The German department of justice has issued to the european Bank that it had reached the limits of its mandate and its massive programs of economic assistance to the euro area.
Angela Merkel ruled Wednesday in favor of greater "integration" of the euro zone, following the judgement of the German court criticizing the action of the ECB, pointing to the need for a "political union". The ECB has been severely pulled up to the order last week by the German supreme Court, which meant that she had arrived at the limits of its mandate and its massive programs of economic assistance to the euro area via redemptions of the public debt.
Faced with this situation, european governments will need in the future to take over their responsibilities and do not let the essential work of support to the monetary institute in Frankfurt, said the German chancellor, during a speech before the Chamber of deputies in Berlin.
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"It will indeed inspire us to do more in terms of economic policy, in order to improve the integration" of the euro zone, she said. A question that will arise in his eyes very quickly. "We'll be sure we address this question in connection with what is called the 'stimulus Funds for Europe' after the crisis born of the outbreak of the new coronavirus," said Angela Merkel.
A step in the direction of France
"the More the european response in this context will be, the stronger the ECB will be able to work in a safe environment", she hammered. "It is now" after the judgment of the court, to "act in a responsible and intelligent way for the euro to survive". Because "it" will continue", she promised.
The chancellor did not enter into the details of what it intends to deepen the steering joint of the euro area. But taking the idea of a "political union" and a higher level of integration, it is not in the direction of France, pleading for that for years.
The German constitutional Court has criticised last week for the ECB to have more or less exceeded its mandate by its assistance programmes to euro area. She issued an ultimatum: she has three months to justify his action. This decision has provoked a crisis in Europe because the european institutions see them as an intrusion and a challenge to their areas of expertise. The German court has justified the stop.
"Master of the Universe"
The constitutional courts of europe "have the obligation and are legitimated, in some exceptional cases, to intervene when the european institutions violate seriously their field of expertise", said its president, Andreas Vosskuhle, in an interview to be published Thursday in the German weekly Die Zeit. One of his colleagues on the court, Peter Hube, hammered the nail in the Süddeutsche Zeitung. It has been estimated that the ECB should assume its responsibility to the citizens" and not to consider themselves as the "Master of the Universe".
Read our complete fileEmmanuelle Mignon : The audacity of the democratic court in Karlsruhe against the ECB, ECB : why the judgment of the German constitutional court is dramatic Despite a warning shot legal, the ECB remains firm on its assistance programs
The plans of ECB to help are unpopular in Germany, because perceived as ruining the investors, because of the very low interest rates they cause. They are seen also as an encouragement to the countries of the south of Europe not to hold their budgets in order. Some countries, such as Poland, which have on other subjects in trouble with the european institutions, have welcomed the judgement in a context of crisis of the european Union, and rampant nationalism.