The European Court of Justice (ECJ) will publish on Tuesday its judgement on the legality of the European Central Bank's OMT bond purchasing program. Germany's Constitutional Court had referred the case to the ECJ at the start of last year. The ECJ’s advocate general said some months ago that the OMT program is basically in line with EU rules. “If the ECJ will follow the line of reasoning of the advocate general there will be basically no limits to bond purchases,” the cep experts Bert Van Roosebeke and Oliver Sauer argue in their latest cepBlog . “The main line of reasoning of the advocate
The ECB Governing Council said Thursday it has taken note of Tuesday’s ruling of the European Court of Justice (ECJ) confirming that the central bank’s OMT asset purchase program is compatible with [...] program’ as it needs ‘to make choices of a technical nature and undertake forecasts and complex assessments,’ the central bank pointed out in its statement. Germany's Constitutional Court had referred the case to the ECJ at the start of last year. cep expert Bert Van Roosebeke told the Financial Times: “It’s a very clear defeat for the German court. On the point of whether this is an economic or monetary
The removal of obstacles to online trading strengthens the single market. Thus the collective management of copyrights facilitates the process of offering digital contents across borders. One-stop shop schemes for VAT obligations reduce administrative costs. The Commission should eliminate aid for broadband deployment and the stimulation of investment in fibre deployment. In promoting and regulating out-of-court dispute settlements, the EU should limit itself to matters of cross-border relevance.
The disputed bill of the German government for the introduction of a passenger car toll will likely find next Thursday a majority in the Bundestag, the lower house of parliament. The SPD, the junior partner in Chancellor Angela Merkel’s government coalition, has now said that it is willing to vote for the bill with a few amendments. The EU Commission, however, has already made clear that in its view the bill is clearly violating EU law. The matter will most likely be settled at the European Court of Justice (ECJ), the deputy leader of the SPD parliamentary group, Soeren Bartol, said. “The federal
exit needed to come suddenly,” SNB head Thomas Jordan defended himself. cep expert Bert Van Roosebeke sees the SNB decision linked to Wednesday’s approval of the ECB’s OMT bond purchasing program by the advocate general of the European Court of Justice. “It looks like from a political viewpoint there’s now nothing standing in the way of massive government bond purchases by the ECB anymore,” Van Roosebeke said. “This would further weaken the euro and strengthen the franc. In order to defend the cap of 1.20 franc, a lot of Swiss central bank money would have been needed.”
The European Central Bank has the right to undertake its OMT government bond purchasing program as a monetary policy measure, the advocate general of the European Court of Justice (ECJ) said Wednesday. However, the ECB would not be allowed any longer to set the fiscal and reform requirements for euro crisis states, which then become a condition for the OMT program itself. cep expert Bert Van [...] advocate general, for example, could have said that the ECB can only purchase a maximum of 20 percent of Italian bonds,” Van Roosebeke said.
ministers without prior authorisation by an Act of Parliament. In a joint judgment of the majority, the Supreme Court holds that an Act of Parliament is required to authorise ministers to give Notice of the decision of the UK to withdraw from the European Union. The Supreme Court considers that the terms of the European Communities Act, which gave effect to the UK’s membership of the EU, are inconsistent with [...] Following the June 2016 referendum, the Government had proposed to use its prerogative powers to withdraw from the EU by serving a Notice withdrawing the UK from the EU Treaties. The Supreme Court by
violated -- if necessary at the European Court of Justice,” Juncker told the paper. The cep has been warning since the start of the road toll debate that allowing German car drivers to deduct the toll costs from the vehicle tax they are already paying constitutes an indirect discrimination of foreign EU citizens. [...] The EU Commission ponders starting a legal challenge against Germany over its new road toll law. EU Commission president Jean-Claude Juncker said in an interview with German daily Sueddeutsche
European Council president Donald Tusk has warned vividly against the risk of Greece leaving the eurozone by accident. “We have to prevent such an idiotic scenario,” Tusk said in an interview with [...] stressed. Even if there will occur a state insolvency, an exit of Greece from the eurozone will not happen automatically, Kullas argued. In order for Greece to leave the currency union, the other euro-states, the IMF and the ECB would have to stop funding Athens, he reasoned. “An exit would, thus, require a deliberate decision by the creditors and the Greek government,” Kullas said.
The Judgement of the Constitutional Court paves the way for Federal Minister for Economic Affairs Sigmar Gabriel to vote in favour of the agreement when it comes to the ballot in the Council of the European Union (probably on 18 October 2016). The Court however requires the Federal Government to ensure, - that a Council Decision on provisional application will only include areas of CETA which indisputably fall within the competence of the European Union, - that, until a decision has been passed by the Federal Constitutional Court in the main action, there must be sufficient democratic accountability