The Euro Is Irreversible! … or Is It? On OMT, Austerity and the Threat Of ‘Grexit’
German Law Journal (2015) 16 (4) pp.1049-1072
24 Pages Posted: 8 Dec 2017
Date Written: November 18, 2015
Does the European Central Bank (‘ECB’) have the mandate to do ‘whatever it takes’ to save the Euro? While the German Constitutional Court answered the question with a clear ‘no’, the European Court of Justice suggested that the ECB did in fact have that mandate. This judicial battle for the Euro, however, is only part of a story that involves political power struggles between Germany and Greece; that saw the emergence of ideological schisms in the EU on the issue of austerity; and created the real risk that for the first time a Member State would be forced to leave the EU.
Keywords: Euro-Crisis; ECB; OMT; Austerity; ECJ; German Constitutional Court
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