The EU’s Nullification Crisis
By challenging the right of an EU court to rule on the European Central Bank's monetary-policy decisions, Germany's Federal Constitutional Court most likely has picked a fight it cannot win. Like South Carolina in 1832, Germany's judges may soon find that they have less political support than they think they do.
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BERKELEY – A recent ruling by Germany’s Federal Constitutional Court (GCC) has opened a deep rift in the eurozone. In three months, the Bundesbank will be prohibited from participating in the European Central Bank’s Public Sector Purchase Program (PSPP) unless the GCC receives a satisfactory explanation that the ECB’s bond buying constitutes a “proportionate” measure for maintaining price stability.