The European Central Bank and the European Macroeconomic Constitution

Klaus Tuori is a research fellow at the University of Luxembourg. He is one of the leading scholars of the EU economic-constitutional model, whose multidisciplinary approach and understanding stems from his work as a central bank economist at the European Central Bank and financial markets. He is the co-author of The Eurozone Crisis: A Constitutional Analysis (Cambridge, 2014).

1. Introduction – a supranational central bank as a subject; Part I. The ECB as the Central Bank of the European Macroeconomic Constitution: 2. The three foundations of the EMU; 3. The principles of the European Macroeconomic Constitution; 4. ECB organisation, monetary policy strategy and operational framework; Part II. Crises, ECB Measures and the Macroeconomic Constitution: 5. ECB monetary policy during the financial crisis; 6. The prelude to the sovereign debt crisis: events, ECB verbal interventions and EU rescue programmes; 7. Selective government bond purchases; 8. The ECB's quantitative easing; 9. The banking union – the ECB takes over banking supervision; 10. ECB measures during the Covid-19 pandemic; Part III. The ECB from a Central Bank of Stability to a Central Bank of Crisis; 11. The fate of the European Macroeconomic Constitution; 12. The objectives for the ECB and the Macroeconomic Constitution going forward; Epilogue: where do we go from here?.