La política monetaria del BCE ante el Tribunal Constitucional Federal Alemán: la Sentencia de 21 de junio de 2016 en el caso "OMT"

This article describes the several steps of a four-year long litigation before the German Federal Constitutional Court, concerning the compatibility with the German Constitution of the announcement by the ECB in 2012 of a program of possible interventions in the secondary sovereign bond market. This...

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Bibliographic Details
Main Author: Sáinz de Vicuña Barroso, Antonio
Format: Article
Language:Spanish
Published: Centro de Estudios Políticos y Constitucionales (España) 2016
Subjects:
Banco Central Europeo
Eurosistema
recurso prejudicial
Tribunal Constitucional Federal Alemán
política monetaria
política económica
euro
mercado de deuda pública
European Central Bank
Eurosystem
reliminary ruling
German Federal Constitutional Court
monetary policy
economic policy
public debt market
Online Access:https://dialnet.unirioja.es/servlet/oaiart?codigo=5765575
Source:Revista de Derecho Comunitario Europeo, ISSN 1138-4026, Año nº 20, Nº 55, 2016, pags. 1067-1099
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La política monetaria del BCE ante el Tribunal Constitucional Federal Alemán: la Sentencia de 21 de junio de 2016 en el caso "OMT"
Summary: This article describes the several steps of a four-year long litigation before the German Federal Constitutional Court, concerning the compatibility with the German Constitution of the announcement by the ECB in 2012 of a program of possible interventions in the secondary sovereign bond market. This litigation is peculiar because of (a) its purely intra-German character, i.e. only between German parties, without the ECB being brought to that procedure in spite of being the author of the contested act; (b) the fact of this litigation being the first-ever case in the history of the German Constitutional Court having been submitted for a preliminary ruling by the European Court of Justice, albeit with elements somehow atypical for this kind of judicial dialogue; (c) the adoption by the ECB, and implementation by the Eurosystem, in spite of the ongoing litigation and concurrent with it, of a new program for interventions in the secondary sovereign bond markets, which has not been contested; and (d) the peculiarities of the final judgement of the German Federal Constitutional Court on 21 June 2016.

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