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Hidden blemish in european law: judgements on unconventional monetary programmes

  • 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.

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Author of HS ReutlingenHerzog, Bodo
Erschienen in:Laws
Place of publication:Basel
Document Type:Article
Year of Publication:2021
European Central Bank; European Court of Justice; European union law; German constitutional law; OMT; PSPP; monetary policy; ultra-vires; unconventional programmes
Page Number:13
Article Number:18
DDC classes:340 Recht
Open Access?:Ja
Licence (German):License Logo  Creative Commons - CC BY - Namensnennung 4.0 International