Chapter 5 discusses the ECB’s role in dealing with the sovereign debt crisis: after a brief explanation of the ECB’s institutional role, the chapter moves on to describe first its enhanced role during those years and subsequently the various non-standard monetary measures adopted to counter the crisis’ impact on Member States. The chapter concludes by analysing two seminal cases in which these measures were challenged in domestic courts: the first concerning the ECB’s Outright Monetary Transactions programme (Gauweiler), the second its quantitative easing programme (Weiss). The latter litigation led to a stark and unprecedented confrontation between the German Federal Constitutional Court and the CJEU.
You are not authenticated to view the full text of this chapter or article.
Get access to the full article by using one of the access options below.