Press Release: Juncker bends over backwards and ECB continues emergency assistance

9.07.2015 | Allgemein, Beiträge, Pressemitteilungen

Despite the denial of reality of the Greek population, Brussels continues to consider Greece as creditworthy 

Even after transferring at the expense of the Eurosystem billions of savings from Greek accounts abroad, neither Brussels nor Frankfurt are making a realistic assessment of the game players. Instead of waiting for the Greek population to feel the pinch of the policy approved or tolerated by them, Juncker by pure discretion makes new compromises with the Athens government. Moreover the Eurogroup receives the new finance minister with all honours although Tsakalotos refuses to bargain in a realistic manner. (Read more …)

Press Release: In denial of reality

29.06.2015 | Allgemein, Beiträge, Finanzkrise, Pressemitteilungen

On Saturday, the three institutional creditors finally achieved what they could have done 5 years ago: an objective assessment of Greek policy. Instead of weighing up the pro and cons of bailing out Greece in 2010, they linked Greece’s fate to Europe’s destiny without soberly calculating the costs. After denying Greek political reality for all these years, they will now have to account for the losses to the Eurozone taxpayers due to their unconditional rescue policy. (Read more …)

Press Release: No unlimited purchase of state bonds by ECB

16.06.2015 | Allgemein, Finanzkrise, Pressemitteilungen

The ruling by the European Court of Justice will contribute to further controversy on the limits of ECBs mandate because its economic arguments ignore market reality.
The unsurprising legal clearance of ECB‘s OMT programme by the ECJ goes hand in hand with a strong conditionality: the Eurosystem is not allowed to circumvent the general prohibition of monetary state financing through unlimited purchases on the secondary market. Therefore ECB has to make sure that the underwriting on the primary market is not purely transitional but leaves time for a market adequate price formation. (Read more …)

ECB Banking Supervision failing or likely to fail?

27.04.2015 | Allgemein, Finanzkrise, Pressemitteilungen

The attorney in charge of the constitutional complaint against the Banking Union at the German Constitutional Court in Karlsruhe, Markus C. Kerber, addressed a formal request to Mrs. Nouy, the head of Banking Supervision within the ECB. The request refers to the different regulations and directives obliging ECB to state whether banks are failing or likely to fail. (Read more …)

Replace Half of MEPs with National MPs

3.03.2015 | Allgemein, Pressemitteilungen

A think-tank event in Brussels has heard radical proposals to reduce the scale of EU operations and make it more accountable to national parliaments.

The seminar on Tuesday was addressed by Markus C. Kerber, an international economist and lawyer, professor of the Technology University of Berlin, and founder of the think-tank Europolis. He is best known for challenging ECB decisions in the European Court of Justice and in 2011, for taking the German government to its constitutional court in respect of Greek bail-outs. (Read more …)

 Event in Brussels on March the 3rd

 

Greece abuses Emergency Liquidity Assistance

17.02.2015 | Pressemitteilungen

Greece is breaking reform agreements which have been a prerequisite for the substantial credits and benefits which the country has received from IMF, EU and ECB. That refusal of reform has triggered an immediate response of her citizens: they are withdrawing their money from domestic Greek banks. In the very near future Greece will face default unless emergency liquidity assistance (ELA) keeps being given to Greek banks by the Greek National Bank. That is however in plain contradiction to the procedural rules fixed by ECB for the exceptional case of ELA. (read more …)

Germany calls the Greek bluff

10.02.2015 | Pressemitteilungen, Verfassungsbeschwerden

Whilst the flamboyant style of the new Greek minister of finance seems to impress the media, the rhetoric of Mr. Varoufakis has quickly lost all of its creditworthiness. This is not due to the general lack of credibility of Greece as a country and its political elite as a group but to the erroneous calculus of a man specialized in in game theory but inexperienced on the battle field. His initial discourse has consisted of threats, underpinned by the assumption that Germany would pay in any case – with or without a new bail out. This stance has evidently ignored the robustness of the German economy, the soundness of its public finances and the political strength of a country attached to the rule of law. (read more …)

The OMT-ruling 0f the European Court of Justice remains open

14.01.2015 | Klage gegen die EZB, Pressemitteilungen

Advocate General proposes substantial limits to ECB power

Advocate General, Cruz Villalón, has arrived at general conclusions in the case C-62/14. According to the Advocate General, the OMT- programme is fully subject to the fundamental prohibition of monetary financing by ECB (see art. 123 TFEU). So ECB’s intervention on the secondary market very closely after the bond issue on the primary market remains clearly prohibited. The implementation of the OMT-programme therefore is not allowed to distort the market prices or to prevent competition on the market of sovereign debt. Nevertheless, ECB’s legal control by law courts should be inspired by judicial restraint. (read more …)

Kerber : « Schäuble deceives German taxpayers about the risks of the banking union. »

27.07.2014 | Pressemitteilungen, Verfassungsbeschwerden

In view of the German governmental and parliamentary consent to banking union which goes far beyond the authorization by article 127 TFEU, the Europolis-group has lodged a constitutional complaint at the Federal Constitutional Court. As soon as the regulation for the single resolution mechanism and the single resolution fund will enter into force the constitutional complaint will be enlarged. (read more …)

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