{"id":38414,"date":"2020-05-05T12:56:06","date_gmt":"2020-05-05T10:56:06","guid":{"rendered":"https:\/\/sg.admk-dev.de\/ruling-german-court-on-ecb\/"},"modified":"2021-05-07T21:09:39","modified_gmt":"2021-05-07T19:09:39","slug":"ruling-german-court-on-ecb","status":"publish","type":"post","link":"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/","title":{"rendered":"Ruling of the German Constitutional Court on ECB: German government must make proposal for euro area common fiscal policy"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In its ruling today, the German Constitutional Court declared the ECB decisions on the bond purchase programme (PSPP) to be in breach of competences. The judges declared the previous positive preliminary decision of the European Court of Justice to be incomprehensible and thus arbitrary, because the Court had excluded the economic effects of the programme from its assessment. The judgment states that the ECB failed to consider the proportionality of the bond purchase programme. The judges in Karlsruhe therefore obliged the German Government and the Bundestag to work towards a proportionality assessment by the ECB. After a transitional period of no more than three months, the Bundesbank may now no longer participate in the ECB&#8217;s bond purchase programme unless the ECB takes a new decision setting out the proportionality of the programme.<\/span><\/p>\n<p><b>MEP Sven Giegold, financial and economic policy spokesperson of the Greens\/EFA group commented<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201cThe judgment shows that the failures of the euro countries have put the ECB in a very difficult position. The judgment must be a wake-up call for the German government. The shifting of responsibility from governments to the ECB must now come to an end. The ECB&#8217;s actions are the consequence of the euro countries\u2019 inability to adopt a common economic and financial policy. The German Government should now present a proposal for a common democratic fiscal policy for the euro countries. The lesson to be learnt from the judgment must be that the governments of the eurozone can no longer leave the ECB alone. A common fiscal policy can ease the burden on monetary policy. In terms of European policy, it is extremely dangerous for the German government to block a common, solidarity-based fiscal policy and for the German Constitutional Court to restrict the common monetary policy. What is needed now is a pro-European impulse from Germany for fiscal policy in the eurozone.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Nevertheless, the ruling should not lead to hasty decisions. The ruling does not mean that the Bundesbank must immediately end its involvement in bond purchases. It is important that the judges did not establish monetary financing. In essence, the judges are concerned with the justification of monetary policy. The Bundestag and the German Government must now deal with the ruling. It is important that the ECB programme PEPP on the Corona crisis is expressly not affected by the ruling.<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Today \u201cWebinar \u201cEurope Calling &#8211; extra\u201d (in German) <\/span><b>on the understanding of the ruling of the German constitutional court together with constitutional lawyer Dr. Ren\u00e9 Repasi and Sven Giegold<\/b><span style=\"font-weight: 400;\">, at the parent friendly time 9:00 pm: <\/span><a href=\"https:\/\/us02web.zoom.us\/webinar\/register\/9015886700920\/WN_5KGZixA8TGifTdtrRba__Q\"><span style=\"font-weight: 400;\">sign up here<\/span><\/a><\/p>\n<p><b>Link to the judgement: <\/b><a href=\"https:\/\/www.bundesverfassungsgericht.de\/SharedDocs\/Entscheidungen\/DE\/2020\/05\/rs20200505_2bvr085915.html;jsessionid=E87CF02D415ACD9D86407E59381B7C7B.2_cid361\"><span style=\"font-weight: 400;\">https:\/\/www.bundesverfassungsgericht.de\/SharedDocs\/Entscheidungen\/DE\/2020\/05\/rs20200505_2bvr085915.html;jsessionid=E87CF02D415ACD9D86407E59381B7C7B.2_cid361<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In its ruling today, the German Constitutional Court declared the ECB decisions on the bond purchase programme (PSPP) to be in breach of competences. The judges declared the previous positive preliminary decision of the European Court of Justice to be incomprehensible and thus arbitrary, because the Court had excluded the economic effects of the programme [&hellip;]<\/p>\n","protected":false},"author":36151,"featured_media":37149,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-38414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ruling of the German Constitutional Court on ECB: German government must make proposal for euro area common fiscal policy - Sven Giegold<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ruling of the German Constitutional Court on ECB: German government must make proposal for euro area common fiscal policy - Sven Giegold\" \/>\n<meta property=\"og:description\" content=\"In its ruling today, the German Constitutional Court declared the ECB decisions on the bond purchase programme (PSPP) to be in breach of competences. The judges declared the previous positive preliminary decision of the European Court of Justice to be incomprehensible and thus arbitrary, because the Court had excluded the economic effects of the programme [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/\" \/>\n<meta property=\"og:site_name\" content=\"Sven Giegold\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-05T10:56:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-07T19:09:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sven-giegold.de\/wp-content\/uploads\/2016\/09\/eugh_urteil_mediamarkt_bild_gross.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"470\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Yannick B\u00f6ttcher\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@sven_giegold\" \/>\n<meta name=\"twitter:site\" content=\"@sven_giegold\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yannick B\u00f6ttcher\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/\"},\"author\":{\"name\":\"Yannick B\u00f6ttcher\",\"@id\":\"https:\/\/sven-giegold.de\/en\/#\/schema\/person\/35b03cd02889d2a482d0b1980d284038\"},\"headline\":\"Ruling of the German Constitutional Court on ECB: German government must make proposal for euro area common fiscal policy\",\"datePublished\":\"2020-05-05T10:56:06+00:00\",\"dateModified\":\"2021-05-07T19:09:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/\"},\"wordCount\":474,\"publisher\":{\"@id\":\"https:\/\/sven-giegold.de\/en\/#\/schema\/person\/c15820a9b38397691b108b335c05b9ac\"},\"image\":{\"@id\":\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/sven-giegold.de\/wp-content\/uploads\/2016\/09\/eugh_urteil_mediamarkt_bild_gross.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/\",\"url\":\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/\",\"name\":\"Ruling of the German Constitutional Court on ECB: German government must make proposal for euro area common fiscal policy - Sven Giegold\",\"isPartOf\":{\"@id\":\"https:\/\/sven-giegold.de\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/sven-giegold.de\/wp-content\/uploads\/2016\/09\/eugh_urteil_mediamarkt_bild_gross.jpg\",\"datePublished\":\"2020-05-05T10:56:06+00:00\",\"dateModified\":\"2021-05-07T19:09:39+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/sven-giegold.de\/en\/ruling-german-court-on-ecb\/#primaryimage\",\"url\":\"https:\/\/sven-giegold.de\/wp-content\/uploads\/2016\/09\/eugh_urteil_mediamarkt_bild_gross.jpg\",\"contentUrl\":\"https:\/\/sven-giegold.de\/wp-content\/uploads\/2016\/09\/eugh_urteil_mediamarkt_bild_gross.jpg\",\"width\":470,\"height\":250,\"caption\":\"Richterhammer und EU-Fahne [ (c) www.BilderBox.com, Erwin Wodicka, Siedlerzeile 3, A-4062 Thening, Tel. + 43 676 5103678.Verwendung nur gegen HONORAR, BELEG, URHEBERVERMERK nach AGBs auf bilderbox.com; 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