Was das OMT-Urteil bedeutet

MÜNCHEN – Nun endlich hat das Bundesverfassungsgericht seine lang erwartete Stellungnahme zum OMT-Programm der EZB abgegeben. Diese Programm sieht vor, dass die EZB die Staatspapiere eines Krisenlandes ein bis drei Jahre vor ihrer Fälligkeit aufkaufen kann, falls sich das Land den Regeln des Rettungsfonds ESM unterwirft.

Tausende von Deutschen hatten gegen das OMT geklagt, weil es nach ihrer Meinung Artikel 123 des EU-Vertrages widerspricht, der eine monetäre Staatsfinanzierung verbietet, und weil sie befürchten, als Steuerzahler bei einem Staatskonkurs die Zeche bezahlen zu müssen. Das Gericht hat den Klägern nun Recht gegeben. Es stellt fest, dass das OMT das Primärrecht der EU verletzt.

Doch statt dazu ein rechtskräftiges Urteil zu formulieren, um die Bundesbank zum Ausstieg aus dem Programm zu zwingen, was möglich gewesen wäre, reichte das Gericht den Fall an den Europäischen Gerichtshof weiter. Auf den ersten Blick erlaubt diese Entscheidung den Märkten, aufzuatmen, weil der EuGH die Position europäischer Instanzen zu vertreten neigt. Doch so einfach ist es nicht.

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