Abstract
On 26 July 2012, the European Central Bank (ECB) issued a new currency, the “Draghi.” A country where the Draghi has the status of legal tender must be fabulously wealthy—a single coin gives unlimited purchasing power to its owner. This is one way to characterize ECB President Mario Draghi's pledge to do “whatever it takes” to save the Euro. It is widely believed that the move prevented the common currency from breaking apart. Yet, the ECB's resolve caused severe conflict within the European System of Central Banks (ESCB). A few weeks later, when the Governing Council of the ECB formally adopted the Outright Monetary Transactions (OMT) program to pave the way for the implementation of Draghi's rescue policy, the representative of the GermanBundesbankwas outvoted. Subsequently—in a maneuver quite unusual among central bankers—he appealed to the public to stir up support for his opposition to the policy.
Publisher
Cambridge University Press (CUP)
Reference79 articles.
1. Opinion 1/09, European and Community Patents Court, 2011 E.C.R. I-1137, paras. 83–84.
2. See, in particular, Grundgesetz für die Bundesrepublik Deutschland [Grundgesetz] [GG] [Basic Law], May 23, 1949, BGBl. I, Preamble and arts. 23–26.
3. Bundesverfassungsgericht [BVerfG – Federal Constitutional Court], Case No. 2 BvR 2728/13 (Jan. 14, 2014), http://www.bundesverfassungsgericht.de/en/index.html [hereinafter OMT Case].
4. Consorzio Cooperative d'Abruzzo, CJEU Case 15/85 at para. 10.
5. The Constitutional Court leverages the right to vote in federal elections, laid down in Article 38 of the Basic Law. This conception has attracted forceful scholarly critique. See, e.g., Christoph Schönberger, Die Europäische Union zwischen “Demokratiedefizit” und Bundesstaatsverbot, 48 Der Staat, 535, 539–42 (2009). The Order in the OMT Case has lowered the hurdle even further. For convincing arguments against the admissibility of the actions, see the OMT Case (Lübbe-Wolf, J., dissenting), (Gerhard, J., dissenting).
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