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Anjum Shabbir
Anjum Shabbir
20th May 2020
Banking & Finance Institutional law Justice & Litigation

Op-Ed: “Monetary policy judicial review by ‘hysteron proteron’? In praise of a judicial methodology grounded on facts and on a sober and neutral appraisal of (ex ante) macro-economic assessments” by Marco Lamandini and David Ramos Muñoz

1. Please facts (and macroeconomic analyses), not just political preferences

A German motto says ‘Verstehen ist ein dreiseitiges Schwert. Es gibt deine Seite, meine Seite und die Wahrheit’ (‘understanding is a three-edged sword. Your side, my side and the truth’). On 5 May 2020, the Bundesverfassungsgericht (BVerfG), the German Federal Constitutional Court, sent shockwaves through markets, the press, and blogosphere with its ruling on the Public Sector Purchase Programme (PSPP) by the European Central Bank (ECB). The decision declared PSPP ultra vires absent a further justification of its proportionality by the ECB, because it seems to exceed monetary policy, and impinges upon economic policy, which is beyond its mandate, and with


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