Vere e proprie infrazioni monetarie

MONACO – La Corte costituzionale tedesca ha pronunciato il verdetto tanto atteso sul programma di “transazioni monetarie dirette” (Omt) della Banca centrale europea. Dal suo lancio nel 2012, il programma Omt ha consentito alla Bce di acquistare, all’occorrenza, quantità illimitate di titoli di Stato dei Paesi dell’Eurozona in difficoltà, a patto che i Paesi coinvolti aderissero alle regole del fondo salva-Stati europeo, il Meccanismo europeo di stabilità.

Migliaia di tedeschi si sono appellati alla Corte costituzione contro il programma Omt, perché violerebbe l’Articolo 123 del Trattato sul funzionamento dell’Unione europea, che vieta i finanziamenti monetarie ai Governi dell’Eurozona e impone rischi notevoli ai cittadini tedeschi in quanto contribuenti. La Corte ha ora dichiarato di avallare totalmente le argomentazioni dei querelanti, e che il programma Omt viola, di fatto, il diritto primario dell’Ue.

Ma, invece di emettere una sentenza formale che vincoli la Bundesbank e il parlamento tedesco, come avrebbe potuto fare, la Corte tedesca ha demandato il caso alla Corte di giustizia europea (Cig) affinché si giungesse a una decisione finale. Così d’acchito, questa mossa potrebbe sembrare promettente per i mercati, che probabilmente si aspettano che la Corte di giustizia europea approvi passivamente il programma Omt, ma la questione non è semplice.

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