Similar, Therefore Different: Judicial Review of Another Unconventional Monetary Policy in Weiss (C-493/17)

Abstract:

In Weiss, the Court of Justice of the European Union (CJEU) was asked again by the German Federal Constitutional Court (FCC) to examine the legality of an unconventional monetary policy measure of the European Central Bank (ECB). The Court upheld the Public Sector Purchases Program (PSPP) using largely the same legal tests for government bond purchases as set out in its previous ruling.

This case note argues that Weiss nevertheless signals a further unwillingness of the Court to strictly review the actions of the ECB, as the Court refrained from examining the actual effects and implementation of this unconventional measure. Even though the Court clarifies some legal issues surrounding the review of actions of the ECB, it shies away from offering a broader perspective on its own role in Economic and Monetary Union (EMU).