The constitutional principles of democracy and transparency

In the constitutional respect, the Eurozone crisis has not appeared only as a crisis of the macroeconomic constitution and entailed a significant change to the Maastricht principles. It has had important repercussions in other constitutional dimensions, too, primarily political and social. All the constitutional dimensions possess an institutional aspect. The institutional structure of the Union can be examined in the context of ‘substantively’ defined constitutional dimensions, and, indeed, analysing the status and mandate of the ECB has formed an integral part of our discussion of the macroeconomic constitution. But the institutional structure can and should also be explored as a whole; as a vital element of the political constitution, and in the light of the particular principles and values of this constitutional dimension. Evidently, the Eurozone crisis has lifted the macroeconomic constitution into a pacemaker position among the many constitutions of Europe. The economic constitution is clearly defining the agenda for the political dimension. Mutation of the macroeconomic constitution and expansion of the functions of expert institutions beyond their original role have consequences for the political constitution as well. The obvious danger is that the economic constitution also dictates the terms of development, so that insufficient attention is paid to specifically political constitutional values, such as democracy, transparency, legitimacy and accountability. This danger is enhanced by the sneaking, piecemeal mode in which the political constitution is being remoulded under the impact of the economic one.