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Why the European Court of Justice should reject the German Constitutional Court’s ruling on Outright Monetary Transactions

de Grauwe, Paul (2014) Why the European Court of Justice should reject the German Constitutional Court’s ruling on Outright Monetary Transactions. LSE European Politics and Policy (EUROPP) Blog (04 Mar 2014). Website.

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Abstract

Despite having a positive effect on the economic situation within the Eurozone, the European Central Bank’s Outright Monetary Transactions (OMT) program has proved controversial, with the German Constitutional Court in Karlsruhe recently deeming it illegal under EU law. Paul De Grauwe argues that the ruling reflects a serious misunderstanding of central banking on the part of the German Court, and that the European Court of Justice should reject its conclusions. Failure to do so would undermine the effectiveness of the OMT program and risk reigniting the Eurozone crisis.

Item Type: Online resource (Website)
Official URL: http://blogs.lse.ac.uk/europpblog/
Additional Information: © 2014 The Author(s); Online
Divisions: European Institute
Subjects: H Social Sciences > HB Economic Theory
J Political Science > JN Political institutions (Europe)
Sets: Collections > LSE European Politics and Policy (EUROPP) Blog
Departments > European Institute
Date Deposited: 03 Apr 2017 11:27
Last Modified: 17 Dec 2019 00:40
URI: http://eprints.lse.ac.uk/id/eprint/72113

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