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Law Second Year > EU Law - Economic Crisis > Flashcards

EU Law - Economic Crisis Flashcards

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1
Q

Pringle v Ireland

A

Challenged ESM

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2
Q

Fourth stage in european semester

A

Country-specific recommendations

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3
Q

What is the central body of the ESM?

A

Board of Governors

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4
Q

Second stage in european semester

A

European Council decide EU guidelines for national policies

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5
Q

How are EU institutions central to ESM?

A

Com and ECB assess requests and terms for support, and ECB/NFMs decide terms of assistance through Memoranda of Understanding

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6
Q

Three cases challenging legality of the bailouts

A

Adedy v Council, Sindicato dos Bancarios and Gauweiler

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7
Q

What was the bailout to Ireland and Portugal provided on the basis of?

A

EFSM (ESM) using EU budget as collateral

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8
Q

What was the higher lending capacity of the ESM?

A

500 billion

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9
Q

What mechanism did the EMS create?

A

Exchange Rate Mechanism

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10
Q

ADEDY v Council case

A

Collective organisations said they had direct and individual concern, representing their members

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11
Q

What was the idea of the EMU built on?

A

EMU would complement internal market, as it generates the need for economic integration for the sake of economic rationality

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12
Q

What is the European semester?

A

A six-month cycle to coordinate and streamline economic/budgetary policies

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13
Q

What kind of geometry has been used in negotiating UK-EU Agreement, leading to ‘special status’ of UK?

A

Flexible and variable geometry of EU

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14
Q

What does Article 127(2) TFEU allow?

A

Non-EU countries can participate to some degree, although euro area NCBs play a stronger role

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15
Q

How are the members of the Executive Board appointed?

A

By European Council via QMV, on recommendation from CoM, after consulting EUP and Governing Council of ECB

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16
Q

What is the single currency part of as a larger political idea?

A

‘Ever closer union’ (Treaty of Maastricht)

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17
Q

Why was Article 126 TFEU vital?

A

Giving up right to print money in single currency means Members cannot control interest rates

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18
Q

What is the ECB committed to?

A

Controlling inflation

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19
Q

What body permits the participation of the Executive Board, without a vote?

A

General Council

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20
Q

What body in ECB is the ‘third decision-making body’?

A

General Council

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21
Q

What AG in Gauweiler suggested OMT compatible with Article 123?

A

AG Cruz Villalon

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22
Q

Why was it argued bailouts against democracy?

A

Taxpayer exposed to limitless liability against debts

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23
Q

Who suggested UK GDP could be 5.5% smaller by 2020 worst case and 2% by 2020 in more optimistic scenario if Brexit?

A

CBI

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24
Q

Decision 2011/199

A

Modified Article 136 TFEU to give Council some power in ESM

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25
Q

Who suggested some of the reforms given as ‘suggestions’ in the Memorandums of Understanding may be in breach of EU law/EU fundamental rights?

A

Kilipatrick

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26
Q

What is the prudential supervision task of ECB?

A

Supervise Member banking to make decisions in minimum reserve, risk, liquidity requirements and fines for non-compliance

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27
Q

ADEDY v council judgment

A

Rejected sufficient concern, and measures potentially in breach actually national rather than demanded by EU

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28
Q

How is there some political participation in ECB?

A

President of Council and Com can participate but no vote

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29
Q

National programmes under fiscal compact are authorised and monitored by who?

A

Com and Council

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30
Q

How did the CJEU answer in Pringle?

A

Economic policy so TFEU not breached, and not writing off debt as it is NEW debt

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31
Q

OMT policy survived German Constitutional Court challenge

A

OMT Decision

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32
Q

What suggests ECB limited to myopic vision of economy?

A

Fails to focus on economic growth, just price stability and controlling inflation

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33
Q

What committees can scrutinise supervisory activities of ECB?

A

EC committees

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34
Q

What two countries want to join Euro despite economic crisis?

A

Lithuania and Romania

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35
Q

What body is primarily an advisory and reporting body?

A

General Council

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36
Q

Two Regulations to identify ‘at risk’ Members for macroeconomic imbalances?

A

Regulation 1176/2011 and Reg 1174/2011

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37
Q

Who recommends members of Executive Board?

A

CoM

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38
Q

What Council adopted the Report on the EMU in the EC?

A

Madrid European Council

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39
Q

What is the European Currency Unit anchored in, de facto?

A

The German Mark

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40
Q

What could sovereign states always do under fiscal compact?

A

Pull out because international, but then probably failing to comply with other EU commitments that de facto refer to the Compact

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41
Q

Article 136 TFEU

A

Modified to give, among other things, power for Council to authorise ESM Treaty

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42
Q

When in particular did the ECB as a lender of last resort benefit private institutions and Gs?

A

2008 and 2012

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43
Q

What two countries negotiated Lisbon Treaty Protocols to opt out of the single currency?

A

UK and Denmark

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44
Q

Three prescriptions in Report on the EMU in the EC?

A

Complete liberalisation of capital movements, gradual introduction of single currency, exercise over national budget and coordinating national economic policies

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45
Q

What Treaty was originally set up to get around Article 123 and 125 TFEU?

A

European Financial Stability Facility

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46
Q

Membership of the General Council?

A

President and VP of Executive Board + governors of NCBs

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47
Q

What two countries struggled to keep in line with the EMS?

A

UK and Italy

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48
Q

What is the supreme decision-making body in ECB?

A

Governing Council

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49
Q

What was the first step towards an EMU?

A

European Monetary System

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50
Q

What is the Stability Pact now called?

A

Stability and Growth Pact

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51
Q

How did ECB respond to sovereign debt crisis?

A

If Members complied with new macroeconomic surveillance system, they would buy their debt

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52
Q

Sindicato dos Bancarios do Norte judgment

A

Use of prelim ruling procedure was fruitless as CJEU denied jurisdiction

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53
Q

To join the Euro, what does the Member need to satisfy?

A

Convergence criteria over period of 2 years

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54
Q

What did the OMT policy entail?

A

Gave ECB unlimited purchasing power of bonds, conditional on Gs complying with ESM programmes, including ‘Memoranda of Understanding’

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55
Q

In what Article was the coordination of national economic policies achieved?

A

Articles 120 - 121, and 128 TFEU

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56
Q

Three key tasks of ECB

A

Conduct EU monetary policy, prudential supervision and lender of last resort

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57
Q

What country joined Euro during economic crisis?

A

Estonia

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58
Q

What does the Stability Pact include?

A

Commitment to public deficit less than 3% GDP and public debt less than 60%

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59
Q

What two Members opted out of the fiscal compact?

A

UK and Czech Republic

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60
Q

How does european semester start?

A

Com annual growth survey for EU priorities

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61
Q

Why are bailouts always outside EU in international treaties?

A

Article 125 TFEU ban

62
Q

What Article did Decision 2011/199 modify?

A

Article 136 TFEU

63
Q

In what Article was the exercise of control over national budget deficits achieved?

A

Articles 126 TFEU

64
Q

OMT decision

A

Policy survived German Constitutional Court challenge

65
Q

What did the Single European Act do?

A

Removed Member vetos in a number of areas

66
Q

Name for ECB + NCB

A

European System of CBs

67
Q

What Article makes it clear ECB role is not to give loans to EU institutions/national Gs?

A

Article 123 TFEU

68
Q

What did the European Financial Stability Facility become?

A

European Stability Mechanism in 2012

69
Q

What Article provides for the European semester?

A

Article 121 TFEU

70
Q

Who suggested terms of some loan agreements agreed ‘under duress’?

A

Kilipatrick (e.g. in reference to Portugal)

71
Q

How many chapters are there in Articles 119 - 144 TFEU?

A

Five

72
Q

How many members form the Governing Council?

A

6 of Executive Board + governors of national CBs of euro countries

73
Q

What can a failure to comply with the ‘six pack’ lead to?

A

Fines of up to 0.1% GDP

74
Q

Gauweiler and Others judgment at German Constitutional Court

A

2 judges refused, 4 hinted to CJEU in reference that ECB exceeded mandate

75
Q

Regulation 1176/2011 and Reg 1174/2011

A

Regulations to identify ‘at risk’ Members for macroeconomic imbalances

76
Q

Three things in Brexit on sovereignty

A

Not committed to ‘ever closer union’, only for UK as ‘special status’ and reiteration of Protocol 2 Article 6 - 7 on subsidiarity and proportionality

77
Q

How can ADEDY and Sindicato be explained?

A

Poorly formulated references and failure to prove ‘agents’ of EU

78
Q

When does Romania consider joining by?

A

2019

79
Q

Article 126 TFEU

A

Members should avoid excessive G deficits, with monitoring of targets in Stability Pact

80
Q

When was the European Monetary System?

A

1979

81
Q

What are loan agreements conditional on under Financial Assistance Prorgammes?

A

Approval of Memoranda of Understanding (from ESM)

82
Q

Why does Article 127(2) TFEU exist?

A

Some decisions of ECB can affect non-EU countries’ economic and monetary policies

83
Q

What Article makes monetary policy area of exclusive competence?

A

Article 282 TFEU

84
Q

How did Sweden opt out of the single currency?

A

National referendum, so formal declaration under Article 120 TFEU

85
Q

What Decision tried to give Council some power in ESM?

A

Decision 2011/199

86
Q

What is an Exchange Rate Mechanism?

A

Commits Members to controling currency fluctuation around +/-2.5% of notional composite unit of account

87
Q

Where are the powers for the involvement of the EU institutions in the ESM?

A

Not in TEU or TFEU

88
Q

What body in ECB sets interest rates, objectives and decisions on liquidity?

A

Governing Council

89
Q

How was the OMT policy carried out in practice?

A

Instead of purchasing directly from G, bought bonds from mostly private credit institutions, then sole on securities market

90
Q

What two non-EU countries use the Euro?

A

Montenegro and Kosovo

91
Q

How do non-participating Members still contribute to Euro?

A

Pay a small amount to ECB indirectly as NCBs ‘own’ shares

92
Q

What is the ‘Fiscal compact’

A

Treaty concluded between Members to balance national budgets and avoid G deficits exceeding 0.5% GDP, with effect in Members state (preferably constitutional)

93
Q

What do European Council do under Regulation 1176/2011 and Reg 1174/2011?

A

Make recommendations on the basis of Com proposals for ‘correct action plan’ in six pack

94
Q

What did the OMT policy mean?

A

ECB acting as de facto lender of last resort for Euro-area Gs

95
Q

What is the notional composite unit of account in Exchange Rate Mechanism known as?

A

European Currency Unit

96
Q

What was the pain-in capital in ESM?

A

80 billion euros

97
Q

What is the Board of Governors comprised of?

A

Euro-area Members’ Finance Ministers

98
Q

What suggests political decisions in EU, at least in regard to market, taken by technocrats?

A

Limited political participation

99
Q

In what Article was the single currency achieved?

A

Article 128 TFEU

100
Q

Gauweiler and Others case

A

ECB interfering in policy, financing public debts and against democracy

101
Q

How many Members are part of the Euro?

A

19

102
Q

Three examples of Financial Assistance Programmes concluded for Members worst affected (bailouts)

A

Greece, Ireland and Portugal

103
Q

What measure of macroeconomic surveillance is an example of ‘mutual trust’ principle?

A

Fiscal compact

104
Q

How much of ECB capital approx. do BoE subscribe to?

A

14%

105
Q

When does Lithuania consider joining by?

A

2015

106
Q

How is the fiscal compact an example of mutual trust principle?

A

Trust economic policy in other Members is in line with EU objectives

107
Q

What is the main area of economic governance in the EU?

A

Functioning of the Economic and Monetary Union

108
Q

What case suggested OMT compatible with Article 123 TFEU?

A

Gauweiler and Others

109
Q

What Article shows ECB is independent?

A

Article 130 TFEU

110
Q

Gauweiler and Others judgment at CJEU

A

Although might affect economic policy, not economic policy - transmitting signals about appropriate interest rate, so purchase of bonds is only due to interference with transmission by high interest of Member

111
Q

What shows that creation of the Euro is both an economic and political project?

A

Countries still wish to join even whilst Euro suffering economic crisis (e.g. Estonia, Lithuania and Romanis)

112
Q

What did the Report on the EMU in the EC prescribe?

A

Further economic and monetary integration

113
Q

What Treaty enshrined the ‘Stability Pact’?

A

Treaty of Maastricht

114
Q

How was there a rescue of EU from ‘Eurosclerosis’?

A

Delores Single European Act

115
Q

What Article prohibits public bailouts?

A

Article 125 TFEU

116
Q

Three examples of non-Eurozone bailouts?

A

Hungary, Latvia and Romania

117
Q

Why was there optimism in the 1990s?

A

Rescue of EU from ‘Eurosclerosis’

118
Q

Who do the CoM consult in deciding recommendations for Executive Board?

A

EUP and Governing Council

119
Q

Example showing flexible and variable geometry in Report on EMU in the EC?

A

UK and Denmark Lisbon Treaty Protocols; Sweden formal declaration

120
Q

Articles 120 - 121, and 128 TFEU

A

Coordination of national economic policies

121
Q

Two examples of non-EU/participating Members affected by Euro

A

Non-participating ‘own’ shares in ECB, and Montenegro and Kosovo use the Euro

122
Q

What Article governs Governing Council?

A

Article 283 TFEU

123
Q

What was the idea behind ESM?

A

Financial assistance through money market instruments and debt w/ medium/long term maturities

124
Q

What is the membership of the Executive Board?

A

President, VP + 4 members

125
Q

Who highlighted how the solution to the Eurozone crisis is simple, but hard to implement because sensitive?

A

Jean-Claude Juncker

126
Q

Two things in Brexit on social benefits

A

Can deny charitable benefits to workers and benefits with a dual function if worker just here for work and can restrict in-work benefits to newly-arriving EU for up to 4 years, with 7 year limitation period

127
Q

What Articles in TFEU cover functioning of the EMU?

A

Articles 119 - 144 TFEU

128
Q

Fifth stage in European semester

A

ECOFIN Council decide upon country-specific recommendations for Members

129
Q

Article 121 TFEU

A

Members coordinate economic policies, surveillance

130
Q

What is the independence of the ECB based in part on?

A

Independence of German federal bank

131
Q

Who highlighted Welsh benefits from EU?

A

Welsh First Minister

132
Q

What is surprising about sanctions under the Fiscal Compact and why?

A

CJEU can impose financial sanctions despite international treaty

133
Q

What were the ‘bail outs’ to Latvia, Hungary and Romania introduced on the basis of?

A

Article 143 TFEU

134
Q

Power for Council to authorise ESM Treaty

A

Article 136 TFEU

135
Q

Who is the single currency exclusively issued by?

A

ECB

136
Q

What are the three main bodies in the ECB?

A

Governing Council, Executive Board and General Council

137
Q

In what Article was the complete liberalisation of capital movements achieved?

A

Article 63 TFEU

138
Q

Third stage in european semester

A

Members submit budgets and reform plans

139
Q

How many stages are in the european semester?

A

5

140
Q

What case challenged ESM validity?

A

Pringle v Ireland

141
Q

What was argued in Pringle v Ireland?

A

Monetary policy, so exclusively competence of ECB, and breaching TFEU

142
Q

Why was it argued that suggestions in Memoranda of Understanding could not be challenged under EU law?

A

From ESM, which is an international treaty

143
Q

What Article governs General Council of ECB?

A

Article 44 TFEU

144
Q

What enshrined the Stability Pact?

A

Protocol 12 TFEU

145
Q

What body in ECB is responsible for day-to-day running?

A

Executive Board

146
Q

Problem in Gauweiler with Pringle judgment

A

Unlike Pringle, ECB said this policy WAS monetary

147
Q

Gauweiler and Others on OMT policy

A

AG Cruz Villalon Op suggested OMT compatible with Article 123 TFEU

148
Q

What two countries have constitutionally enacted the fiscal compact?

A

Spain and Slovenia

149
Q

What was adopted in 2012?

A

Outright Monetary Transactions policy

150
Q

What does the ‘six pack’ refer to?

A

Six acts reforming Pact for Stability and Growth

151
Q

How were the suggestions in the Report on the EMU in the EC brought to life?

A

Through treaty reforms from Maastricht to Lisbon

152
Q

Three elements to the new macroeconomic surveillance system

A

European semester, six pack and fiscal compact

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