Tuesday’s ruling by Germany’s constitutional court may have been aimed squarely at the European Central Bank's bond-buying economic stimulus plans. But it also has the potential to shake the very foundations of the European Union itself.
BRUSSELS - Tuesday’s ruling by Germany’s constitutional court may have been aimed squarely at the European Central Bank’s bond-buying economic stimulus plans. But it also has the potential to shake the very foundations of the European Union itself.
Since its founding 1957 Treaty of Rome, European Union has been an unparalleled experiment in national sovereignty-sharing. While members retain a great deal of autonomy, its rules set out where EU law – as interpreted by the ECJ – must hold sway. But in a sharply worded ruling in response to a complaint by German activists who say the scheme is ruinously profligate, the German judges dismissed the ECJ ruling as “incomprehensible” and criticised it for not properly addressing whether the ECB scheme was proportionate to the needs of the eurozone economy.
“For several months, the Polish government has been clearly saying that the EU cannot overstep its competences,” said Deputy Justice Minister Sebastian Kaleta, whose government has long argued for powers to be returned to national capitals.Beyond the shadow that it has cast on the ECB’s stimulus package at a time when the eurozone economy has been plunged into deep recession by lockdowns aimed at halting the new coronavirus, some fear it could have political consequences.
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