There are other tools for that, and there are other actors to actually deal with those issues ”. Quite unexpectedly though, during the press conference following the announcement of these measures, the ECB President Christine Lagarde affirmed that it was not the ECB’s role to narrow the spread in sovereign debt markets: “ this is not the function or the mission of the ECB. On 12 March 2020, the day after the WHO Director-General finally defined the outbreak of COVID-19 a pandemic, the European Central Bank (ECB) Governing Council adopted a comprehensive package of monetary policy measures consisting of: a) additional longer-term refinancing operations aimed at providing immediate liquidity support to the euro area financial system, b) negative interest rates for Targeted Longer-Term Refinancing Operations to stimulate bank lending to households and small and medium enterprises, and c) an additional temporary €120 billion financial envelope to broaden private asset purchases. Keywords: COVID-19 and the EU – European Central Bank – pandemic emergency purchase programme – German Federal Constitutional Court – PSPP – monetary financing. While the BVerfG judgment is putting sand in the wheels of the ECB and is exposing the limits of the current legal framework, it might also prompt a leap forward in the European integration process. It is contended that the criteria adopted by the BVerfG to assess the consistency of the Public Sector Purchase Programme with the monetary financing prohibition might lead to a future finding that the PEPP programme indeed circumvents the prohibition. Integration in the fields of rule of law and democratizationĮconomic, financial and social integrationĪbstract: After describing the measures adopted by the European Central Bank (ECB) to mitigate the crisis caused by the COVID-19 pandemic in the euro area, the Insight focusses on the repercussions of the controversial judgment adopted by the German Federal Constitutional Court (BVerfG) on. Integration through the Council of Europe The external action of the European Union The International Dimension of European Integration Police and judicial cooperation in criminal matters Judicial cooperation in civil matters and private international law Internal market - Economic freedoms of movementĮU Policies and the Area of Freedom, Security and Justice Internal Market - Freedoms of Movement and Competition Law Property and peaceful enjoyment of possession Solidarity and economic and social rights Human dignity, equality and non-discriminationĬitizenship and civil and political rights The European Integration Through Human Rights The Constitutional Dimension of the European Union
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |