21.06.2016 | Allgemein, Pressemitteilungen
17.05.2016 | Allgemein, Pressemitteilungen
On the contrary, its ruling reinterprets the ECJ’s decision and submits ECB’s OMT programme to stricter conditionality
Though formally accepting the ruling of ECJ on OMT which gave clearance to ECB’S OMT programme, the German Constitutional Court rules that Bundesbank is only allowed to implement the OMT programme if the volume of bond purchases is limited from the beginning and securities will be sold by the Eurosystem as soon as the fiscal emergency in the Eurozone state concerned is over. (Read more)
21.04.2016 | Allgemein, Beiträge, Pressemitteilungen
Constitutional complaint against the recent ECB policy
Since the publication of the technical features for the Corporate Sector Purchase Programme, the ECB has definitely given up its mask of monetary policy. Through the massive purchase of corporate bonds, countries with high debt level and deficits in competitiveness such as Italy, Spain and France are supposed to improve the financing conditions of public companies. (Read more)
16.03.2016 | Allgemein, Beiträge
The declaration of Mr. Draghi shocked privately owned companies
The technical features for the purchase of corporate bonds published today by ECB leave wide open decisive questions: Is the Eurosystem on the whole liable for the purchase of corporate bonds operated by the group of six National Central Banks ? Why does the Dutch Central Bank stay away from that group ? In particular the participation of Bundesbank in the “Gang of Six“ remains a mystery. (Read more)
15.02.2016 | Allgemein, Pressemitteilungen
Why in the light of lacklustre results the faith in central banks is fading away
The great monetary experiment as Brendan Brown calls the Fed’s quantitative eas-ing is less under intellectual pressure because of insufficient results in the US. The upswing in the U.S. economy seems robust. But the poor performance of its Euro-pean disciple ECB whose Public sector purchase programm (PSPP) as the first con-troversial QE experiment has produced nothing but inflating complaints in the German Constitutional Court sparks off a large debate on the prerogatives of central banks and their accountability. There is neither increase of inflation nor an upswing of growth due to a more entrepreneural attitude of banks in the lending business. (Read more)
21.12.2015 | Allgemein, Presseschau
In its ruling of 16th June 2015, the European Court of Justice declared the ECB’s OMT-Programme to be compatible with European law. Tomorrow a public audience of the German Constitutional Court will be held to discuss whether the ruling by the Luxembourg judges will commit their colleagues in Karlsruhe. (Read more)
1.12.2015 | Allgemein, Presseschau
Before and after Mario Draghi’s last press conference, the professional public focused on the scale and duration of the Public Sector Purchase Programme (PSPP).
Meanwhile, critical observers of the ECB had already taken a close look at the inner workings of the programme. Interestingly enough, the ECB from the very beginning of QE, made it clear that it would „update“ at its discretion, the list of public securities eligible for purchase. (Read more)
16.11.2015 | Allgemein, Presseschau
While David Cameron recently released his unambitious ideas for renegotiating the terms of the British membership in the EU, British commissioner Jonathan Hill seems keener to focus on building an ever-closer banking union.
Although he is aware of Germany’s fundamental opposition to mutualising deposit insurance, he strongly advocates a project which will fuel the revolt of German depositors against Europe. (Read more)
11.11.2015 | Allgemein, Presseschau
Tuesday this week was D-Day for David Cameron, as he presented before the supporters of British membership his agenda for negotiating British conditions of staying in the European Union.
His rhetorical rejection of the overall objective of the “ever closer Union” was neither surprising nor constructive. In point of fact, the EU is threatened more than ever before by external events such as migration and internal institutional conflicts. It is unfortunate that this chaos is mirrored by the uninhibited and unpredictable demeanour of the commission’s President. (Read more)
11.09.2015 | Allgemein, Pressemitteilungen
The death of Helmut Schmidt is a profound moment for all post-war Germans.
More than any other German Chancellor, Schmidt was the incarnation of a deep commitment to his nation as a part of the European Community, but also as a strong member of the Atlantic alliance.
As an inveterate workaholic, Schmidt was used to burning the candle at both ends in the service of his country. A reserve army officer, he always retained something of the armed services culture. As a matter of principle, he resisted any temptation to negotiate with the Red Army faction in the ‚German Autumn‘ of terrorism in the 1970s. (Read more)
France remains – despite economic weakness – the country of great projects and political designs. Whereas Germany seems set to continue her unhappy role as the ever politically innocent Federal Republic, la grande nation, overrepresented in all international institutions, sets the pace. (Read more …)