On Tuesday, the German Constitutional Court delivered its much-awaited decision on the legality of the European Central Bank’s Outright Monetary Transactions Programme. The Court relied on the work of Faculty member Dr Alicia Hinarejos, cited approvingly in the main decision.
The German Constitutional Court considered the Outright Monetary Transactions Programme legal under certain conditions. The judgment comes after a notorious preliminary ruling by the Court of Justice of the EU in the matter, the first time that the German Constitutional Court had made use of the preliminary ruling procedure. The German Constitutional Court’s decision has important implications for the powers of the ECB, the future of the euro area, and the constitutional framework of the EU’s Economic and Monetary Union.
The decision is available in German, and a press release is available in English.
For more information on Dr Hinarejos’s research in the area, see her Faculty profile.