Il doppio mito: sulla (pretesa) neutralità della politica monetaria della BCE e la (pretesa) non-vincolatività degli indirizzi di politica economica dell’Unione

Abstract

Policies adopted by the governance of the EMU during the financial and Covid crises display a clear gap between the “form” and the “substance” of the institutional architecture of title VIII of the TFEU. It is submitted that this architecture is in sharp contrast with the European constitutional tradition. Furthermore, the traditional view is rejected, according to which the EU Commission and Council, as well as the ECB, are devoid of binding powers in the field of economic policy. Some reflections concerning both methodological implications of the foregoing and its possible effects on the European integration process are finally developed