Ultra Vires ECB

Ultra vires is a latin phrase meaning literally "beyond powers". If an act requires legal authority and it is done with such authority, it is characterised in law as intra vires. If it is done without such authority, it is ultra vires. Acts that are intra vires may equivalently be termed "valid" and those that are ultra vires "invalid". The verdict of the German … Continue reading Ultra Vires ECB

“How so? Breaking the law has now become a sort of routine”

In an interview with Die Presse, the former chief economist of the European Central Bank (ECB) discusses the latest decisions taken by this institution and asserts that from 2010 on, the ECB has given in to pressure from the outside ("Sie hat dem Druck von außen nachgegeben"). Asked about whether this pressure originated in the USA, … Continue reading “How so? Breaking the law has now become a sort of routine”

Die wirkliche Wirklichkeit

We argued in a recent post that the ESM violates Germany's constitution and the EU treaties. Today the German Constitutional Court (GCC) ruled that the ESM and its ‘fiscal treaty’ on budget discipline do not violate the country’s Basic Law and do not undermine the Bundestag`s sovereignty over budget issues, according to Openeurope. Although the full ruling … Continue reading Die wirkliche Wirklichkeit