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The Asset Purchase Programmes of the ESCB in the Courts

In: Monetary Policy Implementation in East Asia

Author

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  • Helmut Siekmann

    (Institute for Monetary and Financial Stability (IMFS), Goethe University Frankfurt)

Abstract

The planned and the realised asset purchase programmesAsset Purchase Programme (APP) of the European System of Central BanksEuropean System of Central Banks (ESCB) (ESCB) have spurred highly controversial debates. Not least, legal concerns have been expressed, mainly in Germany. A score of decisions of the German Federal Constitutional CourtGerman Federal Constitutional Court (GFCC) and two judgments of the Court of Justice of the European UnionCourt of Justice of the European Union/of the EU (CJEU) have so far been the result. A novelty here was the reference to the European court for a preliminary ruling by the highest German Court in 2014. A second referral took place in 2017. The final judgment of the German Federal Constitutional Court (GFCC) on the purchases in the framework of the Public Sector Purchase Programme (PSPP) of 5 May 2020 could not be considered any more; for a first evaluation see Siekmann, Europäische Zeitschrift für Wirtschaftsrecht, p. 491–500.

Suggested Citation

  • Helmut Siekmann, 2020. "The Asset Purchase Programmes of the ESCB in the Courts," Financial and Monetary Policy Studies, in: Frank Rövekamp & Moritz Bälz & Hanns Günther Hilpert (ed.), Monetary Policy Implementation in East Asia, chapter 0, pages 87-142, Springer.
    • Handle: RePEc:spr:fimchp:978-3-030-50298-0_7
    DOI: 10.1007/978-3-030-50298-0_7
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