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

See all articles by Michael A. Wilkinson

Michael A. Wilkinson

London School of Economics - Law School

Date Written: November 18, 2015

Abstract

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

Suggested Citation

Wilkinson, Michael A., The Euro Is Irreversible! … or Is It? On OMT, Austerity and the Threat Of ‘Grexit’ (November 18, 2015). German Law Journal (2015) 16 (4) pp.1049-1072, Available at SSRN: https://ssrn.com/abstract=3082160

Michael A. Wilkinson (Contact Author)

London School of Economics - Law School ( email )

Houghton Street
London WC2A 2AE, WC2A 2AE
United Kingdom

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