The European Central Bank and Another Hamiltonian Moment

The story of “implying” a central bank and how post-pandemic Europe can learn from it

The Statue of Hamilton at the U.S. Treasury. Dan Vera / CC-BY-SA-3.0

In the time when there is a strong need for the post-pandemic financial and economic recovery, the German Federal Constitutional Court seems to be willing and capable of questioning what the European Union (EU) is allowed to do as it has shown in its recent ruling on the European Central Bank’s (ECB) public sector purchase program by declaring it ultra vires (beyond the powers). One can argue that this ruling is ultra vires itself as only the Court of Justice of the EU can rule on validity of EU law. In any event, it can particularly affect... continue reading on Medium