Chapter 5: The ECBs non-standard measures
Chapter 5 discusses the ECB’s role in dealing with the sovereign debt crisis: after a brief explanation of the ECB’s institutional role, the chapter moves on to describe first its enhanced role during those years and subsequently the various non-standard monetary measures adopted to counter the crisis’ impact on Member States. The chapter concludes by analysing two seminal cases in which these measures were challenged in domestic courts: the first concerning the ECB’s Outright Monetary Transactions programme (Gauweiler), the second its quantitative easing programme (Weiss). The latter litigation led to a stark and unprecedented confrontation between the German Federal Constitutional Court and the CJEU.
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