Sunday May 31, 2020

German constitutional lawyers don’t understand modern money

The German Constitutional Court’s ruling on the ECB’s bond-buying programme upheld a law that is incompatible with modern central banking – and could also set a dangerous precedent

10th May, 2020
Frankfurt: court ruling creates a legal problem for the Bundesbank, based in Frankfurt

The German Constitutional Court stunned everyone last week. It judged that the European Court of Justice acted beyond its legal mandate in its favourable 2018 ruling on the European Central Bank’s government bond-buying programme. The German court’s judgment was primarily aimed at the German parliament and the German central bank. But it stunned everyone, for two main reasons.

First, it is the only time that a national constitutional court in the EU...

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