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My main take-aways from today's 🇩🇪 #Bundestag debate re the @BVerfG judgement on the @ecb's #PSPP:
- a nuanced and high-quality discussion (both by MdBs and experts)
- #Bundestag faces dilemma (required by @BVerfG to review @ecb policies, but unclear how) - a short thread 1/x
- Majority of experts recommended #Bundestag to exercise restraint and consider ECB Annual Report/regular hearings/MEP letters @Europarl_EN the appropriate channel to discharge accountability
- Should be easy for @ecb, which has already published a lot of information 2/x
- Most experts rejected/condemned @BVerfG's decision (both wrt procedure & substance) - warn about broader implications of judgement for EU legal order
- Experts also noted that @BVerfG Second Senate has changed and @BVerfG could return to “Europe-friendly” jurisprudence 3/x
- The idea of a new competence tribunal (resolving disputes between @EUCourtPress and @BVerfG) was cautiously rejected by experts as increasing complexity
- One solution could be to allow for dissenting opinions in ECJ to enhance quality of/nuance in @EUCourtPress decisions 4/x
- Few experts also endorsed the @BVerfG decision and one proposed a Northern-Euro as a solution
- Proposal (Prof. Meyer) could be realized by relying on the Brexit decision by the @EUCourtPress (i.e. declare withdrawal but then withdraw declaration & negotiate new currency) 5/x
- Politically, few surprises: some @cducsubt and all #AfD MdBs seemed supportive of @BVerfG judgement, while @spdbt/@GrueneBundestag (also @fdpbt it seemed) considered it as creating dangerous precedent & dilemma.
- Interesting discussion on implications for 🇩🇪🇫🇷Recovery Fund 6/x
- Some experts/MdBs warned that @BVerfG jurisprudence also reduces scope for fiscal solutions Eurozone
- Burning question is whether #Bundestag must decide with 2/3 majority (@BVerfG ESM-judgment of 2014 could require it) - most experts say only simple majority required 7/end
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