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• W105602265 abstract "IntroductionUnder the Treaty of Lisbon, the EU was equipped with complete legal capacity, a feature normally enjoyed by every international organisation. As a result, it earned uncontested legal ability to establish, nurture, transform and, if necessary, terminate on its own, or together with its Member States, various types of international agreements. Since the EU institutional architecture was also improved, it is quite legitimate to conclude that the EU achieved a higher ability to develop international relations. In other words, the EU became a fully feathered universal international organisation that, as a matter of fact, had acquired the ability to contract and conclude international agreements (or establish some other types of international cooperation, such as administrative cooperation) as well as to maintain international relationships with other legitimate subjects of international law.1The EU's international legal capacity is, however, not unlimited. Rather, it is subject to a wide-reaching principle of conferred powers (enshrined in Article 5 (1)-(2) TEU). This principle allows the European Union to act only with regard to areas where it has legitimate interests, confirmed by relevant provisions of the Treaty. In the economic and monetary realm, this confirmation is not uniform as the competences involved may be of diverse character, ranging from arrangements assigning the EU exclusive powers to act to arrangements where these powers are only coordinative or auxiliary. Most significantly, in the economic and monetary area the EU has exclusive powers only in the realm of monetary policy for the Member States whose currency is the euro (Article 3(1)(c) TFEU). With regard to economic policy, pursuant to Article 5(1) TFEU, EU powers are construed as coordinative. The said Article provides that:The Member States shall coordinate their economic policies within the Union. To this end, the Council shall adopt measures, in particular broad guidelines for these policies.Specific provision shall apply to those Member States whose currency is the euro.The EU powers in the monetary and economic realm are fragmented. This fragmentation is only reinforced by the rather dispersed character of institutional responsibility and accountability for the EMU-related agenda in the EU. Most importantly, some of the EMU-related agenda is to be decided within the regular EU institutional framework (i.e., the one consisting of the European Council-mostly in the ECOFIN format-the European Parliament, and the Commission and other formal EU institutions), whereas a worthwhile portion of it is invested with the informal Eurogroup (see Article 137 TFEU and Protocol No. 14).2 It is of great importance to note that some arrangements, such as the fiscal compact, have been developed outside the EU legal order.The European Union's limited capacity and the fairly diversified interests of its Member States have proven to be the most significant contributors to its constrained capacity to tackle economic and financial problems at the international level. This problem has become only more acute and transparent with the outbreak of the recent global financial crisis. The crisis elevated some less popular items on the EMU-related agenda to the level of bread-andbutter ones; it has also expanded that agenda into areas that, so far, have not been considered the core, such as supervisory issues. As a result, if compared to its original (pre-crisis) format, the present catalogue of EMU-concerned issues considered legitimate for any EU action represents a worthwhile expansion, thus expanding the very concept of economic governance in the EU. In recent years, this process has coincided with a surprising increase in the diversity of the economic performances of various EU Member States, even those of the euro area, a process quite early identified by such researchers as Jacques Le Cacheux.3In the pre-2007 years, many researchers and practitioners complained about the dramatically constrained format of the EMU agenda4 but with no immediate and significant reactions. …" @default.
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• W105602265 date "2013-07-01" @default.
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• W105602265 title "External Representation of the Eurozone: Implications for the European Union" @default.
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