWLRQRIWKHH[FHVVLYHGH¿FLWV VDQFWLRQHGE\(8QRUPV,QDZRUGWKH\FOHDUO\KDYHDPXFKVWURQJHUOLQN ZLWKWKH(8OHJDORUGHUWKDQWKRVHLQcNHUEHUJ)UDQVVRQ
4.4. The ‘complete system’ doctrine avenged? Yes, but only partially
As seen above, the Court went through a long period in which it seemed WRIXOO\DGKHUHWRWKHLGHDWKDWEDLORXWPHDVXUHVZHUHLPPXQHIURPMXGLFLDO VFUXWLQ\DWVXSUDQDWLRQDOOHYHO+RZHYHUWKHUHDUHQRZVRPHWHQWDWLYHVLJQV
pointing in the opposite direction, showing a renewed commitment toward opening up new judicial avenues for the protection of fundamental rights in WLPHVRIDXVWHULW\
The most recent example in this regard is the Florescu judgment of June 7KHFDVHFRQFHUQHGD5RPDQLDQODZRIWKDWSURKLELWHGWKHFRP-bining of a pension with an income for activities carried out in a public insti-WXWLRQ$Q\RQHLQVXFKSRVLWLRQKDGWRHLWKHUDVNIRUWKHVXVSHQVLRQRIWKH pension or renounce to the paid job. The law had been adopted in order to IXO¿OWKHREOLJDWLRQVDULVLQJXQGHUWKH0R8QHJRWLDWHGE\WKH5RPDQLDQ*RY-HUQPHQWZLWKWKH&RPPLVVLRQDVDFRQGLWLRQWRREWDLQ¿QDQFLDODVVLVWDQFH IURPWKH(87KUHHUHWLUHGMXGJHVWHDFKLQJDWWKHODZIDFXOW\RI6LELXFKDO-lenged the measure, which, in their view, violated several of their rights, as HQVKULQHGLQWKH&KDUWHU7KH&RXUWRI$SSHDOGHFLGHGWRVWD\SURFHHGLQJV DQGUDLVHDQXPEHURISUHOLPLQDU\TXHVWLRQV4XLWHUHPDUNDEO\WKH&RXUWKDV DOUHDG\KDGWKHFKDQFHWRUXOHRQVLPLODUPHDVXUHVDGRSWHGE\5RPDQLDQDX- WKRULWLHVRQWKHEDVLVRIWKHYHU\VDPHODZ+RZHYHULQDQGLWGLV-PLVVHGWZRUHTXHVWVFRPLQJIURP5RPDQLDQMXGJHV¿QGLQJ³DQHDV\HVFDSH route”
LQSRRUO\GUDIWHGRUGHUVIRUUHIHUHQFHWKDWIDLOHGWRKLJKOLJKWWKHFRQ-nection between national measures and EU law. In FlorescuWKH&RXUWWRRND GLIIHUHQWSDWKGHFODULQJLWVFRPSHWHQFHWRUXOHRQWKHFRPSDWLELOLW\EHWZHHQ 5RPDQLDQDXVWHULW\PHDVXUHVDQG(8ODZSURYLVLRQVSURWHFWLQJIXQGDPHQ-WDOULJKWV7RWKLVHQGLWIRXQGWKDWWKH0R8LVUHYLHZDEOHXQGHU$UWLFOH 7)(8VLQFHLWLVPDQGDWRU\DQG³FRQVWLWXWHVDQDFWRIDQ(8LQVWLWXWLRQ´58 7KLVLVTXLWHUHPDUNDEOHEHLQJLWWKH¿UVWWLPHQLQH\HDUVDIWHUWKH¿UVW¿-QDQFLDODVVLVWDQFHSURJUDPPHZDVODXQFKHGLQZKLFKWKH&RXUWWDNHDFOHDU SRVLWLRQRQWKLVLVVXH<HWWKHLPSOLFDWLRQVRIWKLV¿QGLQJQHHGWREHDVVHVVHG DJDLQVWWKHVSHFL¿FLWLHVRIWKH5RPDQLD¶VDVVLVWDQFHSURJUDPPH,QGHHGWKH ODWWHUZDVEDVHGRQ$UWLFOH7)(8ZKLFKHPSRZHUVWKH(8WR¿QDQFLDOO\ DVVLVWQRQHXUR6WDWHVIDFLQJGLI¿FXOWLHVDVUHJDUGVWKHLUEDODQFHRISD\PHQWV 7KLVPHDQVWKDWWKH0R8DWLVVXH¿QGVLWVURRWVLQ(8ODZKDYLQJEHLQJDG-RSWHGRQWKHEDVLVRI$UWLFOH7)(8DQG5HJXODWLRQ(&1R59 ,QWKHOLJKWRIWKHDERYHWKH&RXUWKDGDQHDV\UXQLQ¿QGLQJWKDWWKH&KDUWHU %DUQDUG -XGJPHQWRI-XQHFlorescu&(8&SDUD &RXQFLO5HJXODWLRQ(&1RRI)HEUXDU\establishing a facility SURYLGLQJPHGLXPWHUP¿QDQFLDODVVLVWDQFHIRU0HPEHU6WDWHV¶EDODQFHVRISD\PHQWV, OJ L 53 of 23.202.2012, pp. 1-3.
ZDV DSSOLFDEOH WR WKH FDVH DW KDQG E\ SRLQWLQJ WR WKH IDFW WKDW 5RPDQLDQ authorities were implementing EU law when adopting measures that aimed at realizing the objectives set forth in the MoU. In the process, the Court ex-FOXGHGE\FRUUHFWO\UHIHUULQJWRLWVSUHYLRXVFDVHODZWKDWWKHH[LVWHQFHRID margin of discretion for national authorities in deciding what measures were WREHDGRSWHGFRXOGLQDQ\ZD\FDOOLQWRTXHVWLRQWKLVDQDO\VLV60
:KDWUHPDLQVWREHVHHQLVZKHWKHUFlorescu is a sign of a broader change RIDWWLWXGHE\WKH&RXUWRULIWKHODWWHUZLOOVWLFNWRLWVVWULFWLQWHUSUHWDWLYHDS- SURDFKZKHQLWFRPHVWRGHFLGLQJRQWKHDSSOLFDELOLW\RIWKH&KDUWHULQFDV-HVZKHUHEDLORXWFRQGLWLRQVDUHVHWE\GRFXPHQWVZKRVHPDLQOHJDOEDVLVOLHV RXWVLGHWKH(8OHJDOIUDPHZRUN7KH&RXUWZLOOEHFDOOHGXSRQWRSURYLGHDQ answer to this question in a pending case concerning the reduction of the sal-DULHVRI3RUWXJXHVH&RXUWRI$XGLWRUV¶MXGJHV7KHUHGXFWLRQUHVXOWHGIURPD ODZDGRSWHGLQWKDWVFDOHGGRZQWKHUHPXQHUDWLRQRIPDQ\FDWHJRULHVRI SXEOLFVHUYDQWVVRWRIXO¿ORQHRIWKHFRQGLWLRQVFRQWDLQHGLQWKHVWUXFWXUDO DGMXVWPHQWSURJUDPPHQHJRWLDWHGZLWKWKH7URLND,QWKHQDWLRQDOSURFHHG-ing, claimants sought the annulment of the measure, arguing that it contrasted with the principle of judicial independence, as enshrined in the TEU and in $UWLFOHRIWKH&KDUWHU7KHUHIHUULQJMXGJH±WKHSupremo Tribunal
Admin-istrativo±GHFLGHGWRWXUQWRWKH&RXUWDVNLQJZKHWKHUWKHVH(8SURYLVLRQV
have to be interpreted in the sense of precluding the adoption of measures such as the contested one. In his Opinion, AG Saugmandsgaard Øe61 concluded that
WKH3RUWXJXHVHPHDVXUH³FRQVWLWXWHVDQLPSOHPHQWDWLRQRISURYLVLRQVRI(8 law, within the meaning of Article 51 of the Charter”.62 The conclusion seems
WRUHVWRQWKHH[LVWHQFHRIDVXI¿FLHQWO\VWURQJOLQNDJHEHWZHHQWKHFRQWHVWHG measures and the EU legal order. In particular, the AG posited, without spell-LQJLWRXWFOHDUO\WKDWWKHUHGXFWLRQRIVDODULHVFRQVWLWXWHGDPHDVXUHDGRSWHG WRFRPSO\ZLWKFRQGLWLRQVUHIHUUHGWRDOVRLQ(8OHJDODFWVVXFKDV&RXQFLO LPSOHPHQWLQJGHFLVLRQV'RXEWVFDQEHOHJLWLPDWHO\UDLVHGDVWRZKHWKHUWKH Opinion will be able to persuade the Court to revisit its position on the appli-FDELOLW\RIWKH&KDUWHUWRWKLVW\SHRIEDLORXWPHDVXUHV,QGHHGWKH$*ZDV WRRVZLIWLQDGGUHVVLQJWKLVFRQWURYHUVLDODVSHFWMXPSLQJGLUHFWO\WRWKHFRQ-FOXVLRQDQGIDLOLQJWRFOHDUO\DUWLFXODWHDOOWKHVWHSVRIKLVDUJXPHQWDWLYHSDWK
60 FlorescuDERYHQRWH3DUD
2SLQLRQRI$*6DXJPDQGVJDDUGHRI0D\Associação Sindical dos Juizes
Portugueses&
,WLVZRUWKKLJKOLJKWLQJWKDWWKH&RXUWKDGDOUHDG\RSHQHGXSDQRWKHUMX-dicial avenue for the protection of fundamental rights in non-EU based struc-tural adjustment programmes. In the above-mentioned Ledra judgment, the &RXUWRI-XVWLFHGHFODUHGWKHDGPLVVLELOLW\RIDQDFWLRQIRUGDPDJHVEURXJKW E\DQXPEHURI&\SULRWLQYHVWRUVDJDLQVWWKH&RPPLVVLRQDQGWKH(&%IRU their role in the negotiation and conclusion of the MoU. As seen above, the ODWWHUGRFXPHQWGHWDLOHGDVHULHVRIPHDVXUHVWREHDGRSWHGE\&\SULRWDX- WKRULWLHVDVDFRQGLWLRQWRREWDLQ¿QDQFLDODVVLVWDQFHE\WKH(60,QSDUWLFX-ODUDSSOLFDQWVFODLPHGWKDWWKH&RPPLVVLRQDQGWKH(&%SOD\HGDNH\UROHLQ GHYLVLQJWKHEDLOLQLPSOHPHQWHGE\&\SULRWDXWKRULWLHVLQDZD\WKDWPDGH WKHLUEDQNGHSRVLWV¶YDOXHGURSGUDPDWLFDOO\DQGWKXVYLRODWLQJWKHLUULJKW WRSURSHUW\DVHQVKULQHGLQ$UWLFOHRIWKH&KDUWHU2QWKLVSRLQWWKH&RXUW overturned the decision of the General Court and distanced itself from the SDWKVXJJHVWHGE\$GYRFDWH*HQHUDO:DKO
The General Court, in an Order issued on November 2014, rejected the claims for compensation on several different grounds. First, it found that there was no act, nor course of action, that could be imputed to the Commis-VLRQRUWKH(&%VLQFHWKH(607UHDW\GRHVQRWFRQIHUWRWKHPDQ\SRZHUWR WDNHDXWRQRPRXVGHFLVLRQV&RQVHTXHQWO\WKHDFWVDGRSWHGLQWKDWFRQWH[W ³VROHO\FRPPLWWKH(60´63 and the Court has no jurisdiction to consider a
FODLPWKDWLVEDVHGRQWKHLOOHJDOLW\RIDQDFWWKDWGRHVQRWRULJLQDWHIURPD(8 LQVWLWXWLRQDFWLQJZLWKLQWKH(86HFRQGO\LWH[FOXGHGWKDWWKH&RPPLVVLRQ FRXOGLQFXUUHVSRQVLELOLW\IRUKDYLQJIDLOHGWRIXOO\H[HUFLVHLWVUROHDVJXDUG-LDQRIWKH7UHDWLHVDVSURYLGHGIRULQ$UWLFOH7(8,QSDUWLFXODULWRSLQHG that the alleged omission did not meet one of the conditions for the admissi-ELOLW\RIWKHDFWLRQIRUGDPDJHVWKDWRIWKHH[LVWHQFHRIDFDXVDOOLQNEHWZHHQ the behaviour of the institution and the damage. Indeed, the decree that de-WHUPLQHGWKHVHYHUHUHGXFWLRQRIWKHYDOXHRIFODLPDQWV¶GHSRVLWVZDVDGRSWHG EHIRUHWKHFRQFOXVLRQRIWKH0R8DQGFRQVHTXHQWO\WKH&RPPLVVLRQFRXOG have done nothing to avert the losses.64
7KH$GYRFDWH*HQHUDO¶V2SLQLRQ65ZDVXSWRDFHUWDLQSRLQWEURDGO\LQ
OLQHZLWKWKHDUJXPHQWVSXWIRUZDUGE\WKH*HQHUDO&RXUW$IWHUH[FOXGLQJ WKDWWKH0R8FRXOGEHGLUHFWO\LPSXWHGWRHLWKHUWKH&RPPLVVLRQRUWKH(&%
63 LedraDERYHQRWHSDUD 64 LedraDERYHQRWHSDUDV
65 Opinion of 21 April 2016, Ledra Advertsing Ltd-RLQHGFDVHV&3WR& 3(8&
KHRIIHUHGDGLVWLQFWLYHO\UHVWULFWLYHUHDGLQJRIPringle and, in particular, of the paragraph where the Court hinted at the existence of an obligation for the &RPPLVVLRQWRHQVXUHWKHFRQVLVWHQF\RIWKH0R8ZLWK(8ODZ66 Further he GUHZDQXQSHUVXDVLYHSDUDOOHOEHWZHHQWKHGLVFUHWLRQDOLW\WKDWWKH&RPPLV-VLRQHQMR\LQWKHFRQWH[WRIWKHLQIULQJHPHQWSURFHGXUHDQGWKHVLWXDWLRQDW VWDNHJRLQJDVIDUDVPDLQWDLQLQJWKDW³LWFDQQRWEHDUJXHGWKDWHYHU\WLPHWKH &RPPLVVLRQEUHDFKHVDVSHFL¿F7UHDW\SURYLVLRQRUGRHVQRWSUHYHQWVXFK DSURYLVLRQEHLQJEUHDFKHGE\DQRWKHUHQWLW\WKDWEUHDFKDPRXQWVWRDQLQ-IULQJHPHQW RI WKH JHQHUDO SURYLVLRQ RI $UWLFOH 7(8´ $OO WKHVH HOHPHQWV OHGKLPWRFRQFOXGHWKDWWKHUHZDVQRGXW\IRUWKH&RPPLVVLRQWRDFWLQFDVH RI LQFRPSDWLELOLW\ EHWZHHQ EDLORXW LQVWUXPHQWV DQG (8 ODZ DQG WKXV QR UHVSRQVLELOLW\FRXOGDULVH)RUJRRGPHDVXUHWKH$GYRFDWH*HQHUDODOVRH[-FOXGHGWKHDSSOLFDELOLW\RIWKH&KDUWHUZKHQWKH&RPPLVVLRQDFWVRXWVLGHWKH (8OHJDOIUDPHZRUN,QKLV¿QDOUHPDUNV$*:DKODGPLWWHGWKDWDJJULHYHG LQGLYLGXDOV VKRXOG QRW ORRN IRU UHPHGLHV ZLWKLQ WKH (8 OHJDO RUGHU EXW DW QDWLRQDORULQWHUQDWLRQDOOHYHO$VIRUWKHODWWHUKHWRRNWKH81'UDIW$UWLFOHV RQWKH5HVSRQVLELOLW\RI,QWHUQDWLRQDO2UJDQL]DWLRQVDVD³VRXUFHRILQVSLUD-tion”WRFRQFOXGHWKDWRQO\WKH(60DQGSRVVLEO\0HPEHU6WDWHVFDQEH
KHOGUHVSRQVLEOHIRUWKHDFWVDGRSWHGLQWKHFRQWH[WRI(60VSRQVRUHG¿QDQ-cial assistance programmes.
&RQYHUVHO\WKH&RXUWRI-XVWLFHGHFODUHGWKHDFWLRQIRUGDPDJHVDGPLVVL-ble, at least with regard to the Commission. The fact that the MoU falls out-side the scope of application of EU law – the Court observed – does not bar applicants from bringing an action for compensation. Indeed, this element is UHOHYDQWIRUWKHDGPLVVLELOLW\RIDQDFWLRQIRUDQQXOPHQWEXWQRWLQWKHFDVH DWVWDNH7KHWZRDFWLRQVDUHDXWRQRPRXV68DQGWKHLUDGPLVVLELOLW\GHSHQGV
RQ WKH IXO¿OPHQW RI GLIIHUHQW FRQGLWLRQV 6XEVHTXHQWO\ WKH &RXUW WXUQHG to address the crux of the matter, i.e. whether the Commission is bound to ensure the respect of EU law even when acting outside the EU legal order.
PringleKDGEHHQTXLWHUHWLFHQWRQWKLVSRLQWFDUHIXOO\DYRLGLQJWRGUDZDQ\
conclusion. Ledra represents a step forward in that regard: moving from the
66 Pringle above n. 50, 3DUD
Pringle DERYHQRWH3DUD4XLWHUHPDUNDEO\LQGUDZLQJLQVSLUDWLRQIURP this document, the Advocate General did not even feel the need to distinguish between LQWHUQDWLRQDOUHVSRQVLELOLW\ZKLFKLVWKHVXEMHFWPDWWHURI'$5,2DQGQRQFRQWUDFWXDO OLDELOLW\XQGHU$UW7)(8
premise that the participation to the ESM activities cannot alter the pow-HUVFRQIHUUHGWRWKHLQVWLWXWLRQE\WKH7UHDWLHVWKH&RXUWLQIHUUHGWKDW³WKH &RPPLVVLRQUHWDLQV>«@ZLWKLQWKHIUDPHZRUNRIWKH(607UHDW\LWVUROHRI JXDUGLDQRIWKH7UHDWLHVDVUHVXOWLQJIURPDUWLFOH7(8´)RUWKLVUHDVRQ it is bound to “refrain from signing a memorandum of understanding” even LQWKHFDVH³LWGRXEWV´LWVFRQVLVWHQF\ZLWK(8ODZ
6XFK D FRQFOXVLRQ UHVWV RQ WKH DVVXPSWLRQ WKDW WKH SULPDF\ RI (8 ODZ RSHUDWHVQRWRQO\ZLWKUHJDUGWRGRPHVWLFODZEXWDOVRZLWKUHJDUGWRDJUHH-ments concluded between Member States.69
:KDWWKH&RXUWLVVD\LQJZLWK-RXWPDNLQJLWH[SOLFLWLVWKDW$UWLFOH7(8PDQGDWLQJWKH&RPPLVVLRQWR DFWDVJXDUGLDQRIWKH7UHDWLHVSUHYDLOVRYHU$UWLFOH(607UHDW\ZKLFK establishes that the “Commission shall sign the MoU on behalf of the ESM” ZKHQWKHGRFXPHQWLVDSSURYHGE\WKH%RDUGRI*RYHUQRUV,QWKLVUHJDUGWKH &RXUWLVVHHPLQJO\VHQGLQJDVWURQJPHVVDJHWR(8LQVWLWXWLRQVRUDWOHDVWWR WKH&RPPLVVLRQPDNLQJLWFOHDUWKDWWKHLUIUHHGRPRIDFWLRQLQWKHFRQWH[W RILQWHUJRYHUQPHQWDOPHFKDQLVPFUHDWHGE\0HPEHU6WDWHVLVQRWXQOLPLWHG These judgments and opinions represent a step forward, signalling the &RXUW¶V UHQHZHG FRPPLWPHQW WRZDUG WKH SURWHFWLRQ RI IXQGDPHQWDO ULJKWV in the context of structural adjustment programmes. However, the sense of UHOLHIPD\ZHOOHYDSRUDWHLIRQHFRQVLGHUVKRZWKHFDVHVKDYHEHHQGHFLGHG on the merit. Both in Florescu and Ledra the Court found against the pri-YDWHFODLPDQWVH[FOXGLQJWKDWDQ\YLRODWLRQRIWKHULJKWVKDGRFFXUUHG7KHVH FRQFOXVLRQVDUHE\DQGODUJHFRQYLQFLQJLQWKHOLJKWRIWKHIDFWXDOVFHQDULRV indeed, in both cases the impugned measures touched upon privileges, more than rights. Far more problematic is the the argumentative path followed to JHWWKHUHHVSHFLDOO\LIWKH&RXUWLVJRLQJIROORZLWDOVRLQWKHIXWXUHZKHQGHDO-LQJZLWKRWKHUW\SHVRIPHDVXUHV,QERWKWKHVHFDVHVWKH&RXUWDGRSWHGDQ H[WUHPHO\GHIHUHQWLDOVWDQGDUGRIUHYLHZLQDSSO\LQJWKHSURSRUWLRQDOLW\WHVW JUDQWLQJWRQDWLRQDODXWKRULWLHVDQH[WUHPHO\ZLGHPDUJLQRIDSSUHFLDWLRQ In LedraWKH&RXUWEHJDQZLWKPDNLQJFOHDUWKDWHYHQZKHQDFWLQJLQWKH FRQWH[WRIWKH(607UHDW\WKH&RPPLVVLRQKDGWRHQVXUHWKDWWKH0R8ZDV consistent with the rights guaranteed therein and, in particular, with the right WRSURSHUW\FRQWDLQHGLQ$UWLFOH6XEVHTXHQWO\LWREVHUYHGWKDWXQGHUWKH Charter, this right is not absolute, as it can be subject to restrictions.
How-69 7KLVSURSRVLWLRQLVIXOO\LQOLQHZLWKWKHFDVHODZRIWKH&RXUWVHH-XGJPHQWRI November 1992, Exportur SA&(8&)XUWKHUPRUHLW¿QGVVWURQJVXS-SRUWLQWKHOLWHUDWXUHVHH%UXQRGH:LWWHSS
HYHU$UWLFOH&KDUWHUHVWDEOLVKHVWKDWOLPLWDWLRQVWRWKHH[HUFLVHRIDQ\ ULJKWDUHSRVVLEOHRQO\LQVRIDUDVWKH\SXUVXHDQREMHFWLYHRIJHQHUDOLQWHUHVW FRPSO\ZLWKWKHSULQFLSOHRISURSRUWLRQDOLW\DQGGRHVQRWLPSDLUWKHHVVHQFH of the right. The Court enumerated all the conditions, but it then contented itself with just one of them, i.e. the fact the impugned measures pursued an REMHFWLYHRIJHQHUDOLQWHUHVW/LWWOHLIDQ\DWWHQWLRQLVGHYRWHGWRWKHLUSUR- SRUWLRQDOLW\DQGWRWKHLUFDSDFLW\WRSUHVHUYHWKHHVVHQFHRIWKHULJKW7KHLP-SRUWDQFHRIWKHREMHFWLYHSXUVXHGE\WKHPHDVXUHV±HQVXULQJWKHVWDELOLW\RI WKHEDQNLQJV\VWHPDQGRIWKHHXURDUHDDVDZKROH±LWLVHQRXJKLQWKHH\HV RIWKH&RXUWWRFRQFOXGHWKDWWKH\³GRQRWFRQVWLWXWHDGLVSURSRUWLRQDWHDQG LQWROHUDEOH LQWHUIHUHQFH LPSDLULQJ WKH YHU\ HVVHQFH RI WKH DSSHOODQWV¶ ULJKW WRSURSHUW\´:LWKRXWDQ\QHHGWRFRQVLGHUWKHVXLWDELOLW\RIWKHPHDVXUHVWR UHDFKWKHVWDWHGREMHFWLYHVWKHLUQHFHVVLW\RUZKHWKHUDIDLUEDODQFHKDGEHHQ VWUXFNZLWKRWKHUFRPSHWLQJREMHFWLYHV
/LNHZLVHLQFlorescu the Court found that the contested measure did not YLRODWHFODLPDQWV¶ULJKWWRSURSHUW\VLQFHLW³LVFDSDEOHRIDWWDLQLQJWKHJHQ-HUDOLQWHUHVWREMHFWLYHSXUVXHGDQGLVQHFHVVDU\WRDWWDLQWKDWREMHFWLYH´7R WKLVHQGLWDFNQRZOHGJHGWKDWQDWLRQDODXWKRULWLHVHQMR\D ZLGHPDUJLQRI appreciation “when adopting economic decisions”, being them “in the best SRVLWLRQWRGHWHUPLQHWKHPHDVXUHVOLNHO\WRDFKLHYHWKHREMHFWLYHSXUVXHG´ 6XFKDKLJKO\GHIHUHQWLDODSSURDFKLVDWWKHYDQLVKLQJSRLQWRIMXGLFLDOVFUX-WLQ\SXWWLQJWKH&RXUWLQWKHVSHFWDWRUV¶VHDWZKLOHQDWLRQDODXWKRULWLHVDUH IUHHWRUXQWKHVKRZDWWKHLUZLOO:KDWMXVWL¿HVWKHJUDQWLQJRIDZLGHPDUJLQ LV³WKHSDUWLFXODUHFRQRPLFFRQWH[W´WKDWQHHGVWREHFRQIURQWHGE\³UHGXF-LQJSXEOLFVHFWRUZDJHFRVWVDQG>«@UHIRUPLQJWKHSHQVLRQV\VWHP´ The &RXUWVHHPHGWKXVWRVKDUHWKHVHQVHRILQHYLWDELOLW\WKDWWUDGLWLRQDOO\SHU-YDGHVWKHDGRSWLRQRIDXVWHULW\PHDVXUHVDQGWKDWUHSUHVHQWVDGH¿QLQJWUDLW of the technocratic approach prevailing in this context. In other words, this DSSURDFKFDQEHUHDGDVRIIHULQJDVWDUN±DQGWURXEOHVRPH±FRQ¿UPDWLRQRI the deep impact of the crisis on the EU constitutional fabric and, in particular,
RQWKHUHODWLRQVKLSEHWZHHQGLIIHUHQWREMHFWLYHVWKHUHLQ(QVXULQJWKH¿QDQ- 7KH&RXUWVHHPVWRKDYHWDNHQYHU\VHULRXVO\HYHQWRRPXFKWKHVXJJHVWLRQRI some commentators who argue that, instead than putting these measures outside the reach of EU law, the Court should address the merit of the cases, granting a wide margin RIGLVFUHWLRQWRGHFLVLRQPDNHUVLQRUGHUWRSUHVHUYHWKHLUDXWRQRP\RIDFWLRQ6HH%DU-QDUGSS
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FLDOVWDELOLW\RIWKHHXURDUHDKDVVHHPLQJO\EHFRPHDVRUWRIDWUXPSFDUG WKDWMXVWQHHGVWREHLQYRNHGLQRUGHUWRSUHYDLORYHUDQ\RWKHUFRPSHWLQJ objective. &RQFOXGLQJUHPDUNV 7KHDQDO\VLVVKRZVWKDWWKH&RXUWKDVFRQVLVWHQWO\DGRSWHGDQRQLQWHU-YHQWLRQLVWVWDQFHZLWKUHJDUGWRMXGLFLDODFWLRQVFKDOOHQJLQJWKHFRPSDWLELOLW\ RIDXVWHULW\PHDVXUHVZLWKNH\SULQFLSOHVRI(8ODZVXFKDVWKHSURWHFWLRQRI IXQGDPHQWDOULJKWV7KLV¿QGLQJVWLOOKROGVWUXHDIWHUWKHLedra and Florescu MXGJPHQWVZKHUHWKH&RXUW¿QDOO\GHFODUHGWKHDPHQDELOLW\RIEDLORXWPHD-sures to some form of judicial control at supranational level, but it then ad-RSWHGDQH[WUHPHO\GHIHUHQWLDODSSURDFKWRZDUGWKHFKRLFHPDGHE\QDWLRQDO authorities. 7KLVFKRLFHFDQEHYLHZHGDVDQDWWHPSWE\WKH&RXUWQRWWRLQWHUIHUHZLWK GHFLVLRQVWDNHQE\SROLWLFDOERGLHV±EHLQJWKHPQDWLRQDORUVXSUDQDWLRQDO RQHV±WRFRSHZLWKDQHPHUJHQF\VLWXDWLRQ7KLVLVQRWKLQJQHZDVWKHUHDUH PDQ\H[DPSOHVZKHUHFRXUWVKDYHGHFLGHGWRUHIUDLQIURPFRQVWUDLQLQJWKH FDSDFLW\RIWKHOHJLVODWLYHRUPRUHRIWHQH[HFXWLYHSRZHUWRUHDFWLQWKH IDFHRIDQHPHUJHQF\ +RZHYHUWKHDGRSWLRQRIWKLVDSSURDFKE\WKH&RXUWLVSUREOHPDWLFXQGHU PDQ\DFFRXQWV,QSDUWLFXODUWKHFKRLFHQRWWRHQJDJHZLWKWKHVHLVVXHVUH-YHDOVLWVSDVVLYHDFFHSWDQFHRIWKHGHPLVHRIWKHUROHWKDWWKHODZFDQSOD\LQ the response to the crisis and the construction of a new architecture. This
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Crisis: The Limits of Internal Devaluation, «Industrial Law Journal», 41, n.
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Agen-cy and the Euro Area Crisis, «(XURSHDQ/DZ-RXUQDOªSS
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Eco-nomic Constitution Changed During the Eurozone Crisis, «&RPPRQ0DUNHW
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5XIIHUW0DWWKLDVThe European Debt Crisis and European Union Law,
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Ita-ly’s Structural Reforms in the Sovereign Debt Crisis, «Comparative European
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