Op-Ed: “The Judgment of the Federal Constitutional Court of Germany on the Public Sector Asset Purchase Programme of the European Central Bank: Setting an Impossible and Contradictory Test of Proportionality” by Phedon Nicolaides
On 5 May 2020, the German Federal Constitutional Court (FCC) declared the ruling of the Court of Justice of the European Union (CJEU) in case C-493/17, Heinrich Weiss and others to be ‘incomprehensible’ and ‘ultra vires’ (case 2 BvR 859/15) (fn 1). It also found that the European Central Bank (ECB) had not demonstrated that its 2015 Public Sector Asset Purchase Programme (PSPP) conformed with the principle of proportionality and requested the ECB to submit evidence that the PSPP did satisfy that principle (fn 2).
The FCC judgment has already sparked a large amount of commentary in the press and on the blogosphere. This commentary has focused on the validity of the FCC invoking principles of the German constitu