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NUMERO 16 - 27/05/2020

 The 5 May 2020 Bundesverfassungsgericht's Decision on the ECB's public sector purchase program: an attempt to ''break the toy'' or a new starting point for the Eurozone?

Abstract [En]: The paper provides a first comment on the 5 May 2020 Bundesverfassungsgerich’s decision on the “Quantitative Easing” program undertaken by the European Central Bank since 2015. Within a brief comparison with other occasions of “judicial dialogue” between the European Court of Justice and national constitutional Courts, the analysis points out some contradictions, not to say true paradoxes, of the German judgement.


Abstract [It]: Lo scritto offre un commento a prima lettura della recente decisione adottata il 5 maggio 2020 dal Bundesverfassungsgericht sul programma di “Quantitative Easing” intrapreso dalla Banca Centrale europea sin dal 2015. In un breve raffronto con altre occasioni di “dialogo giurisprudenziale” tra la Corte di Giustizia europea e i Giudici costituzionali nazionali, l’analisi mette in luce talune contraddizioni, per non dire i veri e propri paradossi, della sentenza tedesca.


Sommario: 1. A theoretical premise. 2. The judicial background. 3. The 5 May 2020 Decision of the German Constitutional Court on the ECB’s PSPP, in brief. 4. The German Court rules…“ultra vires”… 5. The uncompleted monetary union and the German paradox. 6. Independence and democratic control: a longstanding issue

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