The recent controversial ruling against the European Central Bank by Germany's Federal Constitutional Court could not have come at a worse time. But it was a necessary reminder that the EU is a community based on the rule of law, and that only its sovereign member states can develop it further.
MUNICH – In addition to the euro crisis, Brexit, and COVID-19, Europe now faces a constitutional crisis, as the Court of Justice of the European Union (CJEU) and Germany’s Federal Constitutional Court (GCC) fight over the policies of the European Central Bank. Although this latest crisis has erupted at an inopportune moment, it had been presaged by a series of earlier rulings and opinions on the ECB’s policies and thus should not have surprised anyone.
MUNICH – In addition to the euro crisis, Brexit, and COVID-19, Europe now faces a constitutional crisis, as the Court of Justice of the European Union (CJEU) and Germany’s Federal Constitutional Court (GCC) fight over the policies of the European Central Bank. Although this latest crisis has erupted at an inopportune moment, it had been presaged by a series of earlier rulings and opinions on the ECB’s policies and thus should not have surprised anyone.