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

Mar 3
Tomorrow is the end of the grace period for fentanyl-related tariffs (Canada Mexico), China ones r supposed to start on March 12. Time to look at some numbers. So far Trump has enacted 10% “fentanyl” tariffs on Chinese goods, enacted and cancelled 25% on Columbia and threatened :
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Oct 29, 2024
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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This is all about getting financing when you buy a car, more precisely getting so-called “Point of sale” financing, i.e. the car dealer acts as broker for the actual bank or finance company providing the loan.
Back in 2021 the FCA banned a dubious practice: the broker’s fee was higher if the loan rate was higher, i.e. there was an incentive to propose a bad client deal. The Financial Ombudsman Service ruled (on pre-ban sales) with an indication of how redress should be calculated.
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Italian press reports that Italian banks will contribute to 3-4bn€ to Italy’s budget… but this will cost nothing to banks.

How is this possible?

Who’s ready for some Italian black magic and a thread on the beautiful world of DTA?
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How does this work? When you make money, you are taxed. Simple. When you are losing money two things can happen:

A. The loss is not tax deductible for some reason, but will be in the future (for example a loan loss provision)
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