Le conseguenze dello sviluppo dell’Unione economica e monetaria sul rapporto tra ordinamento UE ed ordinamenti nazionali

The article aims to analyse the impact of the reform of the Economic and Monetary Union (EMU) on the relationship between the European and the national legal orders. Following the outbreak of the sovereign debt crisis, the pursuit of stability of the single currency and of the euro area as a whole convinced EU institutions to use all available options under the current Treaties to develop crisis management policies and strengthen their supervision on the management of national competences, in particular fiscal policy. At the same time, Member States have preferred to stipulate intergovernmental agreements beyond EU law in order to establish stabilisation tools under their strict control. These reforms have consolidated the hybrid nature of the EMU, between EU and international law, and put under considerable stress the relationship between the primacy of EU law and the protection of national constitutional identity. Domestic courts and the European Court of Justice have tried, despite difficulties, to re-establish a balance between legal orders by innovatively interpreting existing laws and updating some aspect of their previous case law.