Das Anleihenkaufprogramm APP der Europäischen Zentralbank vor dem Bundesverfassungsgericht und dem Gerichtshof der Europäischen Union

Since 2015, the European Central Bank (ECB) has been purchasing, among other assets, primarily government bonds of the euro zone countries and including them in its balance sheet on a permanent basis (Public Sector Purchase Programme - PSPP). Does the ECB thereby engage in prohibited monetary public financing? Does it exceed its monetary policy competences? Does it cause incalculable liability risks for the German federal budget? Does this all in all constitute an infringement of the legal and democratic order of the European Union? The ruling of the Federal Constitutional Court of 5 May 2020 is therefore of historical significance. By making it clear that the ECB's independence does not justify "ultra vires acts", it marks - also vis-à-vis the Court of Justice of the European Union - the limits which the Basic Law has set for European Union Law. The volume brings together the main procedural documents of the four constitutional complaints, which have thus been partially granted.