The impact of the austerity measures to confront the economic crisis on the EU objectives and EU values

Abstract

According to the EU Treaties, the EU economic policy coordination should serve the objectives of the EU, among which is the promotion of the EU values. The paper demonstrates that: a) the EU values and objectives as well as the Charter of Fundamental Rights are binding on the EU institutions, even when they are acting outside the EU legal order (e.g., when drafting the MoUs); b) democratic principles are lacking in the EMU patchwork, especially in the case of member states under adjustment programmes; c) the national constitutional courts have recently ruled that equality and dignity were infringed by the laws implementing the MoUs, and so did the European Committee of Social Rights as far as social rights are concerned. However, the European Court of Human Rights rules that the right to property is not infringed, while the EU Court of Justice denies competence to rule on the MoUs. Such approaches undermine the European citizenship project, and thus European integration.