Academic Scientific JournalsThe Significance of the 5 May 2020 Judgment of the Constitutional Court of the Federal Republic of Germany (Weiss II) for the Process of Integration of the European Union Financial Market
Keywords:
European Central Bank, PSPP, WeissAbstract
Since the financial crisis of 2007/2008, we have been dealing - at the level of the European Union - with a special "dialogue" between the European and German courts. The subject of this "dialogue" is the decisions of the European Central Bank on the program for the purchase of public sector assets on secondary markets. The ECB's activity, as well as the involvement of the national central banks of the Eurosystem in the implementation of these decisions, has been met with dissatisfaction by German politicians, culminating in the title judgment of the Constitutional Court of the Federal Republic of Germany. In the paper, the author analyzed the judgments, particularly from the perspective of the process of integration of the European Union financial market and the importance of the judgments for this process taking into account the key principles of EU law: proportionality and supremacy of EU law.
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Legal Acts
Consolidated versions of the Treaty on European Union and the Treaty on the Functioning of the European Union (TFEU) [2016] OJ C202/1.
Court Rulings
CJEU ruling of 27th November 2012, C-370/12, Thomas Pringle v Governement of Ireland and Others, (ECLI:EU:C:2012:756).
CJEU ruling of 16th June 2015, C-62/14, Peter Gauweiler and Others v Deutscher Bundestag, (ECLI:EU:C:2015:400).
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CJEU ruling of 22nd January 2014, C-270/12, United Kingdom of Great Britain and Northern Ireland v European Parliament and Council of the European Union, (ECLI:EU:C:2014:18).
CJEU ruling of 15th July 1964, C-6/64, Flaminio Costa v E.N.E.L, (ECLI:EU:C:1964:66).
CJEU ruling of 8th May 2019, C-450/17P, Landeskreditbank Baden-Württemberg - Förderbank v European Central Bank, (ECLI:EU:C:2019:372).
CJEU ruling of 19th December 2018, C-219/17, Silvio Berlusconi and Finanziaria d'investimento Fininvest SpA (Fininvest) v Banca d'Italia and Istituto per la Vigilanza Sulle Assicurazioni (IVASS), (ECLI:EU:C:2018:1023).
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Judgment of the Second Senate of 5 May 2020, BVerfG, 2 BvR 859/15-, (paras. 1-237).
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Commission of the European Communities, Communication from the Commission Implementing the Framework for Financial Markets: Action Plan, Brussels, 11.05.1999 COM(l999) 232 final.
Decision (EU) 2015/774 of the European Central Bank of 4 March 2015 on a secondary markets public sector asset purchase programme (ECB/2015/10).
Request for a preliminary ruling from the Bundesverfassungsgericht (Germany) lodged on 15 August 2017 — Heinrich Weiss and Others (Case C-493/17).
Protocol No 4 on the statute of the European System of Central Banks and of the European Central Bank, Official Journal of the European Union, C 202.
Opinion of Advocate General Wathelet delivered on 4 October 2018. Proceedings brought by Heinrich Weiss and Others.
Request for a preliminary ruling from the Bundesverfassungsgericht (Case C-493/17).
Press release following the judgment of the German Constitutional Court of 5 May 2020, Court of Justice of the European Union, Press Release No 58/20 Luxembourg, 8 May 2020.
Press release, Technical features of Outright Monetary Transactions, 6 September 2012.
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