oa Comparative and International Law Journal of Southern Africa - The monetary constitution of the future Euro and it international effect



From the individual's perspective, the outward mobility of the Euro in the European Community is not judicially as strongly guaranteed as one would have expected. Restrictions on capital movements are possible only in certain circumstances and they are justiciable by the Court of Justice. But on the other hand, restrictions on the movement of capital and payments to third countries can be adopted even on political and non-economic grounds, and these grounds are not justiciable. What is also not protected is the individual's personal economic position which may be detrimentally affected by any restriction on the flow of the Euro to third countries. The exercise of monetary sovereignty in this respect is so narrowly defined and split-up in such idiosyncratic detail that one is not sure whether the possibility of judicial scrutiny should be regarded as an advantage or not.The currency constitution points clearly to an internationally free circulating currency protected in its external value against arbitrary and sudden changes and which qualities are judicially protected.


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