JohannesBorgen Profile picture
Sep 21, 2020 6 tweets 1 min read Read on X
I've barely seen any reporting on it but there was an extremely important hearing at the ECJ today on the application of the working time directive to the Army. Believe it or not this could have substantial implications...even on.... QE and the ECB's asset purchases! How so ?
I hope you're intrigued!
Because France is one of the countries arguing that the WTD does not apply. And one argument made is that the free organisation of the army is a core constitutional principle; I.e. one that would even trump the EU treaty (whatever the ECJ's view)
So that could lead to further constitutional fights between member states and the ECJ, but not on any constitutional issue, only on core constitutional principles.
Which of course remain a largely undefined term and subject to case by case basis
So going back to the ECB's purchase programs, if this case escalates to a fight between French's supreme courts and the ECJ it could change the balance of power on constitutional law...something the BvG will surely watch closely !
The bottom line is this : if you think EU treaty > Constitution, remember that it's actually much more complicated than that

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More from @jeuasommenulle

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BNP has very good notes on the US elections and how to trade them. They are mostly focused on timing and the info you should focus on. Here's my summary
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Apart from betting markets / polls, a source of info is mail-in ballot statistics.

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I’ll try to explain why it’s important but not Armageddon. Image
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1/n
Cancelled flights: reports are approx 5000 flights cancelled per day, still ongoing (backlog). That's big but 2010 Icelandic volcano had 100k cancelations ut MunRe explained the insured losses were low
munichre.com/en/company/med…
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