News: 1025 la corte dice che alcuni punti sono incostituzionali. sto leggendo il testo completo per capire di piu.
(Categoria: equities EU)
Inviato da Antonio Lengua
mar 05 maggio 2020 - 10:25:42

la corte dice che alcuni punti sono incostituzionali. sto leggendo il testo completo per capire di piu.

 the Federal Constitutional Court did not find a violation of the prohibition of monetary financing of Member State budgets.
The decision published today does not concern any financial assistance measures taken by the European Union or the ECB in the context of the current coronavirus crisis.  =>PEPP Escluso quindi


la GCC ritiene che la bce abbia agito al di fuori dei suoi limiti di mandato (ultra vires acts). Gli effetti del PEPP vanno al di là dell impatto di politica monetaria.
La GCC illustra tutti gli impatti collaterali, a fronte di un mancato raggiungimento del target di inflazione.
The decisions at issue merely assert that the inflation target of levels below, but close to, 2% sought by the ECB has not yet been achieved and that less intrusive means are not available.
They contain neither a prognosis as to the PSPP’s economic policy effects nor an assessment of whether any such effects were proportionate to the intended advantages in the area of monetary policy.
It is not ascertainable that the ECB Governing Council did in fact consider and balance the effects that are inherent in and direct consequences of the PSPP, as these effects invariably result from the programme’s volume of more than two trillion euros and its duration of now more than three years.
Given that the PSPP’s negative effects increase the more it grows in volume and the longer it is continued, a longer programme duration gives rise to stricter requirements as to the necessary balancing of interests.
The PSPP improves the refinancing conditions of the Member States as it allows them to obtain financing on the capital markets at considerably better conditions than would otherwise be the case;
it thus has a significant impact on the fiscal policy terms under which the Member States operate.
In particular, the PSPP could have the same effects as financial assistance instruments pursuant to Art. 12 et seq. ESM Treaty.
The volume and duration of the PSPP may render the effects of the programme disproportionate, even where these effects are initially in conformity with primary law.
The PSPP also affects the commercial banking sector by transferring large quantities of high-risk government bonds to the balance sheets of the Eurosystem, which significantly improves the economic situation of the relevant banks and increases their credit rating.
The economic policy effects of the PSPP furthermore include its economic and social impact on virtually all citizens, who are at least indirectly affected, inter alia as shareholders, tenants, real estate owners, savers or insurance policy holders.
For instance, there are considerable losses for private savings.
Moreover, as the PSPP lowers general interest rates, it allows economically unviable companies to stay on the market.
Finally, the longer the programme continues and the more its total volume increases, the greater the risk that the Eurosystem becomes dependent on Member State politics as it can no longer simply terminate and undo the programme without jeopardising the stability of the monetary union.
la GCC chiede che la bundesbank entro tre mesi smetta di partecipare al PEPP e venda i titoli in portafoglio, a meno che la Bce non dimostri che non ha agito ultra vires

Following a transitional period of no more than three months allowing for the necessary coordination with the Eurosystem, the Bundesbank may thus no longer participate in the implementation and execution of the ECB decisions at issue, unless the ECB Governing Council adopts a new decision that demonstrates in a comprehensible and substantiated manner that the monetary policy objectives pursued by the PSPP are not disproportionate to the economic and fiscal policy effects resulting from the programme. On the same condition, the Bundesbank must ensure that the bonds already purchased and held in its portfolio are sold based on a – possibly long-term – strategy coordinated with the Eurosystem

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