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Exceeding Judicial Competence in the Name of Democracy: The German Federal Constitutional Court's OMT Reference

  • Mattias Wendel

First preliminary reference of the German Federal Constitutional Court – ECB Outright Monetary Transaction Programme (OMT) – Financial crisis – Ultra vires review – Principle of democracy – Judicial dialogue – Separation of powers – National constitutional identity – Mandate of the ECB – Article 123 TFEU – Article 18.1 ESCB-Statute – Economic and monetary policy – Honeywell test partially abandoned – Pringle judgment inverted – No margin of discretion for the ECB – Necessity, and prohibition of functional misuse, under Article 267 TFEU – Comparative reasoning

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* Dr. iur. (Humboldt-University Berlin), Maîtr. en droit (Paris 1), senior fellow and lecturer at the Walter-Hallstein-Institute for European Constitutional Law, Humboldt-University Berlin. E-mail: . The author wishes to thank Paula Kift for exceptionally valuable support, Franz C. Mayer, Samo Bardutzky and Sebastian Leuschner for highly inspiring discussions and two anonymous reviewers for their rich and thoughtful comments. The usual disclaimer applies.

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European Constitutional Law Review
  • ISSN: 1574-0196
  • EISSN: 1744-5515
  • URL: /core/journals/european-constitutional-law-review
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