Thread by @AndrewWattEU

Devastating, incredibly prophetic quotes from the dissenting opinion in the #GCC 2014 ruling on #OMT (in German).

tldr in English: do *not* fall for the line that the German constitution obliged the #BVerfG to rule as it did.

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https://twitter.com/prof_mayer/status/1259982002033438720

Rather there has been a persistent effort over an extended to open up the legal space to make the recent ruling possible.

Let me unoffically translate one long sentence (written, to repeat, in 2014) which encapsulates what is problematic about last week's ruling:

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"That a few independent German judges, basing themselves on the German interpretation of the democracy principle and on the limits this and our interpretation of A123ff TFEU set on the legitimate powers of the independent ECB, take a decision with incalculably far-reaching...
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... consequences for the currency established for the entire Euro Area and the economies that depend on it, appears as an anomaly of the most dubious democratic quality."

Boum!

@adam_tooze @HmsGerlach @luciobaccaro @VMRConstancio @pisaniferry

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