Research Handbook on EU Economic Law
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Research Handbook on EU Economic Law

Edited by Federico Fabbrini and Marco Ventoruzzo

This comprehensive Research Handbook analyses and explains the EU’s complex system of economic governance from a legal point of view and looks ahead to the challenges it faces and how these can be resolved. Bringing together contributions from leading academics and top lawyers from EU institutions, this Research Handbook is the first to cover all aspects of the Eurozone’s legal ecosystem, and offers an up-to-date and in depth assessment of the norms and procedures that underpin the EU’s economic, monetary, banking, and capital markets unions.
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Chapter 8: Monetary policy and judicial review

Stefania Baroncelli

Abstract

Chapter 8 has the legality of the ECB at its heart and examines judicial review of ECB measures. The author refers to older ECJ cases on ECB independence, and the more recent national challenges to ECB monetary policy, but her analysis mostly focuses on two major rulings delivered by the ECJ - on preliminary references made by the Bundesverfassungsgericht (the Constitutional Court of Germany) - on the legality of the OMT and the QE programs: the Gauweiler and Weiss judgments. As the author explains, the fact that the ECB has been subject to so many legal actions is unusual in comparative perspectives, since in most other constitutional democracies action by central banks tend to be shielded from judicial review on standing grounds. Nevertheless, she stresses that the ECJ has fully validated the action of the ECB, effectively adopting a deferential standard of review, which is consonant with the greater technical expertise that the ECB has compared to the other EU institutions.

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