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- Title
THE BUNDESVERFASSUNGSGERICHT'S APPROACH TO MONETARY UNION, ESM AND ECB.
- Authors
HUBER, PETER M.; Vogin, F.
- Abstract
The European Monetary Union, the ESM and state aids for different Member States as well as the mandate of the ECB have been a key issue in the jurisprudence of the Bundesverfassungsgericht over the last decade. Its central concern is that democracy is at stake! The Basic Law sets substantial requirements for the level of democratic legitimation of any measure of public authorities that may have effect on Germany and its inhabitants. Democratic legitimation has to be put into effect primarily through the Bundestag. Art. 20 paras 1 and 2 GG therefore entails the requirement that the Bundestag remains the place where decisions on the budget, the amount of loans etc. have to be taken. Even if this may slow down responses to the financial markets? (perceived) demands, these requirements contribute to a reliable acceptance of the measures in question that would probably not be possible without the Bundesverfassungsgericht's role as guardian of the democratic principle.
- Subjects
ECONOMIC &; Monetary Union; GERMANY. Bundesverfassungsgericht; EUROPEAN Central Bank; DEMOCRACY; JURISPRUDENCE
- Publication
European Review of Public Law, 2018, Vol 30, Issue 3, p709
- ISSN
1105-1590
- Publication type
Article