The Bundesverfassungsgericht PSPP Decision : a blow to the European project
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/34790 |
Resumo: | The German Federal Constitutional Court sent shockwaves across Europe on 5 May 2020, when it declared a ruling by the European Court of Justice and ECB decisions as ultra vires and established a three-month transitional period for the ECB Governing Council to provide further justification in order to ascertain the legality of its measures, which the ECJ had already confirmed. The ruling is unprecedented and is likely to inflame the already existing tensions between national and European sovereignty. This is more so when the contested ECB programme amounts to the Public Sector Purchase Programme, an exceptional bond-buying measure launched in 2015 and deemed pivotal to combat the lasting effects of the European sovereign debt crisis. In times of increased spending by the EU, the schism between net contributors and beneficiaries is prone to show and is likely deepened by the asymmetric impact of economic crises on MS. As Europe faces the rise of nationalism, a public health crisis and a consequent economic crisis caused by the Covid-19 pandemic, the decision could not have come at a worse time. The Bundesverfassunsgericht’s ruling is one that underscores dissent at a time where solidarity is much needed. The decision constitutes a significant drawback to the consistency and effectiveness of the EU legal order as it openly defies well-established rules and foundations. Furthermore, it is likely to serve as an opportunity for illiberal regimes to push their anti-rule of law agenda as well as pave the way for the undermining of further exceptional ECB programmes such as the Pandemic Emergency Purchase Programme. |
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The Bundesverfassungsgericht PSPP Decision : a blow to the European projectPSPP decisionGerman constituional courtPrimacyRule of lawDomínio/Área Científica::Ciências Sociais::DireitoThe German Federal Constitutional Court sent shockwaves across Europe on 5 May 2020, when it declared a ruling by the European Court of Justice and ECB decisions as ultra vires and established a three-month transitional period for the ECB Governing Council to provide further justification in order to ascertain the legality of its measures, which the ECJ had already confirmed. The ruling is unprecedented and is likely to inflame the already existing tensions between national and European sovereignty. This is more so when the contested ECB programme amounts to the Public Sector Purchase Programme, an exceptional bond-buying measure launched in 2015 and deemed pivotal to combat the lasting effects of the European sovereign debt crisis. In times of increased spending by the EU, the schism between net contributors and beneficiaries is prone to show and is likely deepened by the asymmetric impact of economic crises on MS. As Europe faces the rise of nationalism, a public health crisis and a consequent economic crisis caused by the Covid-19 pandemic, the decision could not have come at a worse time. The Bundesverfassunsgericht’s ruling is one that underscores dissent at a time where solidarity is much needed. The decision constitutes a significant drawback to the consistency and effectiveness of the EU legal order as it openly defies well-established rules and foundations. Furthermore, it is likely to serve as an opportunity for illiberal regimes to push their anti-rule of law agenda as well as pave the way for the undermining of further exceptional ECB programmes such as the Pandemic Emergency Purchase Programme.Maduro, Luís Miguel Poiares PessoaVeritati - Repositório Institucional da Universidade Católica PortuguesaMenano, Francisco Inpotong Castro2021-09-13T15:17:02Z2021-07-2820212021-07-28T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/34790TID:202747808enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:40:19Zoai:repositorio.ucp.pt:10400.14/34790Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:28:12.739766Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The Bundesverfassungsgericht PSPP Decision : a blow to the European project |
title |
The Bundesverfassungsgericht PSPP Decision : a blow to the European project |
spellingShingle |
The Bundesverfassungsgericht PSPP Decision : a blow to the European project Menano, Francisco Inpotong Castro PSPP decision German constituional court Primacy Rule of law Domínio/Área Científica::Ciências Sociais::Direito |
title_short |
The Bundesverfassungsgericht PSPP Decision : a blow to the European project |
title_full |
The Bundesverfassungsgericht PSPP Decision : a blow to the European project |
title_fullStr |
The Bundesverfassungsgericht PSPP Decision : a blow to the European project |
title_full_unstemmed |
The Bundesverfassungsgericht PSPP Decision : a blow to the European project |
title_sort |
The Bundesverfassungsgericht PSPP Decision : a blow to the European project |
author |
Menano, Francisco Inpotong Castro |
author_facet |
Menano, Francisco Inpotong Castro |
author_role |
author |
dc.contributor.none.fl_str_mv |
Maduro, Luís Miguel Poiares Pessoa Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Menano, Francisco Inpotong Castro |
dc.subject.por.fl_str_mv |
PSPP decision German constituional court Primacy Rule of law Domínio/Área Científica::Ciências Sociais::Direito |
topic |
PSPP decision German constituional court Primacy Rule of law Domínio/Área Científica::Ciências Sociais::Direito |
description |
The German Federal Constitutional Court sent shockwaves across Europe on 5 May 2020, when it declared a ruling by the European Court of Justice and ECB decisions as ultra vires and established a three-month transitional period for the ECB Governing Council to provide further justification in order to ascertain the legality of its measures, which the ECJ had already confirmed. The ruling is unprecedented and is likely to inflame the already existing tensions between national and European sovereignty. This is more so when the contested ECB programme amounts to the Public Sector Purchase Programme, an exceptional bond-buying measure launched in 2015 and deemed pivotal to combat the lasting effects of the European sovereign debt crisis. In times of increased spending by the EU, the schism between net contributors and beneficiaries is prone to show and is likely deepened by the asymmetric impact of economic crises on MS. As Europe faces the rise of nationalism, a public health crisis and a consequent economic crisis caused by the Covid-19 pandemic, the decision could not have come at a worse time. The Bundesverfassunsgericht’s ruling is one that underscores dissent at a time where solidarity is much needed. The decision constitutes a significant drawback to the consistency and effectiveness of the EU legal order as it openly defies well-established rules and foundations. Furthermore, it is likely to serve as an opportunity for illiberal regimes to push their anti-rule of law agenda as well as pave the way for the undermining of further exceptional ECB programmes such as the Pandemic Emergency Purchase Programme. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-09-13T15:17:02Z 2021-07-28 2021 2021-07-28T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
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http://hdl.handle.net/10400.14/34790 TID:202747808 |
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http://hdl.handle.net/10400.14/34790 |
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eng |
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eng |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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