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Recent measures designed to tackle the European financial crisis are multi-faceted, but most of all, they have a strong legal dimension. This accentuated and multifarious legal feature reverses the “law-lite” component of the European Union’s euro currency. It is significant that these “anti-crisis” legal measures have survived broad judicial review. The arguments and procedures involved in this judicial review challenged our previous understanding of the role of law in European integration and the capacity of judicial review to provide checks and balances.
Because of the financial crisis, the EU Member States have had to assume significant responsibilities, both for their own troubles and for each other. As a result of these changes, the EU has had to quickly evolve into more than what it was in terms of its legal purview. Attempts to resolve the Eurozone crisis through law have generated a flurry of postnational rule-making. However, its character is extraordinarily complex and manipulates the state of integration within the Eurozone. Moreover, it has already generated significant challenges for a wide variety of judicial bodies, parliaments and tribunals. [Continue reading the Forward here]