The judges and the economic crisis

The judgement issued by Germany’s Constitutional Court regarding the European Central Bank’s bond purchasing programme must be taken very seriously. It challenges the autonomy of the Bank, it gets the judges into monetary and fiscal matters, where the Court is not necessarily in familiar territory, and, above all undermines the authority and the mandate of the European Court of Justice. In the end, the judgement imperils the European Union itself.

But it came as no surprise. Many in Germany and elsewhere are still looking at some other European countries through the lenses of historical prejudice.

In any case, it must be responded to in a manner that is as comprehensive as possible. The ECB will take its part. It should be able to produce the justification the Constitutional Court requires. And key European politicians must state in clear terms the ultimate authority of the European Court of Justice. More concretely, Angela Merkel should come up with a statement that would underline the exceptionality of the current crisis and the need to go beyond the conventional approaches. It should add a word of respect for the Constitutional Court, of course, and, at the same time, remind everyone that the ECB’s plans and decisions are fundamental to overcome the calamity we are in.