Posts Tagged: ECB

Feb 14

OMT – Karlsruhe finds a way to let ECJ deliver the fatal blow


Yesterday’s decision by Germany’s Federal Constitutional Court (BVerfG, Karlsruhe), to suspend proceedings about the legality of the OMT program issued by ECB-president Mario Draghi on Sept 6, 2012, marked a “historic first”. It is not, as most observers put it, a bow (of respect) from Karlsruhe. Far from accepting that decisions about EU affairs will henceforward be taken by the ECJ, it is much more a show of determination: Karlsruhe reserves the right to call the shots about German commitment, as I have commented at Bruegel’s Guntram Wolff’s take on why Karlsruhe got it wrong.

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