Wolff on the ruling of the German Constitutional Court
Guntram Wolff has co-authored an opinion piece on how the ruling of the German Federal Constitutional Court of May 5 affects the relation of Germany to the ECB and the ECJ, and the constitutional foundations of monetary policy.
Screenshot from the newspaper Frankfurter Allgemeine Zeitung where the opinion piece was originally published.
In the opinion piece, Guntram Wolff (Bruegel) and his co-authors argue that 'The ruling of the German Federal Constitutional Court (GFCC) of May 5 on the ECB’s monetary policy affects not only the relation of Germany to the European Central Bank (ECB) and the Court of Justice of the European Union (ECJ) but also the constitutional foundations of monetary policy. The court departs from the German tradition of entrusting monetary policy to an independent central bank that is only given the task of pursuing price stability. According to the the court’s reasoning, much of what the German Bundesbank used to do would not be permissible under the German Basic Law.'