Helmut Siekmann explains ECB judgment of the Federal Constitutional Court

The ruling of the Federal Constitutional Court (BVerfG) on the PSPP programme of the European Central Bank (ECB) on 5 May has triggered strong reactions. In an essay in a special issue of the "Europäische Zeitschrift für Wirtschaftsrecht" Prof. Helmut Siekmann analyses the case law, describes the conflict between the BVerfG and the European Court of Justice (ECJ) and offers a pragmatic solution.

Siekmann addresses the compliance with the limits of tasks and competences, the control of the ECJ and the activation of the ultra vires reservation. He argues that in its judgment, the highest German court [...] urges compliance with the division of competences between the European Union and the Member States. It sees in the purchase program the danger of a de facto extension of the competence of the monetary union without the amendment of the treaties necessary for an extension of competence.

Siekmann also recommends that the Governing Council of the ECB discuss the proportionality of its decisions in the context of the strategy discussion that has already been conducted. Siekmann has already explained this pragmatic approach in detail in a joint paper with Prof. Volker Wieland.

EuZW: Gerichtliche Kontrolle der Käufe von Staatsanleihen durch das Eurosystem

IMFS-Professoren analysieren Urteil zu EZB-Anleihekäufen