Germany’s Federal Constitutional Court has been barking at the European Union’s high court — the European Court of Justice — for years. This week, it finally bit.
On May 5, the German court issued a ruling on the legality of the European Central Bank’s bond buying program — and this ruling endangers a pillar of the ECB’s response to the euro-zone crisis. That’s actually the less important consequence of the ruling. The court’s decision may undermine the very foundations of the E.U. legal order.
The German court invalidated an earlier ECJ ruling upholding the ECB’s action, saying that it does not have effects in Germany.… Seguir leyendo »