Germany decides. That's the message the country's Constitutional Court sent to the European Union on Tuesday as it delivered a landmark ruling on the legality of the European Central Bank’s bond-buying programs
That is the message the country's Constitutional Court sent to the European Union on Tuesday as it delivered a
Given the influence Germany wields as the largest ECB member, the bank can't afford to ignore the court's decision, in part because it would be all but impossible for it to continue the bond-buying without German support. Critics of the German court’s move worry that by refusing to accept the CJEU’s position, it effectively undermined the court's legitimacy, opening the door for other countries to ignore rulings when they disagree with them.
"This doctrine according to which the German Constitutional Court dictates the policy of the ECB and places itself above the CJEU is the same doctrine followed by the Hungarian and Polish authorities in denying European rule of law," Spanish MEP Esteban González Pons, who is vice chairman of the European People’s Party,Though the German court signaled it wasn’t deaf to such concerns, it suggested that the gravity of the question at hand merited its forceful contradiction of the...
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