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The European Commission does not rule out initiating infringement proceedings against Germany following the decision of the German Constitutional Court on the ECB’s QE. The President of the Commission, Ursula von der Leyen, announced it in a note.
“The recent ruling of the German Constitutional Court highlighted two issues of the European Union: the euro system and the European legal system – said von der Leyen – We take note of the clear statement of the Court of Justice of the European Communities on May 8” .
“Similarly, the European Commission defends three basic principles: that the Union’s monetary policy is an exclusive competence; that EU law takes precedence over national law and that the judgments of the Court of Justice of the European Union are binding on all national courts. The last word on EU law is always pronounced in Luxembourg. Nowhere else. The task of the European Commission is to safeguard the proper functioning of the euro system and the EU legal system ” he adds.
“We are now analyzing in detail the ruling of the German Constitutional Court. And we will examine the next possible steps, which could include the option of infringement procedures – he concludes – The European Union is a community of values and law, which must be supported and defended at all times. This is what holds us together. This is what we stand for. ”
