ECB, President of the Bundesbank after the Karlsruhe ruling: “I will support the completion of the tasks.” Ft: “Bomb under the EU legal system”

Celebrate the recurrent, while I vegetables I express concern the press is divided among those who speak of “bad news for Europe “and for those who explain it as” the end of an EU far from the citizens. “The ruling of the constitutional court of Karlsruhe on the quantitative easing of the European central bank is exposed to completely opposite login readings Germany. Politically, yes Angela Merkel At the moment, he is silent, the positive comment from the CSU comes from the majority of the government: “It is a all right that the Tribunal has now formulated Clear and formal criteria because of the legitimacy of the bond purchase programs. “The Karlsruhe judges” limited the common monetary policy “and this is” extremely dangerous“Say that I vegetables. In the press, the most difficult comment comes from Süddeutsche Zeitung, Bavarian liberal newspaper, according to which it was “weakened“The entire European legal community. A reading also shared by the Financial times: “The German court has put a bomb under the EU legal order. “” This is one War declaration to the Court of Justice of the European Union and it will have consequences, “he said Bloomberg Joachim Wieland, one of the most authorized German law professors.

Karlsruhe judges have ruled that the European Central Bank’s quantitative easing does not violate The prohibition of monetary financing. However, the ruling also says that the ECB goes “beyond its powers.” Therefore, Eurotower has three months to clarify the purchase program, verifying if it has respected the principle of proportionality between costs and benefits. Without an answer, the Bundesbank will stop participating in purchaseswhile the government and parliament “have a duty to take action against the stock purchase program in its current form. “

Therefore, the ECB has 3 months to present its deliberations on the proportionality of the purchase program. “I will support compliance of this task, respecting the independence of the Governing Council of the ECB, “writes the president of the Bundesbank, Jens Weidmann, in a note published on his Twitter account. “In his opinion, the constitutional court highlights important characteristics of the PSPP (Public sector purchase program), which generally guarantees a sufficient margin to the monetary financing of governments. I had indicated the importance of this margin in the past, “adds Weidmann.

For now, the Minister of Finance, the Social Democrat, has spoken from Berlin. Olaf Scholz: “Just these days, when due to the pandemic we faced considerable effort, the single currency and the monetary policy common keep us together in Europe. “That is why Scholz pointed out that” the Bundesbank for now can continue take part to the common agenda “and the German government has three months to put pressure on the ECB to a verification. “Even decisions about current aid I’m not at risk“, The minister wanted to underline.

“I am very happy the fact that the Constitutional Court gave substantially reason to our appeals, “he says Bernd Lucke, the German economist among the promoters of the appeal that founded the far-right party Alternative for Germany and then leave it, believing it veered too far to the right. Also responsible for European policy. Christian socialists Bavarian, Markus Ferber, welcomed the Court’s decision, also stressing that, in his opinion, “the request for a proportionality assessment does not question independence of the ECB “.

The financial expert Sven Giegold, spokesman for the gods vegetables instead, he sees the judge’s decision as a “alarm for the federal government, “as reported by theHandelsblatt. “The ruling shows that I failures of European countries have placed the ECB in one very difficult position“The real failure of the euro countries is not having one common economic and financial policyGiegold explains. Therefore, the new limits imposed by Karlsruhe on monetary policy are “extremely dangerous”. “It is important that the judges have not spoken about rape of the prohibition of monetary financing. In essence, the judges are concerned with establishing a monetary policy, “Green’s spokesperson concludes.

The editorial of Cerstin Gammelin about him Süddeutsche Zeitung is expressed in turn two types of concern after the decision of the German consultation. “Bad news for Europe, “is the title of the comment. The bad news mainly refers to the ECB’s monetary policy. in the medium term. The Karlsruhe judges made it clear that the Qe pandemic € 750 billion launched during the coronavirus crisis should not be limited, the capacity of the ECB has been limited for the future. The judges affirmed the principle that it cannot sustain more than 30% the debt in the market of each government. According to Gammelin, this will limit the ECB’s action in a possible future crisis.

The editorial appeared in Süddeutsche Zeitung It also highlights a second critical aspect: for the first time, the Karlsruhe judges have put in discussion European jurisprudence and, in particular, the 2018 resolution of the Court of Justice of the EU. This is considered a dangerous precedent: “If the Germans oppose the judges in Luxembourg, we can do it too“It is the thought that according to Gammelin many other EU countries will be able to do. Starting, for example, from Poland and Hungary.

It is also the thought of the comment that appeared in Financial times that talks about a sentence “harmful“In many ways. According to the article, the economic policy effects that Karlsruhe judges are concerned about when invoking the principle of proportionality are the result of reasoning.”economically illiterate“As the Court of Justice of the European Communities had ruled. But” it is a source of deep concern “especially the fact that the German Consultation, according to the article, has rejected the authority of the European judge. Until now, they were only the judges of Poland and Hungary, the Financial times.

The opposite reading comes from its place. Reinhard Muller in Franfurter Allgemeine Zeitung. His editorial appeared on the website of the conservative newspaper entitled: “The end of an autonomous EU away from citizens.” The article stresses that the European Union is made up of Member States that they own the treaties. So, every citizen must be guaranteed the right that Institution of the EU respect mutually agreed rules. For this, according to Faz, the Karlsruhe Court has denied what was established by European judges: “It is outside the contractual framework”.

In the economic sphere, however, the reading that comes from the chief economist of the Commerzbank, the fourth largest bank in Germany, according to which, in fact, the Federal Constitutional Court gave the “ahead“To government bond purchases.” The judges see no violation of the monetary financing ban, “he said. Jörg Krämer. The ECB, in his opinion, can now “easily” make up for requests for proportionality. “” In the end, the Federal Constitutional Court should not stop Pepp’s new bond purchase program, “is what Krämer expects.

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