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Power structures of the European Central Bank and the European Court of Justice during the Debt Crisis

Nödl, Bianca (2015) Power structures of the European Central Bank and the European Court of Justice during the Debt Crisis.

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Abstract:The European Monetary Union is currently suffering its biggest crisis since its foundation. The causes are numerous, but the most important ones are certainly due to the fact that countries which were different in aspects of competitiveness and credit worthiness, adopted the euro. Because of the recent European debt crisis, the ECB decided to do something, it has never done before: purchasing state bonds of weaker countries within the Eurozone. During May 2010 and September 2012 the ECB carried out the ‘Securities Markets Programme’ (SMP) and later OMT which was supposed to ensure liquidity in those market segments that are dysfunctional. Several opponentts of these policies expressed their fear that the risks are to high and that the execution is actually illegal according EU law. This thesis takes a closer look at the arguments of opposing advocacy coalitions regarding the ECB’s monetary policy and the cases at the Federal Constitutional Court and the ECJ. It will also focus on recent contested decisions to provide liquidity and guarantees to sovereigns and banks in the context of the euro zone crisis and test hypotheses derived from supranational governance theory, involving both the ECB and the ECJ.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:83 economics, 88 social and public administration, 89 political science
Programme:Management Society and Technology BSc (56654)
Link to this item:http://purl.utwente.nl/essays/67207
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