An Introduction to the Law of Economic and Monetary Union
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An Introduction to the Law of Economic and Monetary Union

Alberto Saravalle

This incisive book is an accessible guide to the laws and policies relating to economic and monetary union (EMU). Providing a rich, multidisciplinary analysis, it combines historical, legal and economic perspectives to offer a detailed understanding of how EMU has developed since its inception and how it works in practice today. This book will be a valuable reference for those teaching and studying advanced courses on EU law, as well as courses that cover the economic history of EU integration.
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Chapter 5: The ECBs non-standard measures

Alberto Saravalle


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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