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15th June 2020
Banking & Finance Institutional law Justice & Litigation

Op-Ed: “The Eurogroup and Effective Judicial Protection in the EU: Chrysostomides” by Menelaos Markakis and Anastasia Karatzia

On 28 May 2020, Advocate General (AG) Pitruzzella delivered his Opinion in Chrysostomides (Joined Cases C‑597/18 P, C‑598/18 P, C‑603/18 P and C‑604/18 P). The cases originate from the Cypriot financial crisis and the haircut of deposits that took place in the run-up to the financial assistance received by the country from the European Stability Mechanism (ESM) in 2013. The cases now before the Court of Justice concern two appeals brought by the Council of the EU, supported by the Commission, against two judgments of the General Court in which the latter dismissed the objections of inadmissibility raised by the Council regarding actions for damages brought, inter alia, against the Eurogroup. The General Court held in Chrysostomides that

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