Judicial Dialogue on the ECB’s OMT Decision: From Autopoietic Discourse to Legal Leveraging / Orzecznictwo dotyczące decyzji EBC w sprawie OMT: między autopoezą a zastosowaniem dźwigni prawnej
Journal Title: Studia Prawno-Ekonomiczne - Year 2016, Vol 0, Issue
Abstract
The present contribution looks into selected aspects of the Bundesverfassungsgericht’s request for a preliminary ruling regarding the European Central Bank’s OMT Decision of September 2012 and the subsequent ruling in that regard by the Court of Justice of the EU (CJEU). The author focuses not exclusively on the legal and economic ramifications of the judicial dialogue between the German court and the CJEU on the ECB’s OMT programme, but attempts to foreground political and societal anchoring behind the argumentation developed by both Courts. The main contention of this paper is that the instances of legal leveraging eminent in the CJUE’s jurisprudence stem from the mismatch between the ‘conventional’ legal reading of relevant provisions on the economic and monetary union on the one hand and most recent developments in EU/Eurozone economic governance, notably in response to the economic crisis, on the other. The author also points out that by its OMT Decision the ECB effected a qualitative change in the function it has vis-à-vis bondholders, namely, given the restrains of EU law, that of shadowing a lender of last resort.
Authors and Affiliations
Izabela Jędrzejowska-Schiffauer
Keywords
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