New IMFS Working Papers regarding the legal framework of the Eurosystem and Greece

In two new Working Papers IMFS Professor Helmut Siekmann explains the legal framework and limits of the European System of Central Banks as well as the OMT program (Outright Monetary Transactions).

By delineating the legal background of the European monetary union in the Working Paper No. 89, Professor Dr. Dr. h.c. Helmut Siekmann gives an overview about objectives, competences and obligations as the rules on government deficits and debt. Based on that, Siekmann describes the European system of central banks and explores the question whether an exit or an exclusion from the eurozone and the introduction of a new currency parallel to the euro are legally possible, taking into account the specific circumstances in Greece. 

In the Working Paper No. 90, IMFS Professor Helmut Siekmann presents an encompassing analysis of the Eurosystem’s Outright Monetary Transactions (OMT). Examining the rulings of the German constitutional court and the questions presented to the European Court of Justice, Siekmann comes to the conclusion that the German constitutional court could forbid German authorities to support OMT. Thus, he sees an incentive for the ECJ to adopt at least some of the limitations.

These Working Papers will be published in Frank Hövekamp, Moritz Bälz, Hanns Günther Hhilpert (eds.), Central Banking and Financial Stability in East Asia, Heidelberg.

IMFS Working Paper No. 89 "The Legal Framework for the European System of Central Banks" (<link file:2043 download herunterladen der datei>PDF, 480 KB)

IMFS Working Paper No. 90 "The Legality of Outright Monetary Transactions (OMT) of the European System of Central Banks" (PDF, 324 KB)