The entry into force of the Lisbon Treaty on 1 December 2009 which marked a new step in the overall process of European integration. The purpose of the Lisbon Treaty is to enhance institutional efficiency and democratic legitimacy of the enlarged Union, as well as the coherence of its external...

The paper focuses on the constitutional analysis of the European Central Bank (ECB). During the financial and fiscal crisis the role and actions of the ECB have far exceeded what was traditionally considered normal conduct of monetary policy and also what was envisaged in the Maastricht Treaty....