The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
The European Union’s top court faced the most stinging attack in its 68-year history — not from Brexiteers, but from its German counterpart.
In a long-awaited ruling on the European Central Bank’s quantitative easing (QE) program, Germany’s constitutional court in Karlsruhe accused the EU Court of Justice of overstepping its powers when it backed the ECB’s controversial policy.
German court said EU judges’ December 2018 ruling that QE was in line with EU rules was “objectively arbitrary†and is “methodologically no longer justifiable.†It gave ECB an ultimatum to fix flaws in the measure.
“This is a declaration of war on the ECJ, and it will have
consequences,†said Joachim Wieland, a law professor at the University of Administrative Sciences, who sees the real challenge in the future relationship between the EU court and national constitutional tribunals. “It’s an invitation for other countries to simply ignore decisions that they don’t like.†The ruling is a direct challenge to the supremacy of the EU judges, whose rulings are binding across the bloc.