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Art 126(2)(a) TFEU when read with Protocol 12 on the Excessive Deficit Procedure, Art 1.
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Art 126(2)(a) TFEU when read with Protocol 12 on the Excessive Deficit Procedure, Art 1.
-
-
-
-
76
-
-
84864966025
-
-
Art 126(2)(b) TFEU.
-
Art 126(2)(b) TFEU.
-
-
-
-
77
-
-
84865000523
-
-
Euro-area debt stood at 88% of GDP in Autumn 2011. This would involve the euro repaying debt at the rate of almost 1.5% of GDP per annum. There are significant discrepancies between States, however. States with debt above or near 100% of GDP include Belgium (97.2%); Portugal (101.2%); Ireland (108.5%); Italy (120.5%); Greece (162.5%).
-
Euro-area debt stood at 88% of GDP in Autumn 2011. This would involve the euro repaying debt at the rate of almost 1.5% of GDP per annum. There are significant discrepancies between States, however. States with debt above or near 100% of GDP include Belgium (97.2%); Portugal (101.2%); Ireland (108.5%); Italy (120.5%); Greece (162.5%). http://ec.europa.eu/economy_finance/db_indicators/key_indicators/documents/key_indicators_en.pdf
-
-
-
-
78
-
-
84864966026
-
-
.
-
http://ec.europa.eu/economy_finance/economic_governance/sgp/deficit/index_en.htm .2012
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(2012)
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-
-
79
-
-
84864981484
-
-
Art 126(6) TFEU.
-
Art 126(6) TFEU.
-
-
-
-
80
-
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84864986379
-
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Stability Treaty, Art 5.
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Stability Treaty, Art 5.
-
-
-
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81
-
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84864986377
-
-
Note
-
European Commission, EMU@10: Successes and Challenges after 10 Years of Economic and Monetary Union: European Economy 2 2008 (European Commission, ), at 8-9 & 64.2008
-
-
-
-
82
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84864986374
-
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European Commission, Proposal for a Regulation on the Prevention and Correction of Macroeconomic Imbalances, COM
-
European Commission, Proposal for a Regulation on the Prevention and Correction of Macroeconomic Imbalances, COM (2010) 527, 2-3.
-
(2010)
, vol.527
, pp. 2-3
-
-
-
83
-
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84864986381
-
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European Commission, Alert Mechanism Report, COM
-
European Commission, Alert Mechanism Report, COM (2012) 68-19.
-
(2012)
, pp. 68-19
-
-
-
84
-
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84864966027
-
-
Belgium, Bulgaria, Cyprus, Denmark, Finland, France, Hungary, Italy, Slovenia, Spain, Sweden and the United Kingdom. Details are provided at
-
Belgium, Bulgaria, Cyprus, Denmark, Finland, France, Hungary, Italy, Slovenia, Spain, Sweden and the United Kingdom. Details are provided at http://ec.europa.eu/economy_finance/economic_governance/macroeconomic_imbalance_procedure/index_en.htm2012
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(2012)
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-
-
85
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84865000526
-
-
France, Hungary, Italy and Slovenia.
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France, Hungary, Italy and Slovenia.
-
-
-
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86
-
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84864966028
-
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Cyprus and Spain.
-
Cyprus and Spain.
-
-
-
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87
-
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84865000525
-
-
External imbalances include those arising from the evolution of national current account and net investment positions; real effective exchange rates; export market shares; changes in price and cost developments; and non-price competitiveness.
-
External imbalances include those arising from the evolution of national current account and net investment positions; real effective exchange rates; export market shares; changes in price and cost developments; and non-price competitiveness.
-
-
-
-
88
-
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84864986378
-
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European Commission, 'Technical Note: The Commission Services' Method for the Cyclical Adjustment of Government Budget Balances' (1995, no. 60 European Economy, Brussels). On the debate see, R. Hagemann, The Structural Budget Balance: The IMF's Methodology (, IMF Working Paper 99/95, Washington) 4 et seq.
-
European Commission, 'Technical Note: The Commission Services' Method for the Cyclical Adjustment of Government Budget Balances' (1995, no. 60 European Economy, Brussels). On the debate see, R. Hagemann, The Structural Budget Balance: The IMF's Methodology (, IMF Working Paper 99/95, Washington) 4 et seq.1999
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(1999)
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-
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89
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84864986382
-
-
In 1997, the structural deficit of France was calculated at 0.8% of GDP by the IMF and 1.75% by the Commission C. Bouthevillain and A. Quinet, 'The Relevance of Cyclically Adjusted Public Balance Indicators-The French Case' Paper presented at Indicators of Structural Budget Balances Conference, Banca D'Italia Perugia 26-28 November
-
In 1997, the structural deficit of France was calculated at 0.8% of GDP by the IMF and 1.75% by the Commission C. Bouthevillain and A. Quinet, 'The Relevance of Cyclically Adjusted Public Balance Indicators-The French Case' Paper presented at Indicators of Structural Budget Balances Conference, Banca D'Italia Perugia 26-28 November 1998. http://www.bancaditalia.it/studiricerche/convegni/atti/structural_bud_bal/iv/325-352_bouthevillain_and_quinet_2.pdf
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(1998)
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-
-
90
-
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84864981487
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Art 126(2)(a) TFEU when read with Protocol 12 on the Excessive Deficit Procedure, Art 1.eg
-
Art 126(2)(a) TFEU when read with Protocol 12 on the Excessive Deficit Procedure, Art 1.eg
-
-
-
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91
-
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84864981486
-
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European Commission, On the Existence of an Excessive Deficit in Germany , COM
-
European Commission, On the Existence of an Excessive Deficit in Germany , COM (2003)
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(2003)
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-
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92
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84865000527
-
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European Commission, On the Existence of an Excessive Deficit in Portugal , SEC
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European Commission, On the Existence of an Excessive Deficit in Portugal , SEC (2002) 1118.
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(2002)
, pp. 1118
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-
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93
-
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84864966032
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European Commission, On the Existence of an Excessive Deficit in France , SEC
-
European Commission, On the Existence of an Excessive Deficit in France , SEC (2003) 515
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(2003)
, pp. 515
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-
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94
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84864986386
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European Commission, On the Existence of an Excessive Deficit in the Netherlands , SEC
-
European Commission, On the Existence of an Excessive Deficit in the Netherlands , SEC (2004) 625.
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(2004)
, pp. 625
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95
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84864966033
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European Commission, Recommendation for a Council Decision on the Existence of an Excessive Deficit in Greece , SEC
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European Commission, Recommendation for a Council Decision on the Existence of an Excessive Deficit in Greece , SEC (2004) 815.
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(2004)
, pp. 815
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-
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96
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84865000528
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Art 126(2)(b) TFEU.
-
Art 126(2)(b) TFEU.
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-
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97
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84864981489
-
-
The Council recommendation to Austria asked it 'to specify the measures that are necessary to achieve the correction of the excessive deficit by 2013, cyclical conditions permitting' and 'to seize opportunities ... to accelerate the reduction of the gross debt' in addition to allocation 0.75% of GDP to debt reduction.
-
The Council recommendation to Austria asked it 'to specify the measures that are necessary to achieve the correction of the excessive deficit by 2013, cyclical conditions permitting' and 'to seize opportunities ... to accelerate the reduction of the gross debt' in addition to allocation 0.75% of GDP to debt reduction. 2009
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(2009)
-
-
-
98
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-
84864981488
-
-
EU Council, Recommendation to Austria with a View to Bringing an End to the Situation of an Excessive Government Deficit , EU Council 15753/09.
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EU Council, Recommendation to Austria with a View to Bringing an End to the Situation of an Excessive Government Deficit , EU Council 15753/09.
-
-
-
-
99
-
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84864986384
-
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In December 2009, the Council revised earlier Recommendations to France, Ireland (revised again in 2010) and Spain EU Council, Recommendation to France with a View to Bringing an End to the Situation of an Excessive Government Deficit , EU Council 15762/09; EU Council, Recommendation to Spain with a View to Bringing an end to the Situation of an Excessive Government Deficit , EU Council 15764/09; EU Council, Recommendation with a View to Bringing to an End the Situation of an Excessive Deficit in Ireland , EU Council 17210/10.
-
In December 2009, the Council revised earlier Recommendations to France, Ireland (revised again in 2010) and Spain EU Council, Recommendation to France with a View to Bringing an End to the Situation of an Excessive Government Deficit , EU Council 15762/09; EU Council, Recommendation to Spain with a View to Bringing an end to the Situation of an Excessive Government Deficit , EU Council 15764/09; EU Council, Recommendation with a View to Bringing to an End the Situation of an Excessive Deficit in Ireland , EU Council 17210/10.
-
-
-
-
100
-
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84865000529
-
-
This took place in March 2012. The Commission briefed that Spain was likely to be sanctioned as a result of a revised government budget deficit of 8.5% of GDP and an admission that previous statistics were misleading. In the event, the Council took the view that the new government was taking sufficient action and sanctions would be counter-productive. S. Castel, 'Spain's Plea for Fiscal Leniency Challenges Rules' New York Times , 29 February 2012.
-
This took place in March 2012. The Commission briefed that Spain was likely to be sanctioned as a result of a revised government budget deficit of 8.5% of GDP and an admission that previous statistics were misleading. In the event, the Council took the view that the new government was taking sufficient action and sanctions would be counter-productive. S. Castel, 'Spain's Plea for Fiscal Leniency Challenges Rules' New York Times , 29 February 2012.
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-
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101
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84864986397
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Spain Gets Controversial Let-Off
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EU Observer , 12 March
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V. Pop, 'Spain Gets Controversial Let-Off', EU Observer , 12 March 2012.
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(2012)
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Pop, V.1
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102
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84865000530
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See the judgments of the German Federal Court in Lisbon Treaty (2010) 2 CMLR 712, para 256; Case 2 BvR 987/10 Monetary Policy of the Federal Republic of Germany , Judgment of 7 September
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See the judgments of the German Federal Court in Lisbon Treaty (2010) 2 CMLR 712, para 256; Case 2 BvR 987/10 Monetary Policy of the Federal Republic of Germany , Judgment of 7 September 2011
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(2011)
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103
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84864966037
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OECD, 'International Budget Practice and Procedures Database
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OECD, 'International Budget Practice and Procedures Database' http://www.oecd.org/document/61/0,3746,en_2649_34119_2494461_1_1_1_1,00.html
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104
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Role of the Legislature in the Budget Process: Recent Trends and Innovations
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P. Posner & C-K. Park, 'Role of the Legislature in the Budget Process: Recent Trends and Innovations', (2007) 7(3) OECD Journal on Budgeting 1.
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OECD Journal on Budgeting
, vol.7
, Issue.3
, pp. 1
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Posner, P.1
Park, C.-K.2
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105
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0345554099
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Can National Legislatures Regain an Effective Voice in Budget Policy?
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A. Schick, 'Can National Legislatures Regain an Effective Voice in Budget Policy?' (2002) 1(3) OECD Journal on Budgeting 15.
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(2002)
OECD Journal on Budgeting
, vol.1
, Issue.3
, pp. 15
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Schick, A.1
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106
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The Effects of Fiscal Institutions on Public Finance: A Survey of the Empirical Evidence
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CESifo Working Paper 617, Munich).
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G. Kirchgässner, 'The Effects of Fiscal Institutions on Public Finance: A Survey of the Empirical Evidence' (2001, CESifo Working Paper 617, Munich).
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(2001)
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Kirchgässner, G.1
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107
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Palgrave, Basingstoke, ), especially Chapter 5.
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J. Wehner, Legislatures and the Budget Process: The Myth of Fiscal Control (Palgrave, Basingstoke, ), especially Chapter 5.2010
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Wehner, J.1
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108
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J. Wehner, 'Budget Reform and Legislative Control in Sweden', (2007) 14 JEPP 303.
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JEPP
, vol.14
, pp. 303
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Wehner, J.1
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109
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84864966038
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European Commission,
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European Commission,
-
-
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-
110
-
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84865000533
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-
Proposal for a Regulation on common provision for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of Member States in the euro area , COM () 821, Art 3(3).
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Proposal for a Regulation on common provision for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficit of Member States in the euro area , COM () 821, Art 3(3).2011
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(2011)
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-
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111
-
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84864986399
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Stability Treaty, Art 12.
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Stability Treaty, Art 12.
-
-
-
-
112
-
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84864981496
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Stability Treaty, Art 13. The entitlements of the British and Czech parliaments are unclear. As these States are not party to the Stability Treaty, this would suggest their exclusion. However, the fields in question fall within the aegis of the TFEU and the Stability Treaty cannot restrict the rights of the latter under the former, Stability Treaty, Art 2(2).
-
Stability Treaty, Art 13. The entitlements of the British and Czech parliaments are unclear. As these States are not party to the Stability Treaty, this would suggest their exclusion. However, the fields in question fall within the aegis of the TFEU and the Stability Treaty cannot restrict the rights of the latter under the former, Stability Treaty, Art 2(2).
-
-
-
-
113
-
-
84865000531
-
-
For the excessive deficit procedure, reverse QMV is provided in Stability Treaty, Art 7. This is subject to some doubt as the Stability Treaty claims not to amend the TFEU which provides for QMV, Art 126(6) TFEU.
-
For the excessive deficit procedure, reverse QMV is provided in Stability Treaty, Art 7. This is subject to some doubt as the Stability Treaty claims not to amend the TFEU which provides for QMV, Art 126(6) TFEU.
-
-
-
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114
-
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84864986404
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Art 126(8) TFEU.
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Art 126(8) TFEU.
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-
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115
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0003652071
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Responsive Regulation: Transcending the Deregulation Debate
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OUP, New York,
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I. Ayres and J. Braithwaite, Responsive Regulation: Transcending the Deregulation Debate (OUP, New York, 1992), at 35.
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117
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The Hungarian Prime Minister told the Union not to treat Hungary like a 'colony'. BBC News, 'Hungarian PM Viktor Orban denounces EU's "colonialism"', 16 March
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The Hungarian Prime Minister told the Union not to treat Hungary like a 'colony'. BBC News, 'Hungarian PM Viktor Orban denounces EU's "colonialism"', 16 March 2012, http://www.bbc.co.uk/news/business-17394894
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118
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77649202422
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The operating framework for the European Regulatory Agencies
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European Commission
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European Commission, 'The operating framework for the European Regulatory Agencies', COM (2002) 718.
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COM
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D. Chalmers, 'Risk, Anxiety and the European Mediation of the Politics of Life', (2005) 30 ELRev 649.
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Chalmers, D.1
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The furious criticism by Ireland and Germany for negative evaluations of their budgetary performance, M. Maclaren, 'Der blaue Brief: A Case Study in the Nature of Law and Sanctions
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The furious criticism by Ireland and Germany for negative evaluations of their budgetary performance, M. Maclaren, 'Der blaue Brief: A Case Study in the Nature of Law and Sanctions', (2002) 3 German Law Journal 145.
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(2002)
German Law Journal
, vol.3
, pp. 145
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121
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84864986402
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The management commitment procedure which existed prior to the Lisbon Treaty reforms of comitology. A vote was almost never taken.
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The management commitment procedure which existed prior to the Lisbon Treaty reforms of comitology. A vote was almost never taken.
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122
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84864986401
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European Union Law (CUP, 2nd edn, Cambridge
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Warntjen, A.1
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124
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84864966039
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The timetable is set out at
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The timetable is set out at http://ec.europa.eu/economy_finance/articles/euro/documents/com_367_european_semester_en.pdf
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125
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84864981495
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I am indebted to Christian Joerges for this point. On the influence of this notion see, C. Joerges, 'Europe: A Grossraum? Shifting Legal Conceptions of the European Integration Project', in C. Joerges & G. Singh Galeigh (eds), Darker Legacies of Law in Europe: The Shadow of National Socialism and Fascism over Europe and its Legal Traditions (Hart, Oxford
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I am indebted to Christian Joerges for this point. On the influence of this notion see, C. Joerges, 'Europe: A Grossraum? Shifting Legal Conceptions of the European Integration Project', in C. Joerges & G. Singh Galeigh (eds), Darker Legacies of Law in Europe: The Shadow of National Socialism and Fascism over Europe and its Legal Traditions (Hart, Oxford, 34167
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79251583061
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S. Elden, 'Reading Schmitt Geopolitically: Nomos, Territory and Großraum', (2010) 161 Radical Philosophy 18.
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Only 65% of Greek voters, notwithstanding that it is compulsory in Greece. 'Austerity Meets Voter Backlash in France, Greece' CBS News, 7 May
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Only 65% of Greek voters, notwithstanding that it is compulsory in Greece. 'Austerity Meets Voter Backlash in France, Greece' CBS News, 7 May 2012. http://www.cbsnews.com/8301-202_162-57428941/austerity-meets-voter-backlash-in-greece-france/.
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(2012)
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