The paper analyzes the decision of the German Federal Constitutional Court rendered on 5 May 2020 (2 BvR 859/15, 2 BvR 980/16, 2 BvR 2006/15, 2 BvR 1651/15), wereby the latter heavily criticized the “democratic” legitimacy of the Public Sector Purchase Program of the European Central Bank (aimed, by purchasing negotiable debt securities issued by governments, public agencies and international institutions located in the euro area, to support the economy of the Member States and to increase the eurozone’s inflation rate up to 2%), de facto disapplying the judgment of the CGEU of 11 December 2018, by which that Program had been instead previously “validated.” The author places the decision in the context of the long-standing and conflicting relations, on the one hand, between Member States and European institutions and, on the other hand, between national constitutional courts and the Court of Justice of the European Union, outlining the possible repercussions of the decision on alegal, economic, political and institutional level and, ultimately, on the very survival of the eurozone.

What future for the eurozone after Karlsruhe? / A. Henke. - In: RUSSIAN LAW JOURNAL. - ISSN 2309-8678. - 9:1(2021 Mar), pp. 114-137. [10.17589/2309-8678-2021-9-1-114-137]

What future for the eurozone after Karlsruhe?

A. Henke
2021

Abstract

The paper analyzes the decision of the German Federal Constitutional Court rendered on 5 May 2020 (2 BvR 859/15, 2 BvR 980/16, 2 BvR 2006/15, 2 BvR 1651/15), wereby the latter heavily criticized the “democratic” legitimacy of the Public Sector Purchase Program of the European Central Bank (aimed, by purchasing negotiable debt securities issued by governments, public agencies and international institutions located in the euro area, to support the economy of the Member States and to increase the eurozone’s inflation rate up to 2%), de facto disapplying the judgment of the CGEU of 11 December 2018, by which that Program had been instead previously “validated.” The author places the decision in the context of the long-standing and conflicting relations, on the one hand, between Member States and European institutions and, on the other hand, between national constitutional courts and the Court of Justice of the European Union, outlining the possible repercussions of the decision on alegal, economic, political and institutional level and, ultimately, on the very survival of the eurozone.
European Central Bank; Public Sector Purchase Program; German Federal; Constitutional Court; Court of Justice of the European Union; principle of conferral; monetary policy; democratic self-determination; ultra vires; constitutional identity
Settore IUS/15 - Diritto Processuale Civile
mar-2021
Article (author)
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/2434/823161
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