‘It’s the (Asymmetric) Economy, Stupid!’
Some Remarks on the Weiss Case of the Bundesverfassungsgericht

by Andrea Guazzarotti

Drawing on the Weiss case of the BVerG, the article aims to criticize the irenic vision behind the construction of a ‘denationalized’ monetary policy entrusted to the ECB. In the absence of a European political union, and in the opposition of many to the creation of such a union, it was better to imagine an ECB devoted to pursuing the best possible monetary policy from a technical point of view (the vision from nowhere). The economic crisis which began in 2008 showed that, under the curtain of secrecy and the aura of technicality, the ECB is constantly called upon to mediate conflicting national economic interests. This mediation leaves winners and losers on the battlefield. It is, therefore, questionable that the search for transparency and the stronger judicial scrutiny sponsored by the BVerG towards the ECB policy choices could solve the original flaws of the EMU’s architecture. It is even more so, if the solution advanced by the BVerG to the structural problems of the EMU is to put European debtor States under the control of the ESM, whose democratic credentials and transparency are highly disputable. The ‘Idealtyp’, patronized by the BverG, of central banking exclusively devoted to contrast inflationary pressures, could appear to be more in line with the original intent of the European Treaties and with Art 88 of the German Constitution. However, in a time in which global deflationary tendencies are the most dangerous enemy of the biggest national central banks, such a model of central banking can only exacerbate the growing economic asymmetries among Member States in the EMU.

DOI 10.23815/2421-2156.ITALJ           ISSN 2421-2156

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