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Articles and analyses from the INET community on the key economic questions of our time.

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German Court decision: Legal authority and deep power implications

Feb 26, 2014

Who wields supreme power over the ECB? This column analyses the recent ruling by the German Constitutional Court that the ECB cannot act as lender of last resort. Although seemingly couched by the referral of this decision to the European Court of Justice, this is a bid for power and the return to the pre-crisis paradigm of ‘ultra posse nemo obligatur’.