The ECB monetary policy scrutinized by the German Constitutional Court: the judgment of 21 June 2016 in OMT case
DOI:
https://doi.org/10.18042/cepc/rdce.55.08Keywords:
European Central Bank, Eurosystem, reliminary ruling, German Federal Constitutional Court, monetary policy, economic policy, euro, public debt market.Abstract
This article describes the several steps of a four-year long litigation before the German Federal Constitutional Court, concerning the compatibility with the German Constitution of the announcement by the ECB in 2012 of a program of possible interventions in the secondary sovereign bond market. This litigation is peculiar because of (a) its purely intra-German character, i.e. only between German parties, without the ECB being brought to that procedure in spite of being the author of the contested act; (b) the fact of this litigation being the first-ever case in the history of the German Constitutional Court having been submitted for a preliminary ruling by the European Court of Justice, albeit with elements somehow atypical for this kind of judicial dialogue; (c) the adoption by the ECB, and implementation by the Eurosystem, in spite of the ongoing litigation and concurrent with it, of a new program for interventions in the secondary sovereign bond markets, which has not been contested; and (d) the peculiarities of the final judgement of the German Federal Constitutional Court on 21 June 2016.Downloads
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CASE LAW GERMAN FEDERAL CONSTITUTIONAL COURT
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