Jurisdiction of the Court of Justice of the European Union on implementing monetary policy. Case-law analysis
Jurisdiction of the Court of Justice of the European Union on implementing monetary policy. Case-law analysis

Author(s): Mihaela Tofan
Subject(s): Law, Constitution, Jurisprudence, Law on Economics, EU-Legislation, Commercial Law, Court case
Published by: Societatea de Stiinte Juridice si Administrative
Keywords: monetary policy; European regulations; relevant case law; European Union;
Summary/Abstract: The paper presents the arguments of the Court of Justice of the European Union (CJEU) in case Dietrich (C-422/19) and case Weiss (C-493/17), which concern the analysis on the compliance of the national law and regulations adopted by the European Central Bank (ECB) with the primary sources of European law (Treaty on the Functioning of the European Union - TFEU) and with the mandatory rules of the Statute of the European System of Central Banks (ESCB). Pending disputes, both in Germany, have reopened the subject previously discussed in the case Gauweiler (C-62/14), concerning the adoption of rules alleging that monetary policy limits have been exceeded and that the ban on monetary financing has been infringed (Article 123 TFEU). In the case Dietrich CJEU examined the concept of means of payment accepted in the euro area, in the case Weiss there is an analysis on the program of acquisition of the public sector in secondary markets, formally adopted and implemented for more than three years, while case Gauweiler verified the conformity of the program for the purchase of government securities issued by euro area Member States. The paper reveals the competence of the CJEU to verify the rules by which monetary policy measures are implemented and it proves the extension of the EU monetary policy effects outside the euro area, through the influence of the CJEU jurisprudence in the legal system of all Member States.

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