Over a decade ago, in 1994 to be more precise, the European Monetary Institute (EMI) was established to strengthen central bank co-operation and monetary policy co-ordination in the European Union. Four years later, in 1998, the EMI was replaced by the European Central Bank (ECB) that is at the heart of the European System of Central Banks (ESCB). In 1999 the euro, Europe’s single currency, was officially introduced, although euro banknotes and coins were not issued until 2002.
Both from a political and legal perspective the last decade was a fascinating time for anyone who is interested in European integration, in particular the integration of central banking and the development of the European Economic and Monetary Union (EMU). I think many of the readers of lawofemu.info will share my appreciation for Chiara Zilioli and Martin Selmayr’s undertaking to publish a comprehensive paper on the ‘Recent Developments in the Law of the European Central Bank’ (Yearbook of European Law 2006, Oxford University Press).
In 89 pages they cover a lot of ground, they address the ECB’s legal status, the European Court of Justice’s landmark OLAF judgment, the consequences of the European Constitution – although politicians would not want us to refer to it by that description – for the ECB, the relationship between the ECB and the national central banks that are an integral part of the ESCB, the new decision-making process in the ECB (the so called rotation voting scheme), the Eurosystem and the ECB’s role in international relations.
The authors – Zilioli, Head of the Legal Advice Division in the DG Legal Services of the ECB, and Selmayr, spokesman of European Commissioner Viviane Reding and Director of the Centre for European Law at the University of Passau – make also use of this paper to debate with some of the learned writers who have disagreed with their views laid down in previous publications, which makes this paper also an important part of the academic discourse on fundamental issue concerning the EU in general and EMU in particular.
Moreover, if you are interested in a bibliography on EMU law or post-graduate courses on EMU law, this paper is a must read as well. And the good thing is that this new Zilioli/Selmayr paper is available online. Please visit the OUP website or the Reading Room at lawofemu.info for your free copy.
