How to Protect the European Material Constitution through Central Banking

A growing literature is trying to explain how the European Union has tackled the Euro-crisis by using the logic of emergency powers. The intuition would be that the economic and monetary crises have made an unconventional and emergency-based mode of policymaking the new normal. But in this way, fundamental aspects of the EU constitutional order have been changed, somehow by stealth. This intervention expands on that intuition and tries to add another layer of analysis. The core argument that will be defended is the following one: the emergency-mode of doing politics has been predominant, but it has only changed fragments of the EU constitutional order. As a case study, the European Central Bank’s interventions are analysed with the intention to show that they were performed not for changing the constitutional order, but actually to protect it.