La sentenza del Bundesverfassungsgericht del 5 maggio 2020 sulla BCE: una decisione contraddittoria

The decision of the Bundesverfassungsgericht of May 5th 2020 on ECB: A contradictory judgment

Abstract

The decision of the Bundesverfassungsgericht of May 5th 2020 on ECB has already been criticized from different point of views. The majority of the critics are focused on the institutional consequences of the judgment. This article aims at highlighting
some intrinsic contradictions of the decision that make it unsustainable. The inconsistencies regard various profiles: the addressee of the decision, the definition of the CJEU ruling as an ultra-vires judgment, the nature of the functions of ECB, the denied repercussions on the Purchase Program related to the Coronavirus crisis. Finally, the article tries to draw some hypotheses about what the reactions and the consequences of this decision might be.

Keywords: BCE; PSPP; Bundesverfassungsgericht; Principle of conferral; Ultra vires.