The Significance of the 5 May 2020 Judgment of the Constitutional Court of the Federal Republic of Germany (Weiss II) for the Process of Integration of the European Union Financial Market
cytuj
pobierz pliki
RIS BIB ENDNOTEChoose format
RIS BIB ENDNOTEThe Significance of the 5 May 2020 Judgment of the Constitutional Court of the Federal Republic of Germany (Weiss II) for the Process of Integration of the European Union Financial Market
Publication date: 22.01.2024
Financial Law Review, 2023, Issue 32 (4)/2023, pp. 31 - 43
https://doi.org/10.4467/22996834FLR.23.017.19173Authors
The Significance of the 5 May 2020 Judgment of the Constitutional Court of the Federal Republic of Germany (Weiss II) for the Process of Integration of the European Union Financial Market
Since the financial crisis of 2007/2008, we have been dealing - at the level of the European Union - with a special "dialogue" between the European and German courts. The subject of this "dialogue" is the decisions of the European Central Bank on the program for the purchase of public sector assets on secondary markets. The ECB's activity, as well as the involvement of the national central banks of the Eurosystem in the implementation of these decisions, has been met with dissatisfaction by German politicians, culminating in the title judgment of the Constitutional Court of the Federal Republic of Germany. In the paper, the author analyzed the judgments, particularly from the perspective of the process of integration of the European Union financial market and the importance of the judgments for this process taking into account the key principles of EU law: proportionality and supremacy of EU law.
Andersson, Ch.: Whatever it takes ECB’s Mandate of Purchasing Government Bonds on Secondary Markets, LAGF03 Essay in Legal Science, 2018.
Annunziata, F.: Cannons over the EU legal order: The decision of the BVerfG (5 May 2020) in the Weiss case, Maastricht Journal of European and Comparative Law, Vol. 28(1), 2021.
Annunziata, F.: Fostering Centralization of EU Banking Supervision Through Case-Law. The European Court of Justice and the Role of the European Central Cank, Bocconi Legal Studies Research Paper Series, April 2019.
Anagnostaras, G.: Activating Ultra Vires Review: The German Federal Constitutional Court Decides Weiss, European Papers, No. 1, Vol. 6, 2021.
Case law guide of the European Court of Justice on articles 63 et seq. TFEU - Free movement of capital - 2015 (europa.eu). Available at: https://finance.ec.europa.eu/system/files/2018-11/160223-guide-case-law-free-movement-capital_en.pdf, accessed: 16th September, 2023.
Von Bogdandy, A.: German legal hegemony?, Max Planck Institute for Comparative Public Law and International Law Research Paper Series No. 43, 2020.
Baquero Cruz, J.: Karlsruhe and its Discontents, LAW Working Paper, No. 10, 2022.
Barrett, G.: Reflections on the Revolution in Karlsruhe: the Bundesverfassungsgericht Ruling in Weiss, UCD Working Papers in Law, Criminology & Socio-Legal Studies Research Paper No. 18, 2020
De Boer N., Van ’t Klooster, J.: The ECB, the courts and the issue of democratic legitimacy after Weiss, Common Market Law Review, Volume 57, Issue 6, 2020.
Dermine, P.: The Ruling of the Bundesverfassungsgericht in PSPP – An Inquiry into its Repercussions on the Economic and Monetary Union Bundesverfassungsgericht 5 May 2020, 2 BvR 859/15 and others, PSPP, EuConst 16, 2020.
Fedorowicz, M.: Rola i zadania teorii prawa rynku finansowego UE [The role and tasks of the theory of EU financial market law], Bezpieczny Bank [Safe Bank], nr 1 [62], 2016.
Fedorowicz, M.: Nowe zadania i funkcje Europejskiego Banku Centralnego w zapewnianiu stabilności finansowej w świetle regulacji Europejskiej Unii Bankowej [New tasks and functions of the European Central Bank in ensuring financial stability in the light of the European Banking Union regulations], Zeszyty Natolińskie [Natolin Journals] 62, 2016.
Oreškoviê L.: Clash of the Titans: The Impact of Weiss on the Future of Judicial Conflicts in the EU, Croatian Yearbook of European Law and Policy, 16, 2020.
Śledzińska-Simon A.: The end of the German Legal Culture? Authority v. Justification, German Legal Hegemony?, Max Planck Institute for Comparative Public Law and International Law Research Paper Series No. 43, 2020.
Weiler J.H.H., Sarmiento D.: The EU Judiciary After Weiss - Proposing a New Mixed Chamber of the Court of Justice, EU Law Live, 1 June 2020.
Consolidated versions of the Treaty on European Union and the Treaty on the Functioning of the European Union (TFEU) [2016] OJ C202/1.
CJEU ruling of 27th November 2012, C-370/12, Thomas Pringle v Governement of Ireland and Others, (ECLI:EU:C:2012:756).
CJEU ruling of 16th June 2015, C-62/14, Peter Gauweiler and Others v Deutscher Bundestag, (ECLI:EU:C:2015:400).
CJEU ruling of 11th December 2018, C-493/17, Proceedings brought by Heinrich Weiss and Others, Request for a preliminary ruling from the Bundesverfassungsgericht (ECLI:EU:C:2018:1000).
CJEU ruling of 22nd January 2014, C-270/12, United Kingdom of Great Britain and Northern Ireland v European Parliament and Council of the European Union, (ECLI:EU:C:2014:18).
CJEU ruling of 15th July 1964, C-6/64, Flaminio Costa v E.N.E.L, (ECLI:EU:C:1964:66).
CJEU ruling of 8th May 2019, C-450/17P, Landeskreditbank Baden-Württemberg - Förderbank v European Central Bank, (ECLI:EU:C:2019:372).
CJEU ruling of 19th December 2018, C-219/17, Silvio Berlusconi and Finanziaria d'investimento Fininvest SpA (Fininvest) v Banca d'Italia and Istituto per la Vigilanza Sulle Assicurazioni (IVASS), (ECLI:EU:C:2018:1023).
CJEU ruling of 9th September 2020, T-144/18, Crédit agricole SA and Others v European Central Bank, (ECLI:EU:T:2020:390).
Judgment of the Second Senate of 5 May 2020, BVerfG, 2 BvR 859/15-, (paras. 1-237).
Commission of the European Communities, Communication from the Commission Implementing the Framework for Financial Markets: Action Plan, Brussels, 11.05.1999 COM(l999) 232 final.
Decision (EU) 2015/774 of the European Central Bank of 4 March 2015 on a secondary markets public sector asset purchase programme (ECB/2015/10).
Request for a preliminary ruling from the Bundesverfassungsgericht (Germany) lodged on 15 August 2017 — Heinrich Weiss and Others (Case C-493/17).
Protocol No 4 on the statute of the European System of Central Banks and of the European Central Bank, Official Journal of the European Union, C 202.
Opinion of Advocate General Wathelet delivered on 4 October 2018. Proceedings brought by Heinrich Weiss and Others. Request for a preliminary ruling from the Bundesverfassungsgericht (Case C-493/17).
Press release following the judgment of the German Constitutional Court of 5 May 2020, Court of Justice of the European Union, Press Release No 58/20 Luxembourg, 8 May 2020.
Press release, Technical features of Outright Monetary Transactions, 6 September 2012.
Information: Financial Law Review, 2023, Issue 32 (4)/2023, pp. 31 - 43
Article type: Original article
Faculty of Law and Economics of the Kazimierz Wielki University in Bydgoszcz (Poland).
Published at: 22.01.2024
Received at: 11.10.2023
Accepted at: 06.12.2023
Article status: Open
Licence: CC BY-NC-ND
Percentage share of authors:
Classification number:
Article corrections:
-Publication languages:
English