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2016 | 9 | nr 2 | 195--206
Tytuł artykułu

European Central Bank's OMT Decision : Still within the Framework of the Monetary Policy?

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This contribution looks into the details of the ECB's Governing Council Decision of 6 September 2012 on Outright Monetary Transactions (OMTs) in secondary sovereign bond markets with a view to exploring whether the controversies raised around the ECB's alleged transgression of its mandate in the context of the OMTs are well- grounded. The authors analyse the legal basis for the ECB's activity and attempt to answer the question whether the OMT programme may be interpreted as a monetary policy instrument compatible with the EU law, notably the prohibition of monetary financing laid down in Article 123 TFEU. The authors contend that, given the inherent overlap of economic and monetary policies, drawing a clear demarcation line between them is neither possible, nor desirable. This delimitation lacuna under the EU law leaves the ECB a convenient margin of manoeuvre to intervene for the sake of maintaining financial stability of the monetary union on the one hand, and the ECJ to legally leverage such intervention by prudent, but capable legal hermeneu- tics. Consequently, there is currently no basis for challenging the legality of OMTs under the EU law, albeit the question of possible transgression of the ECB's mandate remains open in respect of such modalities of OMT implementation which would provide defaulting Member States financial assistance detached from financial markets logic and discipline. (original abstract)
Rocznik
Tom
9
Numer
Strony
195--206
Opis fizyczny
Twórcy
  • Wrocław School of Banking, Poland
  • Dimitris-Tsatsos-Institut fur Europaische Verfassungswissenschaften Fernuniversitat in Hagen, Germany
Bibliografia
  • Beukers T.W, Reestman J-H., (2015), On Courts of Last Resort and Lenders of Last Resort, European Constitutional Law Review, Vol. 11, Issue 2, pp. 227-238.
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  • Engelen, K.C., (2014), Draghi's German Nightmare, The international Economy, Winter 2014, pp. 38-82.
  • Hristov N., O.Hulsewig, Th. Siemsen, T. Wollmershauser, (2014) Das OMT-Programm der Europaischen Zentralbank, ifo [Institute for Economic Research] Schneiidienst 4/2014.
  • Micossi, S., The Monetary Policy of the European Central Bank (2002-2015), Centre for European Policy Studies Special Report No. 109/ May 2015, available at: https://www.ceps.eu/system/files/SR 109 SM Monetary Policy of the ECB_0.pdf (referred on 5.12.2015).
  • Petch T., (2013), The compatibility of Outright Monetary Transactions with EU law, Law and Financial Markets Review, January 2013, pp. 13-21, available at: file:///C:/Users/Peter/Desktop/useful publications/OMT Petch.pdf(referred on 5.12.2015).
  • Reestman J-H., Eijsbouts WT., (2012) Watching Karlsruhe/Karlsruhe Watchers, European Constitutional Law Review, 2012, Vol. 8, Issue 3, pp. 367-374.
  • Repasi, R., (2012) Limits and opportunities for the ECB in multi-tier governance, note for the European Parliament's Committee on Constitutional Affairs, available at: http://www.europarl.europa.eu/RegData/etudes/note/join/2012/474398/IPOL-AFCO_NT 2012 474398_EN.pdf (referred on 08.12.2015).
  • Simon, S. (2015) Direct Cooperation Has Begun: Some Remarks on the Judgment of the ECJ on the OMT Decision of the ECB in the Judgment of the ECJ on the OMT Decision of the ECB in Response to the German Federal Constitutional Court's First Request for a Preliminary Ruling, German Law Review Vol. 16, No. 04, pp. 1025-1048.
  • Tuori, K. and Tuori, K. (2014), The Eurozone Crisis. A Constitutional Analysis, New York: Cambridge University Press.
  • Uhlig H., (2015) Remarks on the OMT Program of the ECB, in: H. Siekmann, V. Vig, V. Wieland, The ECB's Outright Monetary Transactions in the Courts, IMFS Interdisciplinary Studies in Money and Financial Stability 1/2015, pp.37-50, available at: http://www.uni-leipzig.de/~mediadeg/typo3/fileadmin/News/LLCB2015.pdf (referred on 25.01.2016).
  • Valiante, D., The 'visible hand' of the ECB quantitative easing, Centre for European Policy Studies Working Document No. 407/ May 2015, available at: https://www.ceps.eu/system/files/WD408_DV_QE_0.pdf (referred on 4.12.2015).
  • Wendel M., (2014), Exceeding Judicial Competence in the Name of Democracy: The German Federal Constitutional Court's OMT Reference, European Constitutional Law Review, Vol. 10, Issue 2, pp. 263-307.
  • Wilkinson, M.A., (2015) The Euro Is Irreversible! ... Or is it?: On OMT, Austerity and the Threat of "Grexit", German Law Review Vol. 16, No. 04, pp. 1049-1072.
  • Wyplosz C., (2012) ECB's Outright Monetary Transactions, Note for the EP's Committee on Economic and Monetary Affairs, the document available at: www.europarl.europa.eu/document/activities/cont/201210/20121004ATT52939/20121004ATT52939EN.pdf, (referred on 2.11.2015).
  • Yiangou J., M. O'keeffe and G. Glockler (2013): 'Tough Love': How the ECB's Monetary Financing Prohibition Pushes Deeper Euro Area Integration, Journal of European Integration, Vol. 35, No. 3, p. 223-237.
  • Council Regulation (EC) No 3603/93 of 13 December 1993 specifying definitions for the application of the prohibitions referred to in Articles 104 [renumbered after the Lisbon Treaty as Article 123 TFEU] and 104b(1) [renumbered after the Lisbon Treaty as Article 125 TFEU] of the Treaty (OJ L 332, 31.12.1993, p. 1) http://eur-lex.europa. eu/legal-content/EN/TXT/PDF/?uri=CELEX:31993R3603&from=EN (referred on 2.12.2015).
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  • BVerfG, Order of 06 July 2010 - 2 BvR 2661/06, note 61, in the English translation available at: http://www.bundes-verfassungsgericht.de/SharedDocs/Entscheidungen/EN/2010/07/ rs20100706_2bvr266106en.html (referred on 16.10.2015).
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Bibliografia
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