18 May 2020
Very Unkind Things about the German Constitutional Court’s Rebellion against the ECJ in the Quantitative Easing Case.
Much has been written about the recent German Constitutional Court (GCC) ruling which has essentially dismantled the 2018 judgement of the European Court of Justice (ECJ) over the legality of the ECB Quantitative Easing Program. Much more will be written. I will limit myself here in analysing what I believe is the “macroeconomic” essence of the ruling. Continue reading >>
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11 September 2017
Das Bundesverfassungsgericht und die „Direktionskraft“ der Normen?
Mit seiner Vorlage zum EuGH in Sachen Quantitative Easing zeigt das Bundesverfassungsgericht einmal mehr, dass es bei der Beurteilung ökonomischer Zusammenhänge fundamental schief liegt. Weiterbildung ist angesagt. Continue reading >>16 August 2017
Summer of Love: Karlsruhe Refers the QE Case to Luxembourg
It seems that the BVerfG has learned a lesson. Yesterday’s referral about the the European Central Bank’s policy of Quantitative Easing (QE) sets a completely different tone. It reads like a modest and balanced plea for judicial dialogue, rather than an indictment. Fifty years after the original event, a new Summer of Love seems to thrive between the highest judicial bodies. It shows no traces of the aplomb with which Karlsruhe presented its stance to Luxembourg three years ago. Continue reading >>22 June 2016