Gauweiler and OMT: Lessons for EU Public Law and the European Economic and Monetary Union
22 Pages Posted: 23 Jun 2015
Date Written: June 19, 2015
Many legal disputes have arisen from the post-2008 economic crises before the Court of Justice of the European Union (CJEU). The most prominent to date is Gauweiler, a preliminary reference procedure initiated by the German Constitutional Court, the Bundesverfassungsgericht (BVerfG), concerning the legality of the decision of the Governing Board of the European Central Bank (ECB) of September 2012 on so called ‘Outright Monetary Transactions’ (OMT). The BVerfG questioned the primacy of Union law in a case concerning the hypothetical consequences of a not yet finally developed and not yet implemented future bond purchasing policy of the ECB. This contribution focuses on the general lessons Gauweiler can teach for the development of public law in Europe.
Keywords: OMT, Gauweiler, Bundesverfassungsgericht, Court of Justice of the European Union, European Union, EMU, Economic and Monetary Union, Economic Governance, European Economic Constitution
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