This research handbook is a thorough and well-organized volume on European economic law. It is a timely publication given the fast pace of changes in European economic affairs and presents a balanced look at the strengths and weaknesses among European Monetary Union (EMU) institutions with an eye to the future from the contributors’ perspectives. The title is part of the publisher's series, Research Handbooks in European Law. This particular addition to the series is unique among other publications for its in-depth analysis of EU economic law.

The volume is edited by Federico Fabbrini, Professor of EU law; School of Law & Government, Dublin City University, Ireland (primary editor of Parts I and II) and Marco Ventoruzzo, Professor of Corporate Law and Financial Markets Regulation, Bocconi University, Milano, Italy (primary editor of Parts III and IV). Contributors include experts in academia, government, and legal practice. The editors emphasize that contributors to this volume purposefully span generations, gender, and geographical origin in an effort to offer various views on the development of the EMU.

The text is organized into four parts: economic union, monetary union, banking union, and capital markets union. This is a helpful framework for establishing the parts that make up the whole of the EMU. The editors’ stated aim is to avoid a siloed analysis of the individual components of the EU Economic and Monetary Union (EMU) and instead emphasize their interconnectedness as part of a single “ecosystem” of European economic law which is achieved in this set-up.

Part I, “Economic Union,” delves into the economic institutions that govern the EU, fiscal surveillance mechanisms by the EU over member states and the newly established “Fiscal Compact,” financial stabilization mechanisms established after the Euro-crisis in 2008, their political and legal significance, and finally an analysis of the establishment of a fiscal capacity for the EMU.

Part II, “Monetary Union,” discusses the evolved role of the European Central Bank (ECB) following the Euro-crisis, monetary policy including both conventional and unconventional policies deployed by the ECB, judicial review of ECB action through an analysis of three important European Court of Justice judgments, and the design, implementation, and monitoring of economic adjustment programs for member states facing fiscal challenges.

Part III, “Banking Union,” explores the “Single Rulebook” as a common regulatory framework for banks and the European Banking Authority (EBA), the “Single Supervisory Mechanism” as a new branch of the ECB providing (partial) supranational supervision of significant financial lending institutions, the “Single Resolution Mechanism,” and lastly, the not yet materialized European Deposit Insurance Scheme (EDIS).

Part IV, “Capital Markets Union,” discusses the evolution of the European System of Financial Supervision (ESFS) eight years after its set-up, the challenges of implementing the Capital Markets Union Action Plan, regulation of financial services and investment funds in the EMU, and ending with developments in post-trade activities.

Most contributors offer a thoughtful, forward-looking discussion of what steps or efforts are necessary to further each component of the EMU, acknowledging that the EMU is incomplete and a work-in-progress with challenges ahead. To this end, the editors achieved their goal of providing readers with an understanding of the strengths and weaknesses in the existing framework and the path forward.

This volume was published with due haste and the editors rightfully recognize the fast pace of EU economic affairs. However, there remains some concern for its longevity as a reference tool with regard to select issues. Even since the time the book went to press in June 2019, developments pertaining to the UK withdrawal from the EU moved rapidly, including the election of a new UK Prime Minister Boris Johnson. Notwithstanding, its strength is its thorough exploration of the EMU infrastructure which will hold up over time.

Overall, the editors delivered on their promise for a definitive reference work for scholars, practitioners, and policymakers. This volume is most appropriate for advanced students, scholars, and practitioners in economics or economic law. It is not recommended for introductory study or novice researchers in these areas. Some knowledge of EU economic institutions, their common acronyms, and purpose is required to take fullest advantage of the expert level analysis in this text. While some broad discussion of EMU infrastructure is more friendly to the novice researcher in this area of law, a true grasp of the Treaties and governing documents that bring these institutions to life is still a necessary underpinning.