A ruling from Germany’s constitutional court has cast a shadow over all ECB actions
THE MAGNIFICENT scarlet robes that adorn the judges of Germany’s constitutional court trace their origins to a spot of judicial attention-seeking. Soon after the court was established in 1951, its judges decided they needed to distinguish themselves from their peers on the Federal Court of Justice, and recruited a theatrical costumier to update their look. Yet, as the judges showed on May 5th, their rulings can be even more eye-catching than their attire.
It will take months or more for the ruling’s full consequences to unfold. But in the short term little will change. PSPP looks safe. Karlsruhe rejected the plaintiffs’ claims that it violates the EU ban on monetary financing of governments. Instead, it gave the ECB three months to justify its bond-buying.
Yet ultimately the ECB is just collateral damage in a long-running tussle between the German and EU courts. Karlsruhe has jabbed at the ECJ for years, in rulings covering EU treaties, extraditions and much besides. The court does recognise the ECJ as the final arbiter of EU law. But the judges also reserved the right to declare that the ECJ acted outside its legal competence by failing properly to assess the proportionality of PSPP .
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
German court lays down law in defiance of European UnionGermany decides. That's the message the country's Constitutional Court sent to the European Union on Tuesday as it delivered a landmark ruling on the legality of the European Central Bank’s bond-buying programs
Read more »
German court lays down law in defiance of European UnionGermany decides. That's the message the country's Constitutional Court sent to the European Union on Tuesday as it delivered a landmark ruling on the legality of the European Central Bank’s bond-buying programs
Read more »
Judgement day—Germany's highest court challenges the ECBOn this week’s “Money Talks” podcast: judgement day for the ECB, how the pandemic is reshaping America’s health-care industry and a glimpse inside the—contactless—future of the office
Read more »
37-Year-Old Judge, Epitome Of McConnell Court Strategy, On Track For ConfirmationJustin Walker became a judge just six months ago — a job he secured because of Sen. Mitch McConnell. Now, he looks almost certain to be confirmed for a lifetime seat on the second-highest federal court in the U.S.
Read more »
Our way or no way? German ECB ruling rocks EU foundationsTuesday’s ruling by Germany’s constitutional court may have been aimed squarely at the European Central Bank's bond-buying economic stimulus plans. But it also has the potential to shake the very foundations of the European Union itself.
Read more »
Germany's Bundesbank will have to shoulder the ECB's legal fight: sourcesGermany's central bank will have to take the lead in persuading authorities that the European Central Bank has not exceeded its powers to avoid compromising the ECB's independence as the euro zone's policymaker, three sources said.
Read more »