¹ See Bundesverfassungsgericht [BVerfG] [Federal Constitutional Court], Jan. 14, 2014, Case No. 2 BvR 2728/13, https://www.bundesverfassungsgericht.de/SharedDocs/Entscheidungen/EN/2014/01/rs20140114_2bvr272813en.html [hereinafter OMT Decision].Google Scholar

² OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at para. 416 et seq. Google Scholar

³ The FCC's ultra vires assumption entails that an EU action might be, even after its validation by the CJEU, declared unlawful and thus not binding on Germany from a constitutional law perspective; the FCC therefore denies or at least questions the binding force of the CJEU's preliminary ruling. In this regard, see the other member States' objections, Case C-62/14, Peter Gauweiler and Others v. Deutscher Bundestag, para. 18 et seq. (June 16, 2015), http://curia.europa.eu/.; the Advocate General's cautious criticism, Opinion of Advocate General Cruz Villalón at para. 30 et seq., Case C-62/14, Peter Gauweiler and Others v. Deutscher Bundestag (Jan. 14, 2015), http://curia.europa.eu/juris/document/document.jsf?text=&docid=161370&pageIndex=0&doclang=en&mode=lst&dir=&occ=first&part=1&cid= (which are—from a European law perspective—of course correct).Google Scholar

⁴ See, e.g., Kahl, Wolfgang, Bewältigung der Staatsschuldenkrise unter Kontrolle des Bundesverfassungsgerichts – ein Lehrstück zur horizontalen und vertikalen Gewaltenteilung, 128 Deutsches Verwaltungsblatt (DVBl.) 197, 205 et seq. (2013) (with a trenchant guess on a potential CJEU OMT judgment); Reiner Schmidt, Die entfesselte EZB, 70 Juristenzeitung 317 (2015); Werner Heun, Eine verfassungswidrige Verfassungsgerichtsentscheidung – der Vorlagebeschluss des BVerfG vom 14.1.2014, 69 Juristenzeitung 331 (2014).Google Scholar

⁵ On the ECB's new approach in the European debt crisis in general, see Beukers, Thomas, The New ECB and its Relationship with the Eurozone Member States: Between Central Bank Independence and Central Bank Intervention, 50 Common Mkt. L. Rev. 1579, 1579 et seq. (2013).Google Scholar

⁶ It is known as “quantitative easing”; see, in this regard, Franz C. Mayer, Zurück zur Rechtsgemeinschaft: Das OMT-Urteil des EuGH, 68 Neue Juristische Wochenschrift (NJW) 1999, 2003 (2015).Google Scholar

⁷ Cf. Opinion of Advocate General, supra note 3, at paras. 140 et seq. Google Scholar

⁸ See Bundesverfassungsgericht [BVerfG] [Federal Constitutional Court], Oct. 14, 2004, 111 Entscheidungeng des Bundesverfassungsgerichts [BVerfGE] 307, 319; Bundesverfassungsgericht [BVerfG] [Federal Constitutional Court], June 30, 2009, 123 Entscheidungeng des Bundesverfassungsgerichts [BVerfGE] 267, 400.Google Scholar

⁹ See Herrmann, Christoph, Währungshoheit, Währungsverfassung und subjektive Rechte, 116 et seq. (2010).Google Scholar

¹⁰ Consolidated Version of the Treaty on the Functioning of the European Union art. 2 para 2., art. 3 para. 1 lit. c), May 9, 2008, 2008 O.J. (C 115) 47 [hereinafter TFEU].Google Scholar

¹¹ TEFU art. 2 para. 2, art. 4 para 2.Google Scholar

¹² TEFU art. 5 para. 1, art. 119 para. 1.Google Scholar

¹³ TEFU art. 3 paras. 3 & 4, art. 119 para. 1.Google Scholar

¹⁴ See also Thiele, Alexander, Friendly or Unfriendly Act? The “Historic” Referral of the Constitutional Court to the ECJ Regarding the ECB's OMT Program, 15 German L.J. 241, 258 et seq. (2014); Mattias Kumm, Rebel Without a Good Cause: Karlsruhe's Misguided Attempt to Draw the CJEU into a Game of Chicken and What the CJEU Might do About It, 15 German L.J. 203, 214 (2014); Jürgen Bast, Don't Act Beyond Your Powers: The Perils and Pitfalls of the German Constitutional Court's Ultra Vires Review, 15 German L.J. 167, 175 (2015); Frank Schorkopf, Krisensymptome supranationaler Leitbilder. Zur Notwendigkeit intergouvernementaler Integration, 11 Zeitschrift für Staats-und Europawissenschaften (ZSE) 189, 193 (2013); Daniel Thym, Case Note on Pringle, 68 Juristenzeitung (JZ) 259, 260 (2013). See Simon, in this issue.Google Scholar

¹⁵ TEFU art. 127 para. 1(2); compare in this regard also Bundesbankgesetz [German Central Bank Statute] § 12.Google Scholar

¹⁶ The ESCB itself is neither vested with legal capacity nor with capacity to act, so it must be referred to the ECB, see in detail Becker, Florian, Art. 129 TFEU, in Kommentar zur Europäischen Währungsunion margin number 4 et seq. (Helmut Siekmann ed., 2013).Google Scholar

¹⁷ This important aspect is played down by the FCC, see OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at para. 366, 403 et seq.; see, in contrast, Heun, supra note 4, at 333.Google Scholar

¹⁸ See Opinion of Advocate General Cruz Villalón, supra note 3, at para. 128 et seq.; Alexander Thiele, Das Mandat der EZB und die Krise des Euro 33 et seq. (2013).Google Scholar

¹⁹ TEFU art. 282 para. 1(2).Google Scholar

²⁰ This is, however, a widespread understanding in German literature, compare, e.g., Martin Seidel, Der Ankauf nicht markt- und börsengämgiger Staatsanleihen, namentlich Griechenlands, durch die Europäische Zentralbank und durch nationale Zentralbanken – rechtlich nur fragwürdig oder Rechtsverstoß?, 21 Europäische Zeitschrift für Wirtschaftsrecht (EuZW) 512 (2010); Schmidt, supra at note 4, 320; Helmut Siekmann & Volker Wieland, The European Central Bank's Outright Monetary Transactions and the Federal Constitutional Court of Germany, Institute for Monetary and Financial Stability Working Paper No. 71, 8 (2013).Google Scholar

²¹ See in detail Thiele, supra note 18, at 51 et seq. with further references.Google Scholar

²² See, e.g., Dreier, Horst, Art. 20 (Democracy), in 2 Grundgesetz-Kommentar, margin number 104 et seq. (Horst Dreier ed., 2006).Google Scholar

²³ See Brosius-Gersdorf, Frauke, Deutsche Bundesbank und Demokratieprinzip 127 et seq. (1997); Matthias Jestaedt, Demokratieprinzip und Kondominialverwaltung 427 et seq. (1993); Reiner Schmidt, Öffentliches Wirtschaftsrecht: Allgemeiner Teil 362 et seq. (1990).Google Scholar

²⁴ With regard to the ECB's independence see OMT Decision, BVerfG, Case No. 2 BvR 2728/13 at para. 55.Google Scholar

²⁵ See in detail Brosius-Gersdorf, supra note 23, at 377 et seq.; cf. Reiner Schmidt, Die Gefährdung der Europäischen Zentralbank, 31 Zeitschrift für Rechtspolitik (ZRP) 161 et seq. (1998).Google Scholar

²⁶ See Schmidt, , supra note 4, at 318.Google Scholar

²⁷ See in detail, Charlotte Gaitanides, Das Recht der Europäischen Zentralbank 211 et seq. (2005); correctly differentiating between european and national democratic requirements, Hugo J. Hahn & Ulrich Häde, Währungsrecht 232 et seq. (2010); Christoph Ohler, Bankenaufsicht und Geldpolitik in der Währungsunion, § 2 para. 49 (2015); towards a generalization of the democracy related problem, Sven Simon, Whatever it takes: Selbsterfüllende Prophezeiungen am Rande des Unionsrechts? Eine unionsrechtliche Bewertung der OMT-Entscheidung der EZB, 50 Europarecht (EuR) 107, 123 (2015).Google Scholar

²⁸ It is significant that the FCC concludes its democratic argument with references to its own jurisprudence, adding “relating to the German Constitution,” see OMT Decision, BVerfG, Case No. 2 BvR 2728/13 at 366 & 400.Google Scholar

²⁹ See Ohler, also, supra note 27, at § 2 para. 49; Jan Henrik Klement, Der Euro und seine Demokratie, 29 Zeitschrift für Gesetzgebung (ZG) 169, 191 (2014).Google Scholar

³⁰ See OMT Decision, BVerfG, Case No. 2 BvR 2728/13 at para. 42 (“It must be pointed out in this regard that the FEU Treaty contains no precise definition of monetary policy. …”).Google Scholar

³¹ See, in detail, Thiele, Alexander, Die EZB als fiskal- und wirtschaftspolitischer Akteur?, 23 Europäische Zeitschrift für Wirtschaftsrecht (EuZW) 694 et seq. (2014).Google Scholar

³² Contra Heun, , supra note 4, at 333.Google Scholar

³³ Veering toward such an argument, see OMT Decision, BVerfG, Case No. 2 BvR 2728/13 at paras. 366, 407 et seq.; Mattias Wendel, Kompetenzrechtliche Grenzgänge: Karlsruhes Ultra-vires-Vorlage an den EuGH, 74 Zeitschrift für ausländisches öffentliches Recht und Völkerrecht (ZaöRV) 615, 653 et seq. (2014).Google Scholar

³⁴ OMT Decision, BVerfG, Case No. 2 BvR 2728/13 at paras. 366, 407.Google Scholar

³⁵ See infra A.II.Google Scholar

³⁶ This is convincingly exposed by OMT Decision, BVerfG, Case No. 2 BvR 2728/13 at paras. 63, 99–100.Google Scholar

³⁷ The CJEU regards the measures taken as subsidiary criteria. See OMT Decision, BVerfG, Case No. 2 BvR 2728/13 at para. 46. Indirect effects are seen as irrelevant. See Case C-370/12, Pringle v. Government of Ireland, Ireland and the Attorney General, paras. 56, 97 (Nov. 27, 2012), http://curia.europa.eu/; Gauweiler, Case C-62/14 at para. 51. In contrast, the FCC is of the opinion that the character and the effect of a particular action have to be taken into consideration too. See OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at paras. 366, 402.Google Scholar

³⁸ Cf. Id. at paras. 366, 400.Google Scholar

³⁹ See id. at paras. 69 et seq. Google Scholar

⁴⁰ Or rather aims at supporting the member States' economic policies without affecting price stability.Google Scholar

⁴¹ I doubt whether the principle of proportionality as enshrined in TEFU article 5, paragraph 4 fully applies in the area of delimitation of competences. For such an approach, see Opinion of Advocate General Cruz Villalón, supra note 3, at para. 159 et seq., Gauweiler, Case C-62/14; OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at para. 66 et seq. Google Scholar

⁴² TEFU art. 127 para. 1(1).Google Scholar

⁴³ See Goldmann, Matthias, Adjudicating Economics? Central Bank Independence and the Appropriate Standard of Judicial Review, 15 German L.J. 265, 269 et seq. (2014).Google Scholar

⁴⁴ OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at paras. 366, 401; see Schmidt, supra note 4, at 320.Google Scholar

⁴⁵ Oddly, the FCC uses the pretty vague term “aussagelos,” but it obviously rather means “verfehlt,” see OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at paras. 366, 416.Google Scholar

⁴⁶ Id. at para. 416.Google Scholar

⁴⁷ Id. at para. 405.Google Scholar

⁴⁸ Bast, , supra note 14, at 177 (“The Constitutional Court's discussion of this crucial point is surprisingly brief, but still heavily loaded with claims to economic expertise.”).Google Scholar

⁴⁹ See, particularly critical, Heun, supra note 4, at 334.Google Scholar

⁵⁰ Cf. Thiele, , supra note 18, at 39 et seq.; Christoph Herrmann, Die Bewältigung der Euro-Staatsschuldenkrise an den Grenzen des deutschen und europäischen Währungsverfassungsrechts, 23 Europäische Zeitschrift für Wirtschaftsrecht (EuZW) 805, 810 et seq. (2012); Thym, supra note 14, at 263; Kumm, supra note 14, at 214. See Simon, in this issue.Google Scholar

⁵¹ The CJEU rightly induces a margin of appreciation from the technical and complex nature of the requisite ECB's assumptions and forecasts, see Gauweiler, Case C-62/14 at para. 68.Google Scholar

⁵² There is, additionally, a controversy as to whether the preservation of the Euro is some kind of meta-goal of the ECB. For a critical statement, see OMT Decision, BVerfG, Case No. 2 BvR 2728/1 paras. 366, 405. In the affirmative, see, e.g., Peter Sester, Plädoyer für die Rechtmäßigkeit der EZB-Rettungspolitik, Recht der internationalen Wirtschaft (RIW), 451, 453 (2013); Heun, supra note 4, at 334.Google Scholar

⁵³ This is not even contested by the FCC.Google Scholar

⁵⁴ According to the FCC, the OMT program's selectivity contradicts its monetary policy purpose as monetary actions are usually irrespective of the situation in particular member States. See OMT Decision, BVerfG, Case No. 2 BvR 2728/1 366, 406 et seq. The CJEU however convincingly highlights that there is no EMU Treaty provision prescribing universality and thus prohibiting selectivity of ECB operations. See id. at para. 55.Google Scholar

⁵⁵ See, in detail, OMT Decision, BVerfG, Case No. 2 BvR 2728/1 paras. 47 et seq., paras. 72 et seq.; see Thiele, supra note 18, at 38.Google Scholar

⁵⁶ In this regard, it might without insinuating monocausal connections be mentioned that the sole announcement of the OMT program spared its execution and that the desired development of the interest rates was achieved to a considerable extent.Google Scholar

⁵⁷ See, e.g., Schmidt, , supra note 4, at 323 et seq. For the assumption of such infringement regarding the SMP program, see, e.g., Seidel, supra note 20, at 512; Matthias Ruffert, Der rechtliche Rahmen für die gegenseitige Nothilfe innerhalb des Euro-Raums, Bitburger Gespräche Jahrbuch 2011/I 15, 23 (2012) (regarding the SMP program).Google Scholar

⁵⁸ OMT Decision, BVerfG, Case No. 2 BvR 2728/1 paras. 97 et seq. Google Scholar

⁵⁹ OMT Decision, BVerfG, Case No. 2 BvR 2728/1 paras. 366, 414 et seq., paras. 104 et seq. Google Scholar

⁶⁰ However, the CJEU does regrettably not respond to the FCC's apprehension that the OMT announcement had suggested the ECB ultimately turning into a “lender of last resort,” see OMT Decision, BVerfG, Case No. 2 BvR 2728/1 366, 415; cf. Mayer, supra note 6, at 2001 et seq. Google Scholar

⁶¹ See, in detail, OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at paras. 366, 412 et seq.; the additional argument inferred from the possibility of holding the bonds until maturity is convincingly estimated as not being of pivotal importance, OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at para. 118.Google Scholar

⁶² OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at para. 126; see also Ohler, supra note 27, at § 4, para. 75.Google Scholar

⁶³ OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at para. 112.Google Scholar

⁶⁴ Id. at paras. 116, 121.Google Scholar

⁶⁵ See infra at B.I.1.1.Google Scholar

⁶⁶ See Kumm, , supra note 14, at 214 (“But whatever the case may be, it is clearly and evidently implausible to claim that the ECB's policies are clearly and evidently in violation of the EU's competencies.”); Bast, supra note 14, at 179; Franz C. Mayer, Rebels Without a Cause? A Critical Analysis of the German Constitutional Court's OMT Reference, 15 German L.J. 111, 136 (2014); but see Siekmann & Wieland, supra note 20, at 9 (“Looking at the overall syystem of the distribution of competences, the transgression gets close to the line the court has drawn in its previous decisions.”).Google Scholar

⁶⁷ The Organstreit proceeding is not further addressed here.Google Scholar

⁶⁸ Wendel, See also, supra note 33, at 630 et seq. Google Scholar

⁶⁹ As to the diverging notions of autonomy in this regard, see Peters, Anne, Elemente einer Theorie der Verfassung Europas 242 et seq. (2001).Google Scholar

⁷⁰ TEFU art. 19 para. 1(2) & art. 263 para. 4.Google Scholar

⁷¹ For a concise overview and critique, see generally Payandeh, Mehrdad, Constitutional review of EU law after Honeywell: Contextualizing the relationship between the German Constitutional Court and the EU Court of Justice, 48 Common Mkt. L. Rev. 9 (2011); Erich Vranes, German Constitutional Foundations of, and limits to, EU Integration: A Systematic Analysis, 14 German L.J. 75 (2013); compare with further references, Heiko Sauer, Staatsrecht III, § 9 para. 18 et seq. (2015).Google Scholar

⁷² See Bundesverfassungsgericht [BVerfG] [Federal Constitutional Court], July 6, 2010, Case No. 2 BvR 2661/06, paras. 286, 304 et seq., http://www.bundesverfassungsgericht.de/SharedDocs/Entscheidungen/EN/2010/07/rs20100706_2bvr266106en.html.Google Scholar

⁷³ See, explicitly, BVerfG, Case No. 2 BvR 1481/04 at paras. 307, 318.Google Scholar

⁷⁴ See, , above all, Hans Kelsen, Reine Rechtslehre 62 et seq. (1934).Google Scholar

⁷⁵ See, in commendable clarity, Jestaedt, Matthias, Der Europäische Verfassungsverbund – verfassungstheoretischer Charme und rechtstheoretische Insuffizienz einer Unschärferelation, in Recht der Wirtschaft und der Arbeit in Europa 637, 657 et seq. (Rüdiger Krause, Winfried Veelken & Klaus Vieweg eds., 2004).Google Scholar

⁷⁶ Sauer, See, supra note 71, at § 6 para. 30 and § 8 para. 17.Google Scholar

⁷⁷ Bundesverfassungsgericht, [BVerfG] [Federal Constitutional Court], June 22, 2011, 126 Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 286, 304.Google Scholar

⁷⁸ See Isensee, Josef, Der Selbstand der Verfassung in ihren Verweisungen und Öffnungen, 138 Archiv des öffentlichen Rechts (AöR) 325, 353 et seq. (2013).Google Scholar

⁷⁹ Cf. BVerfGE Case No. 2 BvE 2/08 at paras. 267, 352.Google Scholar

⁸⁰ Legal force is, at least from a positivist approach, nothing which could be balanced or graduated.Google Scholar

⁸¹ See Funke, Andreas, Virtuelle verfassungsgerichtliche Kontrolle von EU-Rechtsakten: der Schlussstein?, 26 Zeitschrift für Gesetzgebung 166, 178 et seq. (2011); Heiko Sauer, Europas Richter Hand in Hand? – Das Kooperationsverhältnis zwischen BVerfG und EuGH nach Honeywell, 22 Europäische Zeitschrift für Wirtschaftsrecht 94, 97 (2011).Google Scholar

⁸² See, e.g., joined Cases 15-33 et al./73, Kortner, 1974 E.C.R 177, para. 33; and Case C-137/92 P, Comm'n v. BASF, 1994 E.C.R. I-2555, para. 50.Google Scholar

⁸³ See, in detail, Annacker, Claudia, Die Inexistenz als Angriffs- und Verteidigungsmittel vor dem EuGH und dem EuG, 16 Europäische Zeitschrift für Wirtschaftsrecht 755 et seq. (1995).Google Scholar

⁸⁴ See Funke, , supra note 81, at 180; cf. Bast, supra note 14, at 171.Google Scholar

⁸⁵ See, with further references, Sauer, Heiko, Jurisdiktionskonflikte in Mehrebenensystemen 190 (2008).Google Scholar

⁸⁶ Cf. Wendel, , supra note 33, at 628 et seq. Google Scholar

⁸⁷ It has been recommended to the legislature the establishment of a new constitutional proceeding, obviously understanding that there is no procedural way to realize the claimed monopoly de lege lata, see BVerfGE Case No. 2 BvE 2/08, at 267, 354 et seq.Google Scholar

⁸⁸ BVerfGE Case No. 2 BvR 2661/06, at paras. 286, 204 et seq. Google Scholar

⁸⁹ See more in detail, Funke, supra note 81, at 176 et seq.; Heiko Sauer, Kompetenz- und Identitätskontrolle von Europarecht nach dem Lissabon-Urteil – ein neues Verfahren vor dem Bundesverfassungsgericht?, 52 Zeitschrift für Rechtspolitik 195, 197 (2009); see also Bundersverfassungsgericht [BVerfG] [Federal Constitutional Court], 37 BVerfGE 271, 291 et seq. (1974 – Solange I, dissenting opinion of Judges Martin Hirsch, Hans Rupp & Walter Rudi Wand).Google Scholar

⁹⁰ Regarding the irreconcilable premises of the CJEU and the FCC as to the character of the EU legal order and its primacy, see, above all Isensee, Josef, Vorrang des Europarechts und deutsche Verfassungsvorbehalte – offener Dissens, in Verfassungsstaatlichkeit, Festschrift Klaus Stern 1239 (Joachim Burmeister, Michael Nierhaus, Günter Püttner & Michael Sachs eds., 1997); Jestaedt, supra note 75, at 657 et seq.; Reiner Wahl, Die Schwebelage im Verhältnis von Europäischer Union und Mitgliedstaaten. Zum Lissabon-Urteil des Bundesverfassungsgerichts, 48 Der Staat 587 (2009).Google Scholar

⁹¹ See, e.g., Mayer, , supra note 66, at 119 et seq.; cf. Klement, supra note 29, at 189.Google Scholar

⁹² Cf. Peterek, Jörg, Rechtschutz vor dem Bundesverfassungsgericht im Zusammenhang mit der “Euro-Rettung”, in 3 Linien der Rechtsprechung des Bundesverfassungsgerichts – erörtert von den wissenschaftlichen Mitarbeiterinnen und Mitarbeitern 553, 558 et seq. (Yvonne Becker & Friederike Lange eds., 2014), with further references. Interestingly, Peterek estimates this being the background of the FCC's statement regarding the inadmissibility of the complaints directed against the ECB's SMP program in its previous jurisprudence, Bundersverfassungsgericht [BVerfG] [Federal Constitutional Court], 129 Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 124, 175 [2011 – Financial assistance for Greece and EFSF] (see additionally infra note 121), while the FCC regrettably not touches this decisive point as to the OMT program.Google Scholar

⁹³ This is in my view disregarded by Henner Gött, Die ultra vires-Rüge nach dem OMT-Vorlagebeschluss des Bundesverfassungsgerichts, 49 Europarecht (EuR) 514, 522 et seq. (2014).Google Scholar

⁹⁴ Even if the ECB instruction was in fact ultra vires it would nevertheless be binding unless annulled by the ECJ; such proceeding could be instituted by the Federal Government (compare article 35.1 of the ESCB Statute).Google Scholar

⁹⁵ See in detail, but in my opinion not convincing as far as the denied Bundesbank's obligation to follow an eventual FCC prohibition to take part in the implementation of the OMT program is concerned, Mayer, supra note 66, at 127.Google Scholar

⁹⁶ See Gaitanides, in detail, supra note 27, at 115; Ohler, supra note 27, at § 2 para 41; Christine Steven, Art. 12 ESCB Statute, in Kommentar zur Europäischen Währungsunion margin number 39 et seq. (Helmut Siekmann ed., 2013).Google Scholar

⁹⁷ See Mayer, also, supra note 66, at 127 et seq.Google Scholar

⁹⁸ See Bundesverfassungsgericht [BVerfG] [Federal Constitutional Court], Feb. 7, 1992, 89 Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 155, 187 et seq.; Bundesverfassungsgericht, [BVerfG] [Federal Constitutional Court], Feb. 7, 1992, 123 Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 267, 351 et seq.Google Scholar

⁹⁹ See Bundesverfassungsgericht, [BVerfG] [Federal Constitutional Court], July 6, 2010, 126 Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 286, 298 et seq.; the origin of the FCC's ultra vires review is its Kloppenburg decision whose object, however, was an German courts' decision as well (which had disregarded a previous CJEU judgment allegedly ultra vires). See Bundesverfassungsgericht, [BVerfG] [Federal Constitutional Court], Apr. 8, 1987, 75 Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 223, 243.Google Scholar

¹⁰⁰ Initially, this was the clearly expressed view of the FCC, see Bundersverfassungsgericht [BVerfG] [Federal Constitutional Court], 22 Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 293, 295.Google Scholar

¹⁰¹ 89 BVerfGE, 155 (175).Google Scholar

¹⁰² The same is true as regards supranational actions by other international organizations as for example the European Patent Organization. For the requisite constitutional jurisprudence see, e.g., Christian Walter, Grundrechtsschutz gegen Hoheitsakte internationaler Organisationen, 129 Archiv des öffentlichen Rechts 39, 50 et seq. (2004); Sauer, supra note 71, at § 6 para. 30.Google Scholar

¹⁰³ Thus, the public authority envisaged in Article 93, paragraph 1, number 4 lit. a) of the Basic Law encompasses, in a teleological interpretation, acts of State organs as well as supranational EU actions; this is however not undisputed, see, e.g., Klaus Ferdinand Gärditz & Christian Hillgruber, Volkssouveränität und Demokratie ernst genommen – zum Lissabon-Urteil des BVerfG, 64 Juristenzeitung (JZ) 872, 874 (2009) with further references.Google Scholar

¹⁰⁴ The FCC has always left this open, see Bundersverfassungsgericht [BVerfG] [Federal Constitutional Court], 97 Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 350, 372 et seq.; Bundersverfassungsgericht [BVerfG] [Federal Constitutional Court], 129 Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 124, 173 et seq.; see Herrmann, supra note 50, at 338 et seq. Google Scholar

¹⁰⁵ See also Siekmann, & Wieland, , supra note 20, at 6.Google Scholar

¹⁰⁶ See, e.g., Sauer, , supra note 71, at § 9 paras. 47 et seq.Google Scholar

¹⁰⁷ See 89 BVerfGE 155 (171 et seq.).Google Scholar

¹⁰⁸ See 123 BVerfGE 267 (329 et seq.).Google Scholar

¹⁰⁹ See, e.g., Schönberger, Christoph, Die Europäische Union zwischen “Demokratiedefizit” und Bundesstaatverbot, 48 Der Staat 535, 539 (2009); Martin Nettesheim, “Euro-Rettung” und Grundgesetz, 46 Europarecht (EuR) 765, 768 (2011); Klaus Ferdinand Gärditz, Beyond Symbolism: Towards a Constitutional Actio Popularis in EU Affairs? A Commentary on the OMT Decision of the Federal Constitutional Court, 15 German L.J. 183, 190 (2014); Bast, supra note 14, at 169; Mayer, supra note 66, at 136; Sauer, supra note 71Error! Unknown switch argument., at § 9 para. 50 with further references; defending the FCC's position among others Kahl, supra note 4, at 208; Gött, supra note 93, at 534 et seq. Google Scholar

¹¹⁰ See Gärditz, supra note 109, at 191 et seq. Google Scholar

¹¹¹ Id. at 200. In my view, this is right in regretting that the “concept of ultra vires control will decay into a permanent angry citizens' complaint”; in contrast advocating a “principal” ultra vires complaint, Karsten Schneider, Der Ultra-vires-Maßstab im Außenverfassungsrecht, 139 Archiv des öffentlichen Rechts (AöR) 196, 253 et seq. (2014).Google Scholar

¹¹² Remarkably, , the FCC itself adverts to this criticism. See 129 BVerfGE 124 (169 et seq.).Google Scholar

¹¹³ For the differences between central banks and commercial banks, see Binder, Jens-Hinrich, Drohende Zentrabankinsolvenz?, 70 Juristenzeitung 328, 330 et seq. (2015).Google Scholar

¹¹⁴ For the national central banks in the Eurozone this is in dispute, see Langner, Julian, Preliminary Notes to Art. 28-33 ESCB Statute, in Kommentar zur Europäischen Währungsunion at margin number 11 et seq. (Helmut Siekmann ed., 2013).Google Scholar

¹¹⁵ Compare in this regard, Willem Buiter, Can Central Banks Go Broke?, Centre for Economic Policy Research Policy Insight No. 24 (2008).Google Scholar

¹¹⁶ This does not refer to the increase of capital stock pursuant to article 28.1 of the ESCB Statute—apart from the fact that such increase is equally not relevant for the Federal Budget. See Langner, supra note 114, at margin no. 8; Binder, supra note 113, at 331.Google Scholar

¹¹⁷ The details which cannot be elaborated on here are in dispute. See, e.g., Herrmann, supra note 50, at 811; Mayer, supra note 6, at 2002; Roland Ismer & Dominika Wiesner, Die OMT-Vorlage des Bundesverfassungsgerichts – Eine dogmatische Kritik auf Grundlage juristisch-ökonomischer Analyse, 68 Die Öffentliche Verwaltung (DÖV) 81 et seq. (2015); Binder, supra note 113, at 333 et seq. (assuming that there is a legal obligation of the member States to recapitalize their central banks if the functioning of the ESCB is seriously put into question); Peter Sester, The ECB's Controversial Securities Market Programme (SMP) and its role in the relation to the modified EFSF and the future ESM, 9 Euro. Co. & Fin. L. Rev. 156, 164 et seq. (2012); Langner, supra note 114, at margin number 9 et seq.; and Simon, in this issue.Google Scholar

¹¹⁸ Ohler, , supra note 27, at § 4 para. 75; Simon, in this issue; Wolfgang Weiß, Das deutsche Bundesverfassungsgericht und der ESM: Verfassungsjustiz an den Grenzen der Justiziabilität, in Neue europäische Finanzarchitektur, 113, 133 (Peter Hilpold & Walter Steinmair eds., 2014). For a more critical view, see Sester, supra note 117, at 164 et seq., Ismer & Wiesner, supra note 117, at 86 (questioning with good cause whether factual constraints are at all legally relevant).Google Scholar

¹¹⁹ Weiß, supra note 118, at 136 (convincingly expressing the view that the original Bundestag's consent to the EMU covers eventual ESCB losses by means of open market operations); see also OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at paras. 366, 413.Google Scholar

¹²⁰ 129 BVerfGE 124 (175).Google Scholar

¹²¹ Peterek suggests that there is no overruling of the Maastricht approach as the challenged acts did not have supranational character. Peterek, supra note 92, at 558. This is of course right, and the FCC might have reasoned that way, but it did not—what the FCC expressed is in my opinion not mistakable, as Peterek deems, but rather clear even if perhaps not convincing.Google Scholar

¹²² The same would be true for supranational actions of other international organizations. Cf. the texts cited, supra note 102.Google Scholar

¹²³ See Bundersverfassungsgericht [BVerfG] [Federal Constitutional Court], 118 Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 79, 95 et seq.Google Scholar

¹²⁴ 73 BVerfGE 339 (378 et seq.); Bundersverfassungsgericht [BVerfG] [Federal Constitutional Court], 102 Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 147, 161.Google Scholar

¹²⁵ The fundamental rights review might however be revitalized as part of the new constitutional identity review, see Sauer, supra note 81, at 96 et seq. Google Scholar

¹²⁶ See Bundersverfassungsgericht [BVerfG] [Federal Constitutional Court], 133 Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 277, 313.Google Scholar

¹²⁷ Case C-617/10, Åkerberg Fransson (Feb. 26, 2013), http://curia.europa.eu/.Google Scholar

¹²⁸ Case C-399/11, Melloni v. Ministerio Fiscal (Feb. 26, 2013), http://curia.europa.eu/.Google Scholar

¹²⁹ As regards the modification of this premise by the Honeywell criteria of a manifest and grave transgression of EU competences, see supra B.I.1.1.Google Scholar

¹³⁰ The idea is plainly that the fundamental right violated by the EU ultra vires action virtually defends itself triggering an obligation to work towards the cessation of the infringement by opposing in whatever fashion to the transgression of competences.Google Scholar

¹³¹ Contra Gött, supra note 93, at 518 et seq. (2014) (opining that the recourse is consequential).Google Scholar

¹³² See OMT Decision, BVerfG, Case No. 2 BvR 2728/1 366,424 et seq. (dissenting opinion of Judge Gertrude Lübbe-Wolff).Google Scholar

¹³³ Cf. Opinion of Advocate General Cruz Villalón, supra note 3, at paras. 70 et seq. Google Scholar

¹³⁴ Such a constitutional obligation is feasible only under condition that the Governors of the member States' Central Banks still act as State organs bound by their requisite constitutional laws when they take part in decisions of the ECB's Governing Council—this is not without any doubt.Google Scholar

¹³⁵ OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at paras. 366, 425 et seq. (dissenting opinion of Judge Gertrude Lübbe-Wolff).Google Scholar

¹³⁶ For an overview, see, e.g., Christian Calliess, Staatsrecht III 330 et seq. (2014); and Sauer, supra note 71, at § 9 paras. 43 et seq. Google Scholar

¹³⁷ For a convincingly skeptical view, see Funke, supra note 81, at 169.Google Scholar

¹³⁸ See 123 BVerfGE 267 (356 et seq.).Google Scholar

¹³⁹ See OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at paras. 366, 386 et seq. Google Scholar

¹⁴⁰ See supra B.I.2.2.Google Scholar

¹⁴¹ But see Kumm, , supra note 14, at 214.Google Scholar

¹⁴² See Verbatim of the Remarks made by Mario Draghi, Speech by Mario Draghi, President of the European Central Bank, available at https://www.ecb.europa.eu/press/key/date/2012/html/sp120726.en.html.Google Scholar

¹⁴³ See Bundersverfassungsgericht [BVerfG] [Federal Constitutional Court], Entscheidungen des Bundesverfassungsgerichts [BVerfGE] 286, 303 et seq. Google Scholar

¹⁴⁴ This problem is inherent in the conception of challenging EU actions being ultra vires not on the basis of a substantive guarantee but on Article 38, paragraph 1(1) of the Basic Law: Such a constitutional complaint is without success even if the CJEU assumes a transgression of EU competences, thus it can from the outset be successful only under condition of a manifest and grave transgression which is therefore required for the admissibility of a referral by the FCC. Cf. Wendel, supra note 33, at 633 et seq. Google Scholar

¹⁴⁵ See Britz, Gabriele, Grundrechtsschutz durch das Bundesverfassungsgericht und den Europäischen Gerichtshof, 42 Europäische Grundrechte-Zeitschrift (EuGRZ) 275, 281 (2015); Kumm, supra note 14, at 203.Google Scholar

¹⁴⁶ See Gärditz, supra note 109, at 199 (“Uttering barely concealed threats is a questionable method of communication between the courts. …”); contra Udo Di Fabio, Karlsruhe Makes a Referral, 15 German L.J. 107, 109 (2015).Google Scholar

¹⁴⁷ Cf. Hillgruber, Christian, Nicht nur Zähne zeigen – beißen!, Neue Juristische Wochenschrift (NJW), Editorial to issue 8 (2014); Niels Petersen, Karlsruhe Not Only Barks, But Finally Bites—Some Remarks on the OMT Decision of the German Constitutional Court, 15 German L.J. 321 (2014).Google Scholar

¹⁴⁸ See also Funke, , supra note 81, at 184; Mayer, supra note 6, at 2002.Google Scholar

¹⁴⁹ Cf. Klement, , supra note 29, at 19; Thym, supra note 14, at 263. Moreover, according to Honeywell, the CJEU disposes of Fehlertoleranz. See 126 BVerfGE 286 (307).Google Scholar

¹⁵⁰ See OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at paras. 366, 417 (suggesting an interpretation of the OMT program which would fulfill German constitutional requirements which is, however, largely not followed by the CJEU).Google Scholar

¹⁵¹ See Article 32 of the ESCB Statute; Ohler, supra note 27, at § 2 para 20; Julian Langner, Art. 32 ESCB Statute, in Kommentar zur Europäischen Währungsunion margin number 41 et seq (Helmut Siekmann ed., 2013).Google Scholar

¹⁵² As regards the “spirit of cooperation,” see also Simon, in this issue.Google Scholar

¹⁵³ For example, it seems worth considering to associate the Honeywell criteria of a manifest and grave transgression of competences with the requirements for an EU organ's action being exceptionally void.Google Scholar

¹⁵⁴ I am of the opinion that there is at least a categorical difference between the ultra vires review aiming at competences and therefore at the EU Treaties, and the constitutional identity review aiming at substantive law and therefore at the German Constitution, while the fundamental rights review could be conceived of as a subset of the constitutional identity review. There is a broad range of opinions on that issue. See, e.g., Hans-Georg Dederer, Die Grenzen des Vorrangs des Unionsrechts – Zur Vereinheitlichung von Grundrechts-, Ultra-vires- und Identitätskontrolle, 69 Juristenzeitung 313 (2014); Angela Schwerdtfeger, Europäisches Unionsrecht in der Rechtsprechung des Bundesverfassungsgerichts – Grundrechts-, ultra-vires- und Identitätskontrolle im gewaltenteiligen Mehrebenensystem, 50 Europarecht (EuR) 290 (2015); Payandeh, supra note 71, at 9; Mayer, supra note 66, at 128 (2014).Google Scholar

¹⁵⁵ This position is represented by the FCC and several other constitutional courts. Whereas the FCC specifies ten other constitutional courts with a comparable jurisprudence on EU law (OMT Decision, BVerfG, Case No. 2 BvR 2728/1 at paras. 366, 387), Mayer, supra note 66, at 133 et seq. states that only the Czech Constitutional Court openly endorses the German ultra vires approach.Google Scholar

¹⁵⁶ Case 26/62, van Gend en Loos v. Nederlandse Administratie der Belastingen, 1963 E.C.R. 7, 25.Google Scholar

¹⁵⁷ Critically as regards the notion of the last word, see Häberle, Peter, Das retrospektive Lissabon-Urteil als versteinernde Maastricht II-Entscheidung, 58 Jahrbuch des öffentlichen Rechts (JöR) 317, 329 (2010).Google Scholar

¹⁵⁸ Isensee, , supra note 90, at 1239 et seq.; Wahl, supra note 90, at 587 et seq. Google Scholar

¹⁵⁹ Whatever term seems adequate to describe its interconnection—on the not only notional controversy regarding “Staatenverbund” or “Verfassungsverbund,” see Calliess, Christian, Die neue Europäische Union nach dem Vertrag von Lissabon 63 et seq. (2010); Heiko Sauer, Von Weimar nach Lissabon? Zur Aktualität des Methoden-und Richtungsstreits der Weimarer Staatsrechtslehre bei der Bewältigung von Europäisierung und Internationalisierung des öffentlichen Rechts, in Zur Aktualität der Weimarer Staatsrechtslehre 237, 246 et seq., 252 et seq. (Ulrich Jan Schröder & Antje von Ungern-Sternberg eds., 2011).Google Scholar

¹⁶⁰ See Shakespeare, William's Macbeth, act 1, sc. 2 (referring to “the revolt newest state”) (“Doubtful it stood, as two spent swimmers that do cling together and choke their art.”).Google Scholar

¹⁶¹ See Jestaedt, , supra note 75, at 670 et seq.; see also Philipp Reimer, L'Ètat c'est le droit! Zur Aktualität der Staatslehre Hans Kelsens im Angesicht sich wandelnder Staatsgewalt, in L'État c'est quoi? Staatsgewalt im Wandel 37, 49 et seq. (Lisa Heschl et al. eds., 2015).Google Scholar

¹⁶² Weiler, Joseph H. H., The Reform of European Constitutionalism, 35 J. Common Mkt. Studs. 97, 125 (1997) (comparing this influence with the cold war's logic of mutually assured destruction).Google Scholar