Between Carney and Draghi: Article 122 and European independence

In a crumbling international rules-based order, the EU is ever more employing a Treaty provision hitherto overlooked to pursue common policies. Article 122 TFEU, invoked to sustain EU independence, now underpins the freezing of the Russian central bank’s assets. René Smits will present these developments and the traditional approach to freezing assets, from legal and political science perspectives.

12 March 2026 | 18:00 CET | UvA Roeterseiland

Lecture open for all.

Opening with reflections from Davos and Leuven, the lecture contrasts Europe’s strong Monetary Union with its fragmented Economic Union, where Article 122 has become a powerful, and controversial, tool. From democratic concerns to the freezing of Russian central bank assets (and what this means for practitioners), this session connects EU law, sovereignty, and real-world compliance challenges.