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Bündnis Bürgerwille

is a non-partisan movement of citizens and organizations which demands that EU and Eurozone always prioritize economic prudence and respect for prevailing law in their monetary and fiscal policy decisions!

We advocate through legal proceedings that EU and euro-system treaties are not to be broken.

rechtsverstöße

Ruling of the Federal Constitutional Court: the civil suit was highly successful

The constitutional complaint against the government bond purchase program of the European Central Bank (ECB) ended on May 5, 2020 with a remarkable success. The Federal Constitutional Court ruled that:

  • The ECB exceeded its statutory mandate by instituting the government bond purchase program (PSPP).
  • The European Court of Justice (ECJ) also violated its legal mandate when it assessed the situation.
  • The German Parliament and the Federal Government neglected their responsibility to monitor the ECB.
  • The purchase program must be expanded by inclusion of a concrete exit perspective.
  • The ECB must demonstrate that it does not cause disproportionate damage to private retirement insurance, the level of property prices and rents, the interest income of savers, and sound budgetary policies in EU countries.

Legal oversight of the ECB

In its judgment, the Federal Constitutional Court imposed numerous tasks on the ECB. By the beginning of August the ECB must explain why the government bond purchase program does not cause unreasonably large economic harm. Without transparent justification, the German Bundesbank may no longer participate in the program.

More legal action may become necessary to enforce the court’s decision. The same applies to various hastily conceived and presumably also unlawful measures adopted in the past few weeks by the ECB and other EU institutions to incur debt and print money.

Examples of possible constitutional complaints:


First government bond purchase program (PSPP)

Additional legal steps are called for if the ECB or the Federal Government/Parliament should not comply with the Federal Constitutional Court requirements.

Program scope: 2.2 trillion euros.
Further increases are possible.

Pandemic Emergency Purchase Program (PEPP)

This program is also utilized to buy government bonds. It meets even less the criteria formulated by the Federal Constitutional Court.

Program scope: 1.35 trillion euros.
Further increases are to be expected.


Incurring debt in the EU budget

According to the EU treaties, the EU budget cannot be financed by indebtedness, since that would make repayment the responsibility of all member states. Now the EU ban on incurring debt is to be removed since some member countries are already too deeply in debt. This could make the soundly-financed states liable for the entire debt.

Program scope: EUR 850 billion.


Lines of credit for countries with financial difficulties

Via the European Stability Mechanism (ESM) highly indebted countries are to be allowed to take on additional debt. However, the ESM treaty only allows this if the financial stability of the euro zone is threatened. This is, however, not the case with the Corona pandemic.

Total volume of lines of credit: EUR 250 billion


Bündnis Bürgerwille needs donations to continue advocating adherence to the law

In its ruling, the Federal Constitutional Court wanted to ensure that ECB’s policies can always be judicially monitored.

The successful constitutional complaint was financed entirely by donations. Bündnis Bürgerwille also wants to support future constitutional complaints – should they be necessary and sufficiently promising.

However, such constitutional complaints are very expensive. We therefore request donations to support the further activities of Bündnis Bürgerwille.

Donation account

Recipient:
Bündnis Bürgerwille e.V.

Account number
IBAN: DE57 5776 1591 0415 6723 00
BIC: GENODED1BNA

Volksbank Ahrweiler

Donations to Bündnis Bürgerwille are tax-deductible in Germany. Please provide your address if a receipt is desired.