The Euro Group’s Informality and locus standi before the European Court of Justice: Council v. K. Chrysostomides & Co. and Others

This article provides an analysis of the recent European Court of Justice’s (ECJ) judgment in Council v. K. Chrysostomides & Co. and Others. After the Cypriot financial and banking crisis of 2012-13, the case raised the issue as to whether the Euro Group could be considered as an ‘institution’ for the purposes of non-contractual liability under Art. 340 para. 2 of the Treaty on the Functioning of the European Union (TFEU). The Court replied in the negative, offering a set of arguments on the nature and role of the Euro Group within the European economic constitution and on the legal protection of individuals vis-à-vis austerity measures. The article summarises and criticises those arguments, showing how this judgment of the Court has made the Euro Group essentially immune against judicial proceedings, despite its pivotal role in the management of European economic and monetary issues.