TY  - JOUR
U1  - Zeitschriftenartikel, wissenschaftlich - begutachtet (reviewed)
A1  - Herzog, Bodo
T1  - Hidden blemish in european law: judgements on unconventional monetary programmes
JF  - Laws
N2  - This article studies the hidden blemishes of two benchmark rulings of the European Court of Justice (ECJ). In 2015 and 2018, the ECJ approved two unconventional monetary instruments, among others ‘Outright Monetary Transactions’ and the ‘Public Sector Purchase Program’. Yet, there is a vigorous debate about both monetary operations in law and economics. In this interdisciplinary article, we address law and economic arguments in order to elucidate insights to the legal community. In particular, we elaborate on the legal implications of a variety of concerning issues such as public policy interference, effect on wealth redistribution, erosion of democratic legitimacy and lack of effectiveness of monetary policy. These topics remain disregarded in the ECJ rulings. Consequently, the verdicts do not identify the economic boundaries of the European Central Bank’s mandate appropriately.
KW  - European Court of Justice
KW  - unconventional programmes
KW  - PSPP
KW  - OMT
KW  - Bundesverfassungsgericht
KW  - European Central Bank
KW  - ultra-vires
KW  - monetary policy
KW  - European union law
KW  - German constitutional law
Y1  - 2021
UN  - https://nbn-resolving.org/urn:nbn:de:bsz:rt2-opus4-32271
SN  - 2075-471X
SS  - 2075-471X
U6  - https://doi.org/10.3390/laws10020018
DO  - https://doi.org/10.3390/laws10020018
VL  - 10
IS  - 2
SP  - 13
S1  - 13
PB  - MDPI
CY  - Basel
ER  -