Saving Face? The German Federal Constitutional Court Decides<i>Gauweiler</i>

Abstract

The German Federal Constitutional Court has issued its long-awaited judgment in the Gauweiler Case. The Court ruled that the policy decision on the Outright Monetary Transactions programme (OMT programme) does not manifestly exceed the competences attributed to the European Central Bank (ECB) and does not manifestly violate the prohibition of monetary financing of the budget, if interpreted in accordance with the preliminary ruling of the European Court of Justice (Court). This article surveys the Court's decision and offers a critical commentary on this important case.