The Problem of Legality of the European Central Bank’s Anti-Crisis Decisions with the Provisions of the Treaty on the Functioning of the European Union

Tomasz Knepka


In recent years, the European Central Bank has conducted – in response to the financial crisis – monetary policy with the aid of some non-standard instruments. In connection with the anti-crisis operation of the EU’s Central Bank there appeared some voices speaking out against it in Europe. As a consequence of the ECB's commitment to the fight against the financial crisis, a group of German politicians appealed to the Federal Constitutional Court to examine the compliance of the German stabilization laws with the constitution. During the proceedings, the FCC put the preliminary questions in terms of the compliance of the ECB's actions with the Treaty.


monetary policy; European Central Bank; financial crisis; Outright Monetary Transactions; European Union Law

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Date of publication: 2016-01-28 11:03:33
Date of submission: 2015-06-02 08:29:55


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