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The ECB’s Controversial Securities Market Programme (SMP) and its role in relation to the modified EFSF and the future ESM

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  • Sester Peter

    (Peter Sester, Dr. jur. (Heidelberg), Dr. rer. pol. (Humboldt Berlin) is professor of business law at the Karlsruhe Institute of Technology where he is the director of the Institute of Business and Information Law. Since 2003, he is also honorary professor at the University of Freiburg. In addition, he has been a visiting professor at the University St. Gallen (2011), the Universidad Argentina de la Empresa in Buenos Aires (regularly since 2004), Universidad de Santiago (2010, 2012), Insper in Sao Paulo (2009, 2010), COPPEAD/UFRJ in Rio de Janeiro (2011, 2012) and Fondacao Getulio Vargas in Rio de Janeiro (2006/2007/2011/2012). He is specialized in business and banking law as well comparative legal and economic studies (particularly Brazil).)

Abstract

The article analyzes how the role of the European Central Bank (ECB) has developed throughout the sovereign debt crisis. The author concludes that the ECB acted, so far, within the limits of its competences. However, he recognizes that this judgment is built on a rather “aggressive” interpretation of the TFEU and the statute of the ECB. The author is very sceptical that the existence of the modified EFSF and ESM will allow the ECB to stop buying sovereign bonds in secondary markets. He outlines the structure of a potential future Fiscal Union including Eurobonds.

Suggested Citation

  • Sester Peter, 2012. "The ECB’s Controversial Securities Market Programme (SMP) and its role in relation to the modified EFSF and the future ESM," European Company and Financial Law Review, De Gruyter, vol. 9(2), pages 156-178, July.
    • Handle: RePEc:bpj:eucflr:v:9:y:2012:i:2:p:156-178:n:4
    DOI: 10.1515/ecfr-2012-0156
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