Die Krise demokratisch überwinden. A Democratic Solution to the Crisis

Emerging from a survery presented at the European Parliament in June 2012 this study proposes steps towards a reform of the Economic and Financial Constitution of the European Union. On the basis of constitutional theory analyses democratic mechanisms for overcoming the financial crisis positively are proposed and considered with respect to European and German constitutional law.
At the centre of the fiscal pillar of the Economic and Monetary Union a reformed deficit procedure (Article 126 TFEU) is discussed. A more prominent role for the European Parliament (such as the final say on whether or not there is a deficit) shall provide for greater stability via enhanced political responsibility. In addition, the economic interdependence of the Member States must be respected in the national budgeting procedures.
With respect to the economic pillar it is suggested to combine safeguarding national sovereignty and legislation of the EU by aiming at convergence by means of using margins (i.e. minimum and maximum limits) instead of rigid parameters.