Analysis: “Karlsruhe bites with a vengeance” by Marijn van der Sluis

The decision today by the German Bundesverfassungsgericht (BverfG) holding that the ECB and CJEU acted ultra vires is obviously one for the books. It touches upon a wide variety of topics, both specific to EMU and EU law more generally, such as the nature of proportionality review, the role of courts in reviewing expert bodies, blackout periods and the holding until maturity of government bonds. As the ECB has been a central actor in the euro-crisis, and now in countering the economic effects of the measures against the coronavirus, this is a decision that is going to shape the future of the euro, and thus the EU.

This review, based on a reading of the English translation of the decision, thus serves to point towards areas of part